Rising living costs are forcing young Nigerians to rethink how they spend their salaries, as increasing expenses on food, transportation, data, household bills and family responsibilities leave less money available for savings before the next payday, Osasikemwen Ighile, brand manager at FairMoney Microfinance Bank, has disclosed.
For many salary earners, the challenge is no longer simply how much they earn but how long their income can sustain them in an economy where everyday expenses compete for a shrinking share of household budgets.
Ighile said young Nigerians could reduce financial pressure by adopting more disciplined spending and savings habits rather than waiting until the end of the month to assess what remains.
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In an advisory to BusinessDay, Ighile identified budgeting, early savings, weekly spending limits and monitoring small transactions among seven practical measures that could help salary earners make their income last until payday.
She said expenses such as food deliveries, ride-hailing services, snacks, airtime and multiple subscriptions might appear insignificant individually but could collectively consume a substantial portion of monthly income.
The growing use of digital payments also makes it important for consumers to monitor their transactions and identify spending patterns that undermine their financial priorities.
Ighile advised salary earners to assign specific amounts to essential expenses, including rent, food, transportation, electricity and telecommunications, before allocating money to entertainment and other discretionary spending.
She recommended dividing the balance available for everyday expenses into weekly limits after settling essential bills and setting aside savings.
According to her, this approach helps consumers avoid spending a disproportionate share of their income during the first weeks of the month and identify overspending before it becomes difficult to correct.
Savings discipline is another area requiring attention, particularly among young workers who often postpone saving until they have met all their monthly expenses.
Ighile advised consumers to save immediately after receiving their salaries rather than depending on whatever remains at the end of the month.
She said consistency was more important than setting unrealistic savings targets, adding that financial products such as FairMoney’s FairSave and FairTarget could help eligible customers set aside money towards specific financial goals.
The bank also encouraged consumers to plan their food purchases, prepare shopping lists and compare prices to reduce unnecessary spending.
Bulk purchases could offer savings where products were regularly consumed and the unit prices were genuinely lower, she averred.
Another source of avoidable expenditure is subscriptions to streaming platforms, applications, gym memberships and other services that consumers rarely use.
Ighile advised salary earners to review recurring payments regularly, cancel unused subscriptions and prioritise essential bills to avoid late charges, service interruptions and additional reconnection costs.
She also recommended maintaining a separate emergency fund to cover unexpected expenses such as urgent transportation, medical bills, phone repairs and family responsibilities.
Such a financial buffer could prevent an unexpected expense from disrupting an individual’s entire monthly budget, she added.
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FairMoney said its platform provides eligible customers with access to savings products, debit card transactions and payments for services such as electricity, cable television, internet subscriptions, airtime and data, subject to availability and applicable terms.
The bank’s recommendations highlight the importance of cash-flow management for salary earners facing competing financial obligations.
For young Nigerians, making income last until payday increasingly requires more than cutting discretionary spending. It demands deliberate budgeting, consistent savings and closer monitoring of everyday transactions.
Royal Ibeh is a senior journalist with years of experience reporting on Nigeria’s technology and health sectors. She currently covers the Technology and Health beats for BusinessDay newspaper, where she writes in-depth stories on digital innovation, telecom infrastructure, healthcare systems, and public health policies.
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