5 Reasons it is Sometimes Difficult to Save Money

The foundation of long-term success and financial security is saving money. However, many people struggle to consistently set aside a percentage of their income, even with the best of intentions. Saving money is more difficult than it first appears for a number of internal and external reasons, not just a lack of discipline. The five main reasons why saving money can occasionally seem like an uphill battle are listed here, along with suggestions for overcoming these obstacles.

1. High Cost of Living

One of the most significant obstacles to saving money is the rising cost of living. Housing, healthcare, transportation, and utilities often consume a substantial portion of one’s income, leaving little room for discretionary spending or savings. For those living in metropolitan areas, the situation is even more pronounced, with rent or mortgage payments alone taking up 30-50% of monthly earnings.

Why It’s a Problem
Inflation compounds the issue, as the prices of goods and services increase faster than wages. Even those with stable incomes may find themselves struggling to keep up with expenses, let alone save for the future.

How to Tackle It

• Budgeting: Create a detailed budget that prioritizes essential expenses and highlights areas where you can cut back.
• Relocating: Consider moving to a more affordable area if possible.
• Negotiating Expenses: Review recurring bills such as internet, phone, and insurance to see if cheaper options are available.

2. Unplanned Expenses and Emergencies

Unexpected costs like medical bills, car repairs, or home maintenance can derail even the most disciplined saver. These expenses often force individuals to dip into their savings or rely on credit, making it harder to rebuild financial reserves.

Why It’s a Problem
Without an emergency fund, these costs can lead to a cycle of debt that’s difficult to break. Furthermore, the emotional toll of financial emergencies can make it harder to focus on long-term goals.

How to Tackle It

• Build an Emergency Fund: Aim to save at least 3-6 months’ worth of living expenses to cushion against unexpected events.
• Insurance: Invest in health, auto, and home insurance policies to reduce the financial burden of emergencies.
• Preventive Maintenance: Regularly maintain your car and home to avoid costly repairs in the future.

3. Debt Repayment Obligations

Debt, whether it’s from student loans, credit cards, or personal loans, is another major barrier to saving. Monthly payments, often accompanied by high interest rates, can consume a significant chunk of income.

Why It’s a Problem
The more debt you carry, the less flexibility you have to allocate money toward savings. Additionally, interest payments mean you’re losing money over time, making it harder to achieve financial independence.

How to Tackle It

• Debt Snowball or Avalanche Method: Use these strategies to pay off smaller debts first or tackle high-interest debt aggressively.
• Refinancing: Explore options to consolidate loans or refinance at lower interest rates.
• Cutting Back: Temporarily reduce discretionary spending to accelerate debt repayment.

4. Psychological Barriers and Spending Habits

Human behavior and psychology play a significant role in financial decision-making. Many people struggle with impulse spending, the need for instant gratification, or the fear of missing out (FOMO), all of which can hinder saving efforts.

Why It’s a Problem
Retail therapy, dining out, or splurging on non-essentials often provides immediate satisfaction but can lead to regret when it comes time to review finances. Social pressures and advertising exacerbate these tendencies.

How to Tackle It

• Set Clear Goals: Establish specific, measurable savings targets, such as buying a house or building a retirement fund.
• Delay Purchases: Implement a 24-hour rule before making non-essential purchases to curb impulsive spending.
• Track Spending: Use apps or spreadsheets to monitor where your money goes and identify patterns to address.

5. Lack of Financial Education

A lack of knowledge about money management, investment opportunities, and saving strategies is a common reason why people struggle to save. Without a solid understanding of how to manage finances effectively, it’s easy to fall into poor habits or miss out on opportunities to grow wealth.

Why It’s a Problem
Financial literacy isn’t always taught in schools, leaving many individuals to learn through trial and error. This knowledge gap can lead to costly mistakes, such as overspending, under-saving, or falling victim to scams.

How to Tackle It

• Educate Yourself: Read books, attend workshops, or take online courses on personal finance.
• Consult Professionals: Seek advice from financial planners or advisors to create a customized savings plan.
• Start Small: Begin with basic concepts, such as budgeting and compound interest, before moving on to more complex strategies like investing.

While saving money can be difficult, understanding the root causes of the challenge is the first step toward overcoming it. By addressing external factors like the cost of living and debt, as well as internal factors like spending habits and financial literacy, anyone can improve their ability to save. The key is to be proactive, patient, and consistent.

Remember, small steps lead to big changes. Start today by evaluating your financial habits, setting achievable goals, and committing to strategies that align with your lifestyle. With persistence and the right approach, saving money can become not just a possibility, but a reality.

Balancing School and Work: How to Survive as a Student and 9-5 Worker in Nigeria

Everywhere, juggling full-time employment and education is difficult, but in Nigeria, particular socioeconomic pressures make the effort considerably more difficult. Students who work 9 to 5 jobs also endure a difficult lifestyle that calls for perseverance, forethought, and endurance due to things like traffic jams and power shortages. You may, however, successfully manage these two obligations if you have the appropriate attitude and techniques. Practical advice for surviving and thriving on this difficult road will be covered here.

1. Embrace Strategic Time Management

Time is a finite resource, and for a working student, it’s particularly precious. Managing it effectively is the key to surviving this demanding schedule.

• Plan Your Days: Invest in a planner or use digital tools like Google Calendar to allocate specific hours for work, study, and relaxation. Prioritize deadlines and allocate time for both short-term and long-term academic goals.
• Learn to Multitask Wisely: For instance, if you spend hours commuting, use that time to listen to lectures, podcasts, or audiobooks relevant to your studies.
• Set Realistic Goals: Break down your tasks into manageable chunks. Avoid overwhelming yourself by attempting to achieve too much in a single day.

2. Prioritize Your Health

The hustle and bustle of Nigerian life, combined with the demands of work and school, can take a toll on your physical and mental health. Neglecting your well-being can lead to burnout, so prioritize your health through:

• Healthy Eating: Opt for quick, nutritious meals rather than fast food. Meals like yam porridge, jollof rice with vegetables, or beans are both affordable and energizing.
• Adequate Rest: Sacrificing sleep might seem necessary, but it’s unsustainable. Aim for at least six hours of sleep daily to maintain productivity.
• Exercise Regularly: A quick 20-minute workout daily can boost your energy and relieve stress.

3. Leverage Technology to Stay Ahead

Technology can be your best ally when balancing work and school. Utilize apps and platforms designed to enhance productivity and learning.

• Online Learning Platforms: Resources like Coursera, Udemy, and YouTube can complement your studies and save commuting time for extra classes.
• Digital Notes and Cloud Storage: Tools like Evernote, Google Drive, and OneDrive can help you access your notes anytime, anywhere.
• Task Management Apps: Apps like Trello or Asana can help you keep track of assignments, work tasks, and deadlines.

4. Build a Support System

Surviving as a student and worker in Nigeria requires a reliable network of support.

• Family and Friends: Let your close circle understand your commitments so they can offer emotional support or practical help, like assisting with errands.
• Workplace Understanding: Communicate with your employer about your academic commitments. Many companies are open to flexible schedules for staff pursuing education.
• School Community: Build relationships with classmates and lecturers. Study groups and sharing class notes can save you time and energy.

5. Tackle Financial Pressures Head-On

The financial strain of juggling work and school in Nigeria can be daunting. Tuition fees, transportation, and other costs can pile up quickly.

• Budget Wisely: Create a monthly budget that prioritizes tuition, textbooks, transportation, and essential bills. Cut back on non-essential spending.
• Side Hustles: Consider online side hustles like freelance writing, social media management, or virtual assistance. These can supplement your income without taking up too much of your time.
• Scholarships and Grants: Apply for scholarships or grants offered by organizations, governments, or academic institutions.

6. Adapt to Nigeria’s Unique Challenges

Living in Nigeria comes with unique hurdles like erratic power supply, transportation issues, and sometimes unreliable internet.

• Plan for Power Outages: Invest in a rechargeable lamp or a small generator to ensure you can study even during blackouts.
• Prepare for Traffic: Lagosians, for example, know the nightmare of rush-hour traffic. If possible, leave for work or school earlier to beat the gridlock, or explore alternative routes.
• Ensure Reliable Internet Access: Having a good internet subscription is crucial for working students, especially when studying online. Consider buying a backup modem or using mobile data.

7. Stay Motivated

The path of juggling work and school is not easy, and staying motivated is essential to keep pushing through.

• Visualize Your Goals: Remind yourself of why you’re taking on this demanding journey. Whether it’s to secure a better job, support your family, or achieve personal fulfillment, let your goals drive you.
• Celebrate Small Wins: Every assignment completed or milestone achieved is a step closer to your ultimate goal. Acknowledge and reward yourself for these achievements.
• Seek Inspiration: Surround yourself with people or stories that inspire you. Join online communities or forums of working students sharing their experiences.

8. Stay Organized at Work

Balancing work and school also means being efficient during your working hours.

• Be Productive at Work: Complete your tasks on time to avoid carrying work stress into your personal or academic life.
• Avoid Procrastination: Focus on delivering quality work during office hours so you can transition smoothly to your studies.
• Communicate Boundaries: Politely decline tasks that could interfere with your academic responsibilities, especially when deadlines clash.

9. Take Advantage of Flexibility

Not all employers or schools in Nigeria are rigid. If flexibility is an option, take full advantage of it.

• Remote Work Options: If your job allows it, working remotely can save you commuting time and provide a more relaxed environment to juggle both responsibilities.
• Part-Time Schooling: Some universities and polytechnics offer weekend or evening programs that cater to working professionals. Explore these options if your schedule is too tight.

10. Develop Emotional Resilience

Surviving the dual demands of work and school isn’t just about physical stamina; it also requires mental strength.

• Practice Stress Management: Learn techniques like meditation, deep breathing, or journaling to manage stress.
• Stay Positive: Challenges will arise, but maintaining a positive attitude can help you overcome them.
• Seek Professional Help When Needed: Don’t hesitate to consult a counselor or therapist if you feel overwhelmed.

Conclusion

Surviving as a student and 9-to-5 worker in Nigeria is undoubtedly challenging, but it is also an incredibly rewarding experience. The skills you develop—time management, resilience, and multitasking—will serve you well in all aspects of life. While the journey may be tough, the rewards of achieving your academic and career goals make the effort worthwhile. Remember, you are not alone in this journey. With the right strategies, support, and mindset, success is within your reach.