Naira Life Vol 132

Good morning ☀️

Do you ever wonder how marriage shapes people’s ideas of submission and financial responsibility?

This week’s Love Currency might give you something interesting to think about Among other things, the lady in the story hands over her entire salary to her husband. Why, and at what cost?

This week’s #NairaLife is another kind of relationship story — one between a woman and her gambling addiction. Even after getting her desired job, she couldn’t stop betting. Four years and ₦9m debt later, she’s trying to recover, rebuild, and finally make her money work for her. How's that going?

Let's get into it.

In this letter:

• #NairaLife: She’s Learning How to Manage Her Money After Years of Compulsive Gambling
• Love Currency: She’s Proving Her Love and Submission With Her Finances
• I Built a Multi-Million Naira Food Business. Now Everyone Thinks It’s Their Money Too
• Ask Aunty M: I Save 80% My Salary but I Struggle for the Rest of the Month
• Where The Money At?!

In 2021, this 33-year-old landed a job that was supposed to solve her financial struggles. However, a gambling problem influenced by her mental illness meant she still had a long way to go.

Four years and ₦9m in debt later, she’s finally on the road to recovery.

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Loveth* (28) and Dele* (34) have been married for almost a year, and Loveth is set on doing marriage right from the start.

For #LoveCurrency, she shares why she “submits” her salary to Dele — though she won’t recommend it — and her interesting approach to dates. Read the full story here

Amina* turned a student hustle into a multi-million naira food business empire. But success made her everyone’s ATM. She left it all behind for an MBA abroad, but the billings didn’t stop. .

This is how being the "rich friend" almost broke her. Read here

I earn ₦150k/month and put aside ₦120k monthly to rent a place because I set a deadline for myself. I live with my mum, and it's becoming insufferable. Then I live on ₦30k. But I have to borrow money at the end of the month. Any advice, please? - Cassandra, 28

Hi Cassandra. You borrow money each month because your savings rate is too high compared to your income. You are saving 80% of your income, but that isn't realistic based on your expenses. ₦30k is nearly impossible to live on unless someone is covering some of your expenses. You need to figure out how much you spend every month. To do so, start tracking your expenses. Write down everything that you spend money on each month. Once you do that – let's say you figure out that you usually spend ₦60k monthly – have two options.

The first option is to reduce your savings to ₦90k per month so you don't have to go into debt. This will mean moving out will take you longer, but you won't be in debt. If you are steadfast in your decision to move out by your deadline, you need to increase your income. Using the ₦60k example again, look for jobs or a second source of income that can account for the ₦60k you need to live on monthly plus your ₦120k savings, meaning you need to make at least 180k monthly. This will allow you to cover your monthly expenses and save without debt.

Lastly, remember that once you move out, you will incur many more expenses than when you lived at home. I'm not trying to tell you to stay home, but be realistic about how much you will have to spend once you move out, as now all food costs, rent, home maintenance, and more will be on you. I don't want you to move out and now get into more debt trying to maintain the new home.

Try to increase your income before moving out, and ensure the place you move into is within your means, even if it means getting roommates to lower the costs.

I'm rooting for you and hope it works out.

Xoxo, Reni

• If you're here, you probably have a money or work dilemma. Ask your question and we'll figure out an actionable solution for you.

We can't say we're about the money and not actually help you find the money.

So we've compiled a list of job opportunities for you. Make sure you share this with anyone who might need it because in this community, we look out for each other.

Again, don’t mention. We gatchu.

• Analyst, Treasury Operations - MTN
• Financial Controller - Dangote
• Head, Information Security - MultiGate
• General Counsel - ExxonMobil
• Portfolio Manager - First Bank
• Fraud Analyst - Kuda

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All good things must come to an end. But not this good thing. We’ll be back next week.

In the meantime, keep reading Zikoko’s articles and be sure to share the love.

See you next week...

Yours cashly,

Toheeb,

Zikoko's "OG" Mr. Money

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