Money Matters in 2023
A personal financial reflection
As you already know, I’m very open about the topic of money. I believe it helps to understand where you are financially and how to improve yourself financially.
Aremu Oluwagbamila's (SMOG) summary of his earnings last year inspired this post.
Last year, I made certain millions—not much, though. It wasn’t until I did proper end-of-year accounting that I realised this. But the economy of Nigeria didn’t make me feel like I did.
Before we dive in, you may also want to read this
Earnings
80% of my income came from my monthly salary, totaling N79,000 per month and N948,000 annually after deductions. Despite this, it felt insufficient given my expenses.
Now that I say it out loud, it isn’t much when I consider my current expenses.
Other earnings
Business
I started a customised clothing brand late last year, which was sponsored by deducting 50% of my salary for 4 months. I knew this was what I wanted to do since the beginning of the year; hence, I put my money into getting it done.
I couldn’t pay myself yet for this business, despite how well it was going, because I needed to invest the earnings back into the business, and I didn’t want the business to keep getting funded from my salary. (Although sometimes I get broke and take a little profit to hold myself before the next salary.)
I still think it has the potential to do great if I put my time and mind into it.
I made around N150,000.
Books
Only 1% of my earnings came from the sale of my books, i.e., N5,000 or less. There are days I forget I’m an author. I guess maybe because I didn’t consider the little money that settles in my Paystack and Selar wallets as mine.
50% of the proceeds from my book go to social impact programmes in education. Buying one book at N1000 makes you a contributor.
Digital assets
I made over 12% of my total earnings from the sale of digital assets, e.g., my personal finance courses and financial consulting for friends and external clients. All summed up nicely to N70,000.
It wasn’t a consistent income because my job didn’t give me much time to focus on consulting, but it served well when I needed the money.
Additionally, I earned money from other services like writing and designing for clients and brands; these were random jobs that summed up to around N50,000.
Expenses
Food
My highest monthly expense was food, totaling an average of N200,000 annually (as is the case with most homes in Nigeria). Although I don’t think I spent as much as I would on food, since I lived with my parents, it probably would have been higher if I stayed by myself.
Also, I cooked my meals for work. I’m not a fan of eating out or ordering food unless it’s my last resort. It’s always more economical to cook your meals.
I spent an average of N200,000 on food last year (not just for myself—friends, family, etc)
Next to it is Tithe and Offering (I didn’t realise my commitment until Kuda spotted it as my number one expense in my end-of-year money report). It has since encouraged me to pay for my offering online rather than in cash.
Giving and generosity
Giving was a lot for me last year. I loved giving to programmes that helped improve the situation or life of a person. I’m sure I gave close to N80,000. A single dim, I do not regret.
Other expenses included airtime and data, which cost me an average of over N84,000. I hear people spend far more—as much as N500,000. I honestly thank God; I cannot relate.
Transportation cost me approximately N115,000 (would have been more, but I got free rides to work a couple of times)
Towards the end of the year, a lot of my friends got married. It was a non-stop wedding season from October until December. I spent a little above N80,000 on aso-ebi, gifts, contributions, transportation to and fro, etc.
I still considered the amount spent fair considering how much attending a wedding in other parts of the nation costs. My friends who stay in Lagos spend over N100,000 on Asoebi alone. Ridiculous!
Wedding costs will skyrocket this year, 2024. God bless the pockets of those of us whose friends will be getting married this year.
I had a good financial year in 2023, and I hope to smash my money goals this year.
I hope my money summary helps you in your planning and financial outcome.
And if you have not been faithful in the use of that [earthly wealth] which belongs to another [whether God or man and of which you are a trustee], who will give you that which is your own?
Luke 16:12 AMP
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