MUST READ!!! 5 Things That Consumes Most Nigerians Money (No 3. Can Wreck You)

It’s not your earnings that makes you rich but your spending habits.

When people complain about hardship and lack of money, they forget to look back at how they had spent the last money earned.

There are some little things people spend money on without knowing that accumulation of those little things will amount to large expenses thereby rendering one penniless.

Below are top 5 things that drains almost all Nigerians’ bank account

1. Mobile Phones

No doubt, mobile phones are important to our daily life but the struggle to use latest mobile phone gadget pose a major threat to financial life of many Nigerians.

Research had it that an average Nigerian change phone at least twice in a year. Some people go as far as using their life savings to buy latest phone just to level up.

Somebody using iPhone 8 wants to upgrade to iPhone X when another iPhone XI is already out. At the end of the day, these phones still serve almost the same function, with little adjustment.

2. Recharge Cards For Call & Browsing Data

Changing phones like clothes is not enough but recharging the phones for calls and browsing is another money draining things we spend too much money on.

In all indications, network providers are benefiting immensely from spending habit of Nigerians when it comes to recharging and data usage. On the average, Nigerians spend over ₦5,000 on data monthly.

We wish to spend less on Data but Instagram Videos, YouTube Videos, Whatsapp Status and the rest won’t let us.

3. Fueling Generator & Car

It’s sad that Nigeria is a country where you will use over N10,000 fuel just to enjoy your N2,000 GOTVsubscription.

Poor power supply in Nigeria is draining the pockets of everyone and the fact that you will still have to pay PHCN bill again after spending much on fuel makes the country more frustrating.

For those that have car too, with ₦145 per liter fuel rates, it is less expensive to use Public transport than a Private car.

4. Alcohol

Taking a look at records of Alcohol consumption in Nigeria in past years, it is quite obvious that Nigerians spend more on alcohol consumption.

As a matter of fact, guys are now balling with no budget.

5. Transportation

Only Lagosians will understand that transportation takes away a larger part of one’s income.

Many people work far away from home, so going to work everyday drains money.