Six Nigerians Talk About What They're Spending Their Salaries On

Salary week looks different for everyone. For some people, the alert is quickly followed by a debit alert. For others, it’s school fees, rent, savings, a sibling’s expenses, or the cost of building a future that still feels a few years away and then there are those who see their salary hit their account and immediately remember the cart they’ve been ignoring all month.

We asked six people a simple question: What happens to your salary after it enters your account?

Tobi, Digital Marketer, ₦800,000 

When I say 80% of this month’s salary is going to her, it sounds irresponsible, but a lot of that money isn't really about buying her random things.

We live in different cities, so there are flights. For her visit, I will cover the expenses. I pay for dinners and unexpected expenses, and I’m often the one paying when we're doing something together.

If I add everything up, it can get close to 80%. I know that's a lot. The funny thing is, I'm not particularly bothered by spending money on her. I'm more concerned that I'm not balancing it properly with my own financial goals.

So now I save and live with whatever is remaining. I still want to spoil my babe. I just don't want to become financially dependent on my current salary.

Ngozi, Customer Support, ₦600,000

I’m setting aside ₦400K for my sibling’s school expenses. September is already here, and I know that school fees are only the beginning. Their school fees to sort out, but also textbooks, notebooks, shoes, transportation, and all those small school expenses that somehow keep appearing once the term starts.

I’ve learnt not to wait until the last minute with these things. I’d rather take the money out of my salary now and keep it separate, even if it means I have a little less to spend on myself this month. Education is one of those family expenses that feels important enough to plan around, especially when I can make things a little easier for my sibling. 

Frank, Data Analyst, $1,200 

I’m setting aside ₦1,000,000 this month for my school abroad. Every month, I move money into a separate account before I start spending. Some months it’s ₦400,000. Some months it’s less, but this month, I’m pushing myself to put away this much because I know what I’m working towards.

Saving isn’t always a straight line. Some days I question whether leaving is worth all this sacrifice, but then I remember why I started. I’m not saving because I don’t want to enjoy my money, because with how much l earn, l should be chopping life, but I’m saving because, right now, my biggest priority is giving myself more options, and if that means missing a few nights out today so I can build the life I want tomorrow, I’m okay with that.

Nimi, ₦70,000, Customer Support Intern

I’m saving ₦50,000 for school resumption. My school is currently on break, and we’re expected to resume in September, so I’m trying to get ahead of expenses instead of waiting until school starts to figure everything out.

I’m on a scholarship, which takes care of the major school costs, and I’m genuinely grateful for that, but a scholarship doesn’t necessarily cover everything that comes with being a student. There are still a few basic things I need to sort out for myself, like toiletries, stationery, transportation, food, personal items, and other little expenses that come up once school resumes.

The remaining ₦20,000 will go toward food and other essentials, and I'll manage on it until the end of the month. I don’t really have a choice here. Do I?

Emeka, Project Manager, ₦700,000 

I’m sending money to my mum for the August Meeting. I don’t know how much she spent, but I know she already used her own money to pay the dues, so once my salary lands, I’ll reimburse her.

It’s one of those expenses I don’t really have to think twice about. I love that woman so much, and sometimes sending money for things she’s passionate about, which in this case, Virgin Mary is one of the ways I show it. Tbvh, the August Meeting dues aside. I just love taking care of her in the little ways I can and letting her know she doesn’t always have to carry everything herself.

Nicole, Finance Associate, ₦1,000,000

Every month, I transfer my salary to my husband. I know how that sounds, but since we married, we share our finances, and he's much more disciplined about money than I am.

If I have ₦1 million sitting in my account, I'll start negotiating with myself about why I suddenly need a new bag.

He doesn't. He looks at the money and thinks about rent, investments, savings, bills and our bigger plans. So we decided that he would take the lead on managing our household finances.

I know exactly what comes in and what goes out. I have access to our accounts and my own spending money. We've divided financial responsibilities based on what works for us.