20 Most Foolish Ways Nigerians Lose Money Daily

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I am yet to hear or see that money is very easy to earn. There is no country of the world where they do not refer to money as “hard-earned”.

All the same, it’s most unfortunate for human beings to spend this thing referred to as hard-earned in rather very careless and foolish ways.

Some do this with various reasons behind their actions while others do it as a result of sheer ignorance.

However, in whichever category you fall in this foolish or stupid spending, this article is meant to set you free and help you keep your money for better and more useful things.

1. Taking Private Drops When You Can Actually Take A Public Bus or Taxi

Normally, the ratio of taking drops to that of entering a public bus or taxi in a city ranges between 5:1 and 10:1. Many do it to show off or just out of laxity.

2. Giving Heavy Tips for “Express” Attention

It’s true that waiting in long queues can really be horrible but many Nigerians just feel they are above going through due processes like queuing up to be attended to.

They prefer to pay N5000 for what should have cost them a thousand naira just to avoid the queue, even when it’s not an unbearable one.

It’s unfortunate that even students who claim to be the “have-nots” do such.

3. Betting

This is one of the major ways young Nigerians, especially males lose the is money. I guess that thing has a spirit behind it. You may not know that many have lost millions in the name of betting.

It ranges from reasonable things like football, pageantry and other competitions to nonsensical and most frivolous arguments. Beware, if you do not love poverty!

4. Avoiding Bargaining

I really do not know why most people think or believe that bargaining, (at least where it is allowed), is meant to be done by the poor.

Most people find it difficult to negotiate prices well enough to reduce cost. Who knows, some may be doing it in sympathy for the trader or merely to leave the impression of having enough dough.

5. Paying for Home Chores and Repairs you can do Yourself

People are fond of preferring spending to doing very little jobs.

They take their clothes to the laundry when they can actually wash and iron themselves; they take torn clothes to the tailor, when its a few stitches they can do themselves; they call a carpenter, just because of something they can nail and fix themselves, etc.

6. Buying Cheap Articles

So many Nigerians have become addicted to cheap articles that they can’t do without them.

They prefer to buy cheap second-hand phone that has four-month guarantee instead of getting a costly one that has 5 years guarantee.

At the end of the day, they spend 5-times what they should have spent. The same thing is applicable to other commodities.

7. Leaving Huge “Tips” at Restaurants

In as much as its nice to be liberal, that does not mean you should make it as a habit to leave off your balance (what we commonly call ‘change’ in Nigeria,) after paying for your meal.

It’s quite funny that most people do it when they are in company of friends who they want to impress. Pooh! Guy, how much the friend go pay you later?

8. Shopping at Places Known for very High Price Tags

It’s true that cost is associated with quality but it is not always like that.

If there are places you know you can get the same quality at a cheaper rate, why not go there and get the stuff instead of doing big guy or big girl and throw your money away for nothing.

9. Buying ‘Asoebi’ clothes and Committee of Friends Uniforms

I do not think that things like ‘Asoebi’ or committee of friends, as they call it, is ever compulsory, but people do it just to belong or to impress their friends.

And most of the times, these uniforms are made in such a way that you would not like or be able to wear them again.

10. Impulse Buying

I would say that this is the worst of all. If you form the habit of buying without budgeting, you are automatically a ‘daily broke man’.

11. Giving Your Kids Their Demands All the time

This is one of the things that can drain your cash and the funny thing about it is once you start, you’ve started.

Even if the money is there, learn how to make your kids know that money does not come by so easily.

12. Buying Lottery Tickets

It is proven that only one out of millions are ever successful in these money lotteries, yet so many people do it from time to time and continue to lose.

13. Maintaining a Fleet of Cars.

Most people keep a fleet of car to show the world they have arrived, however they fail to realize that their cars start diminishing in value the moment they drove out of the show room.

The Insurance, licensing, and maintenance is an unnecessary expense for a vehicle you drive once in a month!

14. Not Making Comparisons before booking for Hotel accommodations, Bus or Flight tickets

This is very necessary as you will always notice significant price differences for the same services out of which you can go for the least costly.

15. Acquiring New Outfits for every Occasion

This is mostly found among the ladies. Many of them are not comfortable with attending two different occasions with the same clothe.

It’s quite funny that they feel that people marked the clothe the last time they wore it and therefore shouldn’t use it again.

They go as far as getting accessories to go with the new clothe. Everything, new! If you continue like this, you will hardly have a dine in your account.

16. Drinking Bottled Water when the Sachet or even Tap Water is Available

It’s one of the stupid ways many Nigerians spend money unnecessarily, as if to say they have proven that the quality of the bottled water is higher.

Its even ridiculous that some of the so-called ‘pure water’, are no better than river water!

17. Unnecessary Partying

Some Nigerians are party freaks, call it birthdays, naming ceremonies, weddings, funerals, etc.

They use it to show off. We are not saying you should not do celebrations, but you need to discern the ones that are necessary and also make it moderate.

It’s quite fool-hardy for you to borrow huge amounts of money to do parties that you still would have done with the available cash.

18. Being Addicted to Alcohol

Habitual drinking is a real pocket drainer, and I include it in the most stupid ways you lose money because it goes around to cost you much more when the associated health challenges emerge.

19. Going after brand name when better and cheaper variety is available.

This ranges from groceries to clothing to prescription drugs, you can save money by choosing an off-brand over a fancy label. And in many cases, you won’t sacrifice much in quality.

Clever advertising and fancy packaging don’t make brand-name products better than lesser-known brands.

For example, generic drugs can cost as much as 80% less than their brand-name alternatives.

20. Using Personal Vehicles for Short Distance Travels

It is very clear that its cheaper to use public transport for travels instead of driving yourself down. But many people will never do it in the name of ‘big men’.


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