“Why do I still feel broke?” is a valid question that is most likely coming from a place of frustration. You are working hard. You are earning monthly, but it still feels like you are barely surviving. Your preference list keeps getting longer with only a few checked off. I mean, by the second week of getting paid, you are already going through your contact list for who to loan you cash.
Do you know how crazy it is to be staring at a bank alert you have no explanation for? You see the description, but it makes no sense to you, almost as if you suddenly lack comprehension of the English language. A particular bank of concern will deduct money for the very air I breathe. The bank I speak of might not even be your bank, but the crazy part is, you can relate to this. If you are too busy to notice, you will wake up one day, your bank account will be empty, and Nigerian banks will have a label for each debit alert; trust me.
If this feels all too familiar, you are not alone. This is the reality of many Nigerian women trying to build a life in a country where the cost of living is choking the living. Your expenses are rising higher than your income, yet you have to show up and keep going. But what exactly is going wrong when people earn and still feel broke?
Why Do You Still Feel Broke?
Imagine a marketing executive earning ₦300,000 monthly. On paper, that is a decent pay. You might even feel proud of the compensation that comes with climbing the corporate ladder. But how long does that last for after saving money for rent, transportation, lunch, data, streaming platform subscriptions, and black tax? How do you explain that you just got paid when more than half of it is no longer reflected in your account balance? Why do you still feel broke when you are not living extravagantly?
One reason why you might feel broke or not have a deeper relationship with your money before it disappears is the slow lifestyle switch.
It will drain your wallet silently without suspicion. No one will sit you down to tell you that as your income grows, so do your expectations. You could have started your career surviving on an 80k income but with desires for better pay. The moment you get a high-paying job, your expectations change, and the income you wished for will suddenly not be enough for you. Do you know what changed? You start telling yourself things like “I deserve the soft life,” so you eat out. “I can’t jump bike every day,” so you take a cab. These little switches are not bad choices, but when you do them without proper planning, they quietly eat into your income.
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The social pressure to look okay is one of the reasons you still feel broke. For an average Nigerian woman, there’s an unspoken expectation to look put-together, no matter what your bank account says. Your hair must be well done. Clothes must be a certain standard. You must show up at events looking “on fleek.” All these come at a cost. You spend out of survival, not vanity, because appearance is a currency.
You are earning, but are you managing it well? And these are the issues. Every woman needs a money management skill. You don’t need a masterclass to learn financial literacy. It is practical but we need the basics to find our way around. According to the Corporate Finance Institute in a 2021 publication, “learning about crucial investment components allows individuals to make smarter financial decisions that may result in an increased inflow of income.”
However, let’s have a brief conversation about how to manage your money better. What should you do right?
Firstly, be meticulous about your money. If your money comes in and just goes out without a proper structure, it will feel like it is disappearing. Start simple. Divide your income into clear categories:
- Needs (rent, food, transport)
- Wants (eating out, shopping, subscriptions)
- Savings
- Investments
Even a little structure makes a difference because you are not just spending money but making sure it goes in the right channel. This way, you can keep a realistic scale of preference and plan towards your expenses.
Another way to make your spending workout without wondering why you still feel broke is by separating your accounts.
Have a spending account, a savings account and if possible an investment account. The mistake people make is keeping everything in one place. You tend to borrow it, or send money to different places without keeping track of it and this is one of reasons people still feel broke despite having a stable income.
Always have emergency fund kept aside. It is not luxury. It’s not for splurging. It’s for survival. Unexpected expenses in Nigeria is like a heavy downpour on a day when the forecast says the sun is going to shine. It breaks every rule of expectations.
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Cultivate the habit of saving. Put money aside consistently no matter how little to protect your sanity. You can start small with ₦5k or ₦10k on Piggyvest or Cowrywise. And stop spending the money you kept for rainy days while the sun is still shining.
Furthermore, do an accountability check. Check your lifestyle. Self reflect. Ask yourself if you’re spending too much, if you’re spending to impress people, are you buying things you need, is spending an habit for you, or how can you improve your relationship with money?
It’s not about depriving yourself of good things, but it’s about being intentional with your income. For example, you could meal prep on weekends to reduce the expenses of ordering food at work or find cheaper alternative that works for you.
You would also need to set financial boundaries. Learn how to be picky with what you spend on. You don’t have to attend every owanmbe, buy every aso-ebi or contribute to every single thing. It’s not about being wicked, you are choosing to be responsible.
Start investing. Depending on savings won’t take you far, especially with inflation. You can start small with mutual funds, treasury bills, cooperative societies among people you trust and other investment platforms. You may not have the expertise but investment platforms like Bamboo, ARM One and others are not available to the rich only. They have been simplified for everyday users looking to invest.
The reality is you have to be strategic about your income. Sometimes, the issue is not that you spend too much, your income is not just enough for your current life style.
Don’t be excluded from the list of Nigeria women who freelance, start a side business or monetize their hobbies to support their day jobs. The goal is to be strategic, stop stressing for money and lamenting you still feel broke.
Nobody gives you a handbook that has all the answers to your financial challenges, but it can be fixed.
You don’t need to earn millions to feel stable or have clarity and structure with your income. Small, consistent decisions make the difference.
So, reflect on your current relationship with money and create a plan before your next salary drops. Moving forward, you are choosing a little more control over the anxiety of unanswered questions about why you still feel broke.
