If you’ve ever looked at your bank account a few days before payday and wondered, “How exactly did all my money disappear?” you’re not alone.
For many young Nigerians, the 30s come with increased earning power. Maybe you’ve finally landed a better-paying job, grown your business, secured international clients, or started earning in foreign currency.
The problem is that as income rises, spending often rises too. This is called lifestyle inflation; the habit of increasing your expenses every time your income increases.
One minute you’re celebrating a salary raise. The next minute, you’re buying expensive aso-ebi every other month, ordering food five times a week, upgrading gadgets unnecessarily, and joining every group trip because “life is for the living.”
The truth is that lifestyle inflation is one of the biggest reasons many high earners still live paycheque-to-paycheque.
This isn’t about shaming anyone for enjoying their hard-earned money. After all, what’s the point of working hard if you can’t enjoy some of the rewards? The goal is simply to find balance so that your future self isn’t paying the price for today’s excesses.
Understand the Difference Between Enjoyment and Performance
One of the biggest traps of modern adulthood is spending money to keep up appearances. Not every owambe requires a brand-new outfit. Not every holiday needs to be posted on Instagram. Not every Friday requires dinner at the newest restaurant in Lagos.
Many people are spending money they don’t really have to impress people who are not even paying attention. Before making a purchase, ask yourself: “Am I buying this because I genuinely want it, or because I want people to see that I have it?”
That simple question can save you hundreds of thousands of naira every year.
Put a Cap on Owambe Spending
Let’s be honest: Nigerian celebrations are expensive. Between aso-ebi, gele, makeup, shoes, gifts, transportation, and sometimes accommodation, attending one wedding can easily cost a significant amount of money.
The solution isn’t to stop attending celebrations entirely. Instead, create an annual or monthly “social budget.” For example:
• Rewear outfits when possible.
• Attend only events that truly matter to you.
• Share transportation costs with friends.
• Set a fixed amount you’re willing to spend on celebrations each month.
Contrary to popular belief, nobody is keeping score of how many aso-ebi outfits you bought this year.
Learn to Cook More Often
One of the sneakiest forms of lifestyle inflation is food delivery. A meal that costs ₦8,000 may not feel expensive occasionally. But ordering food several times a week can quietly consume a huge portion of your income.
Cooking doesn’t mean you must become a professional chef overnight. Start small:
• Meal prep for busy weekdays.
• Cook larger portions.
• Reserve restaurant outings for special occasions.
You’ll save money while often eating healthier. Besides, there is something deeply satisfying about seeing money remain in your account because you resisted the temptation to order shawarma at midnight.
Stop Going on Trips You Cannot Comfortably Afford
Travel is wonderful. New experiences are valuable. However, many people are funding vacations with money that should be going towards savings, investments, debt repayment, or emergency funds.
If you’re stressing about rent immediately after returning from a holiday, the trip was probably too expensive. A good rule is this: If paying for the trip will significantly disrupt your finances for the next several months, postpone it.
There will always be another Detty December, another Zanzibar trip, another group getaway. Financial peace of mind is also a luxury.
Create Boundaries Around Black Tax
Many Nigerians carry family responsibilities, and supporting loved ones is often part of our culture. However, helping family should not mean constantly sabotaging your own financial future.
Without boundaries, black tax can quietly consume income that could have gone towards investments, home ownership, retirement planning, or business opportunities.
Decide what you can realistically contribute each month and stick to it. You cannot pour from an empty cup. The more financially stable you become, the more effectively you can support others in the long run.
Don’t Let Sales Manipulate You
One of the most expensive lies marketers tell is: “You’re saving money.”
No, you’re only saving money if you were already planning to buy the item. Buying something because your favourite brand is offering a 30% discount is still spending money. Before purchasing anything on sale, ask: “Would I buy this at full price?”
If the answer is no, close the tab and move on.
Increase Your Savings Every Time Your Income Increases
Most people increase spending after a raise. Wealthy people often increase investing. Whenever your income grows, commit to directing a portion of the increase into:
• Emergency savings
• Mutual funds
• Stocks
• Real estate investments
• Retirement accounts
• Business investments
If your salary increases by ₦100,000, don’t automatically spend the entire extra amount. Pay your future self first.
Remember What Your 30s Are For
Your 20s are often about exploration. Your 30s are about building. This is the decade when many people lay the foundation for future wealth, home ownership, business growth, financial freedom, and long-term security.
You don’t have to become a monk. You don’t need to stop enjoying life. Attend the wedding. Take the trip. Buy the nice shoes occasionally. Just don’t allow lifestyle inflation to convince you that every increase in income must be matched by an increase in spending.
The goal isn’t to look rich. The goal is to become wealthy. And those are two very different things.
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