Here's why you're struggling with budgeting!
Or could it be that budgeting isn't just for you? 👀 Let's find out with today's letter!
Struggling with budgeting? Maybe it’s just not for you—and that’s okay!
If tracking every expense down to the last kobo feels exhausting, there are better ways to manage your money.
Why Budgeting might not work for you:
A budget is simply a plan for your expenses, but let’s be honest—not everyone can stick to one. If you're not meticulous or detail-oriented, forcing yourself into a rigid system won’t help.
The good news? You can still take control of your money without spreadsheets chasing you after every transaction.
Two Alternatives to Budgeting
1. Decide upfront what percentage of your income goes to savings and investments—the rest is yours to spend.
Example: Earn ₦100,000? You can choose to save 30% (₦30,000) and use ₦70,000 for expenses. This helps you save consistently, even with fluctuating income.
Pros:
Simple & effective
Great for freelancers & business owners
Cons:
Risk of lifestyle inflation
2. Instead of saving a percentage, you set a strict spending limit. No matter how much you earn, you don’t exceed that cap.
Example:
If your cap is ₦50,000, anything extra goes straight to savings—even if you earn ₦1M.
Pros:
Prevents lifestyle inflation.
Helps control overspending.
Cons:
Takes trial and error to find the right cap.
Which One Should You Use?
Both methods work—it just depends on your personality.
If you prefer structure, go for Percentage of Income. If you need stricter control, try capped expenses. Either way, make sure you have a dedicated savings and investment account—this is non-negotiable!
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