Why earning more doesn’t always mean saving more
You just got promoted from 150,000 naira to 450,000 naira a month. Feeling like a boss, you upgrade your phone, start brunching at Sky Restaurant every weekend, and maybe even book a quick getaway to Epe.
Three months later, you wonder why your bank balance feels the same as before. That’s the trap most Nigerians fall into. When your income rises, your spending rises with it if you’re not intentional. Saving more as you earn more is a skill, and Lagos life makes it extra tricky.
The Lagos lifestyle squeeze
Here’s a real-world scenario:
- Rent in Lekki: 250,000 naira/month
- Transport: Uber + danfo fares 30,000 naira/month
- Utilities and data: 20,000 naira/month
- Weekend brunches and social life: 50,000 naira/month
- Family and friends obligations: 50,000 naira/month
Total expenses: 400,000 naira. Even with your new salary, nothing left to save if you spend without planning. Meanwhile, your friends are posting about trips to Dubai or new cars, making you feel like you need to level up too.
Step 1: Automate savings before lifestyle upgrades
Before touching your salary, allocate a percentage to savings automatically. For example, put 100,000 naira from your 400,000 naira salary into a high-interest PiggyVest or Cowrywise account. Out of sight, out of mind, and your future self starts growing richer while you enjoy your life.
Step 2: Divide money into fun and growth
- Fun fund: 50,000 naira/month for weekend hangouts, movies, or new drops at Ikeja malls
- Growth fund: 50,000 naira/month for investments, online courses, or side hustles
The key is balance. You still live your best life, but you don’t end up broke at the end of the month.
Step 3: Track every naira
Even “small” daily expenses add up:
- Uber to work every day at 1,500 naira = 30,000 naira/month
- Daily lunch at 2,000 naira = 40,000 naira/month
Tracking these shows where your money leaks. Apps like Carbon, Bankly, and Wallet can help, but even a simple spreadsheet works if you’re disciplined.
Step 4: Increase savings with every raise
A raise shouldn’t just feed lifestyle creep. Try this: when your salary grows by 50,000 naira, increase your savings by at least 20,000 naira before upgrading anything. This way, your savings rate grows with your income.
Example: Salary moves from 400,000 to 500,000 naira, increase your automated savings from 100,000 naira to 120,000 naira, leaving room to enjoy a bit more fun without sabotaging your future.
Step 5: Reassess quarterly
Every three months, ask:
- Am I saving enough?
- Are my lifestyle upgrades aligned with my goals?
- Any subscriptions or spending habits I can trim?
Budgets aren’t static. Your income grows, and your plan should evolve too.
Step 6: Avoid comparison traps
Seeing friends post about flashy cars, Dubai trips, or designer items can pressure you into spending. Stay focused. Your goal is freedom, not flexing. Smart savings now lets you live stress-free later, while others scramble to catch up.
Grow your wealth while enjoying life
- Automate savings before spending
- Split income into fun and growth
- Track every naira
- Increase savings with every raise
- Review your plan quarterly
- Ignore social media FOMO
Saving more as you earn more is not about being boring or missing out. Done right, it’s about living freely in Lagos, building wealth, and enjoying life without panic when bills arrive. Your future self will thank you.