Did you know that the average adult spends more than $100 (NGN30k) a month without really knowing what they spent it on? If you’re not splurging on big purchases, taking exotic vacations, or dining at fancy restaurants, it could be because you’ve picked up a few bad habits that are costing you money.
Join us as we run through 6 behavioral patterns that are probably costing you a fortune without you even remembering!
1. Bank Charges
Did you know you get charged 4 Naira for every SMS alert you receive, whereas you aren’t charged anything for email alerts. Now think about the multiple transactions and accounts, it adds up right? A large majority of us receive our emails on our mobile devices, this is a cost we definitely don’t need. In addition to the 50 Naira monthly maintenance fees for debit/credit cards, current account maintenance charges, ATM withdrawal charges and the list goes on… lesson here is, pay attention to your bank charges and make cuts were necessary.
2. Data Renewals
When it comes to mobile data services from the various providers, many people have no idea how much money they pay every year due to automatic renewals. To save money, turn off automatic renewals, this way you are able to keep track of your spending and budget appropriately.
3. Forgetting to pack lunch
There’s no real reason why you should spend ages queuing for food at a nearby eatery or waiting on slow food deliveries when you could knock together a quick lunch before leaving home every day! This is particularly doable for those with help at home. Making lunch rather than buying it offers considerable savings in the long run.
4. Failing to compare prices
Never make it a habit to rely only on the closest drugstores, malls or supermarkets because the costs can vary significantly. Make sure to check out the rates of competing companies to weigh your options and utilize what is most affordable! We just discovered MyBasket.ng – Nigeria’s first supermarket price comparison site are we so excited!
5. Buying brand-name products
While brand recognition always seems like the “safest bet”, many generic foodstuffs, medicines, and household products are just as good as their fancily packaged counterparts. They’re way cheaper, too.
Don’t wait to buy plane tickets or book hotel rooms especially for compulsory trips you can’t get out of – yes, last minute deals are available, but they are not as many as you think. The earlier you start planning and booking, the better for your bank account!