In this episode of the Mo Money series, we spoke to Adebayo, a Software Engineer who had to become financially disciplined to cut down on extravagance spending, which made him financially secure.
How has your day been so far?
So far so good actually. I feel very happy and honored to be here.
Awesome. So tell us a little about yourself
My name is Adebayo, and I am a software engineer with 3 years of experience. I focus majorly on building great infrastructures for restaurants and food businesses.
That’s awesome. But why Restaurants and Food businesses?
I’m a foodie!
Mad o. But you don’t look like a foodie.
Mehn, I’m glad I don’t because na wetin nearly send me back to my village.
Oh wow. Are you serious?
Yes o. My love for food influenced my spending and made me go broke.
Now I’m interested in this story!
I moved to Lagos in 2021 to a 1 bedroom apartment in Maryland. The first thing I did was load my kitchen with foodstuff. Instead of focusing on cooking from home to save, I spent most of my money at fancy restaurants.
Ah! Really?
Yes o. I always wanted to visit those restaurants I saved on my phone, and I couldn’t stop once I noticed they were close to me. I would rather eat outside than create time to cook at home.
How many times did you eat out in a week?
Everyday! On the days I don’t go out, I do home delivery. It became an addiction.
How much did you spend on food per week?
A minimum of 100k.
Ah, rich kid!
Funny enough, I wasn’t very buoyant. At the time, I was earning 600k and also had my savings. I felt too comfortable, thinking that I would always have extra cash until the day my laptop fell and I needed to change it. Lo and behold!
What happened? Tell us!
I could not even afford 400k to bring out! And the devil came for me because my rent was due in 2 weeks!
That’s so sad.
I dey tell you! I didn’t realize how much I spent in a month until that period. An average of 500k went on food, and a large fraction went on transport and other miscellaneous. I was hell broke.
So how did you come out of it?
I had to borrow to pay my rent, and then I took a loan to get a new laptop. After that, I started to manage my finances and cut down on unnecessary spending, like eating out. I only do that once in a while.
That’s very smart. Very thoughtful. Very demure!
Very demure indeed. I also kept on reading about financial literacy and also discovered your Sycapedia episodes on financial security. I learned a whole lot and that was how I became accountable with my spending.
Aww. we’re glad you were inspired by our video.
Indeed! Now, I’m able to apply the 50/30/20 rule efficiently. My savings are now looking better than ever.
Wonderful. Any last words for the readers?
Don’t be easily influenced. There is a time for everything. When you acquire a lot of wealth, learn how to manage it wisely and not recklessly. It’s very much essential to survive, especially in Nigeria!
