Babajide Okeowo
Living in the big city comes with its thrills and frills. The urban life comes with all its fun spot, side attractions, and glitterati. On the flipside though, it can be very expensive to live in the city. So, taking some personal finance decisions might go a long way in cushioning the cost of living in the city.
Live in an apartment you can conveniently afford
Rent a place you can afford. If sharing with a colleague, renting just a room, or boarding with a family is not feasible options, do your homework and choose where you live strategically and cheaply. In most cities this means you will undoubtedly need to sacrifice something. So, figure out what is most important and what you can live without. What is the need to live in an apartment where you struggle to pay the rent yearly? Choose where you live wisely.
Cut the cable or reduce the cost
What purpose does it serve to subscribe to a premium cable service at N18,500 when you can subscribe to a lesser package or bouquet? How many of the channels do you even watch in a day? How long do you even stay at home? Cut your cable TV cost or do away with it, if you can and save the cost.
You have control over your cellphone and possibly your internet and cable bills. Decide what you actually need, scale packages down, and contact service providers to see how you can save a little more each month.
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Use public transportation
It is very convenient to drive to the office every day. You may also want to order Uber, Taxify or whatever form of transportation. But take a moment to ask yourself what is wrong with the conventional public transport. It will save you a lot of money to take public transportation or even take a walk. It is cheaper and healthier.
You save not only fuel and insurance but maintenance, repairs and parking as, in some areas, parking costs as well. However, if you have a legitimate reason like you’re pregnant (that can be used as an excuse for anything), it’s raining, your foot hurts or the location is really inconvenient, then get yourself that cab.
Take your lunch to work
Everybody loves a fancy treat at Mr. Biggs, Spar on even Chicken Republic. It is even so convenient to sit in your office and order Ewa Aganyin (mashed beans with sauce) from Jumi food, but pause and do the arithmetic, N1,000 per day times 365 is equal to N365,000 in a year. Think of what you can do with that amount of money. So, if it is possible, bring your lunch to work.
Cut the cost
There’s so much to do in the city. So many great restaurants, shows, concerts, museums, etc…So, it’s easy to blow your paycheck on entertainment alone. So be selective about what you agree to do with your friends. The great thing about living in a place with so much to do? If you miss out on something tonight there’s bound to be another one tomorrow.