5 Major Things That Could Drain Your Income In Nigeria

Wondering why your money hardly lasts? You may just be spending a lot on any of these things.

Onyii Amarachi

Onyii Amarachi

Your spending habits will make you rich and not necessarily your income. There are some things people spend money on that they see as little and they splurge on these things without knowing that the collection of these little things can sum up to large expenses, thereby rendering them penniless.

Below are five things Nigerians spend a lot of money on that can actually drain their bank account and leave it in the red.

1. Mobile phones

Mobile phones are no doubt important to our daily life and activities but one thing that can pose a major threat to the financial life of most Nigerians is the struggle to use the latest mobile phones, as there are some people who go as far as using their life savings to buy the latest phones.

2. Airtime for calls and browsing data

Recharging phones for calls and browsing is another thing we spend too much money on in Nigeria and therefore is money draining. Averagely, Nigerians spend over #5000 on data every month, though we wish to spend less. But updating WhatsApp statuses, Instagram videos, YouTube videos and others won't allow us to manage our finances properly.

3. Fueling of generator and car

Poor power supply in Nigeria has left people with no choice than to spend money to fuel their generator which also doesn't affect the PHCN bill you must pay. For those who drive and with the price per litre of fuel, it is preferable and less expensive to use public transport than a private car.

4. Alcohol

With the rate at which alcohol is being consumed in the country, it is obvious that Nigerians spend a lot of money consuming alcoholic beverages. When most people hang out, they don’t do so on a budget.

5. Transportation

Especially for Lagosians, transportation takes away a larger part of one's income. Going to work every day drains money because many people work far away from home. Many Lagosians live on the mainland but work on the island.

Happenings Media