With living costs flying over the roof, your small salary is not guaranteed to last 31 days before your next salary.
No wonder some people fall into the constant cycle of borrowing. The truth is that there's no curse following you from any wicked uncle. It's an effect of the rising cost of things.
But should you continue borrowing? You know the answer to that already. So, what can you do to tame the situation? We'd have suggested taking extra jobs, but we know how hard it is for jobs to come by these days.
Another viable option is to cut costs and make the best of your salary. Here, let's look at some strategies you can adopt to maximise your income.
1. Budget Wisely
You probably already know this one - it's in the mouth of every financial adviser. You've got to track your income and expenses to control it. So, at the end of each month, create a budget for the new month and highlight what you should spend your money on.
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This way, you can avoid unplanned expenses on frivolities. We always recommend the 50/30/20 rules when creating your budget.
50% for necessities (rent, food, bills).
30% for wants (entertainment, hobbies).
20% for savings and debt repayment (adjust this if needed).
Budgeting apps also exist these days to help you plan the perfect budget.
2. Cut Unnecessary Expenses
You'd be surprised by how much of our money goes to unnecessary expenses. If you can't afford something, there's no need to do it. Cut subscriptions or reduce to cheaper packages.
Prioritise cooking at home, especially if you have a family. There's nothing wrong with buying secondhand clothes, electronics, and furniture. They'll serve their purpose if you maintain a proper maintenance culture.
3. Save Smartly
Automate savings: Set up a direct deposit into a savings account.
Use high-interest savings accounts to grow your money.
Follow the "Pay Yourself First" principle: Save before spending on non-essentials.
ALSO READ: How to make your first ₦30 billion
4. Increase Your Income
Again, nothing beats having multiple streams of income. If you have a skill, consider creating time out of your work hours to practice it. Many 9-5 workers like you have raised their income by trying side hustles like tutoring, writing, graphic design, and selling handcrafted materials.
The good thing is that you can pick up some of these skills within a few weeks. Simply get a good tutor and have them mentor you on how to start earning with your chosen skill.
5. Plan for the Future
Start an emergency fund (aim for 3–6 months' expenses).
Invest for long-term wealth (even small amounts in mutual funds, stocks, or retirement accounts can grow over time).
Set financial goals (buying a house, starting a business, or travelling).
It doesn't take much to be financially disciplined. Just know what to do and do them. You'll be surprised by how far these tiny strategies can take you.