The Budget Student

SHOPPING ON A BUDGET AS A SINGLE LADY

 All my single ladies (in Beyounce's voice).

I am a single lady who lives on a budget. 

I make it my business to know where to get all the really good stuff at a very good price too.

I target the really juicy sales, i never miss an opportunity to strike a good bargain.

So if you are a single lady, who like me are on a 'not so juicy paycheck' or living on daddy and mummy's pocket cash. 

I will like to share with you on how to make the most of it, as a student, a youth corper, an employee or even a boss lady. You can thank me later.

Why must you shop on a budget?

Trust me lady, you don't want to spend money without direction and be left feeling really sad because deep down you know you have wasted your fund. 

Another reason to spend on a budget is so that you can save for the rainy day or for that really lovely designer stuff, a vacation or for an event.

It's true that a person who can properly plan their finance can manage their life's affairs.

That means you are not an impulse buyer. Impulse buying comes with a kind of guilt, especially when you realise that you really do not need that item at the time and could have been used for some other important purchase. Believe me, I have been there. lol.

Finally, that feeling of being in control is just overwhelming. Knowing that you got your finance in control and not it controlling how you feel is such a good good feeling.

What are your income streams

First and foremost ladies, you must identify your income source, your bank balance (thank God for USSDs and bank alerts via texts and emails). Knowing how much you are worth, will help you plan the best ways to spend your finance properly. You can then deduct how much to spend for the week, month and how much you can save for that period respectively.

Plan your expenses in line with your income streams

What are your weekly, monthly or yearly fixed and variable expenses. Personally, my fixed expenses includes utility bills, House rent, tuition fee etc. And variable costs could range from grocery shopping, personal care amd transport fares etc.

Develop a wise savings strategy

Secondly you need to have a savings plan. Be it a Kolo or piggy bank style ( I have seen numerous kolo savings that came through in tough times, I mean it really came through). It could also be that you have an account that you do not have an atm card for, where you deposit but never collect unless when in dire need for the cash. This one works well for me. In other words develop a savings strategy that works well for you and for your status. Also look for suitable investment opportunities, with good returns and invest in them. Its a good way to save long term.

Shop with a list

If you buy on impulse or go to the market or mall and end up buying things you do not need, writing a list that you must actually stick to may just be the best option for you. Before going out to shop, make a list of what you might need in the fridge, the kitchen cabinet, bathroom or that outfit you have been planning to buy. This will help give you direction as to which shop to enter and what aisle or shelve you are looking for. Writing a list is one thing, sticking to it is a whole thing on its own. 

You might actually need to sit your self down and tell your self the reason why you must stick to the list. In other words, you must have to make conscious effort to stick to it. This is a tried and tested strategy for shopping on a budget ladies.

What influences your shopping habits?

Some of us really want to belong. We see so many celebs in the media, we see the really waded (rich) in the society or we have this friend who has so much that she just buys anything no matter the cost. Some are influenced by their peers, friends, the media, neighbours etc. This is not to say wanting celebrity outfits or to wear same expensive outfit with a friend or to buy an expensive piece of furniture is bad, but one must first consider the financial implications and how it will affect their income stream. Everybody loves good stuff, I do. As postgrad student, I just moved to a self-contained flat with no furniture, so i developed a strategy to get the furnitures i need by buying atleast one important stuff that is high on my priority list every month. It works well, because then I can get what I really need.

Have a decent shopping habit, you must not easily be swayed or pressured into buying from a vendor. If you see what you like and might actually need but know you must be on a budget, learn to prioritise, consider what you are currently worth, in other words make an informed buying decision.

On the side

Avoid debts, it's a not so good habit for a single lady. Once you start it it could land you in big trouble, then you have to go extra length to pay up and avoid embarassments.

Don't do it. It just does not help you paln your finance, it only gets into a deep financial mess.

So ladies my fellow single sisters, we must first be good at managing our own funds to be able to become a better home manager. Remember when you become that fine young man's wife, part of your duty is to manage your allocations properly so that you can both build a great empire.

No one is perfect, we learn every day, so you can never be perfect at managing your finance but you must never give up trying.

I sometimes read up on a lot of DIY writeups, even started fixing my own weaves in my undergad days just to save me some extra cash. There are a lot of DIY stuffs you can make, you can only have to buy the materials and learn to do it for yourself and who knows you might even make a few bucks doing it for others. This can be achieved in your free time.

Please comment and share your personal experiences on shopping on a budget and let us learn from you too.

Yours Sincerely, 

Bebby Ima