Written by: Toyosi Adebusuyi
“I don’t like to speak about myself but I really loved being interviewed by you, I got to take a trip down memory lane to reflect more about some of my financial decisions.”
These were Faith’s last words after our interview. We had just wrapped up a conversation about her 2022 shopping habits, personal and financial goals, and her struggle to get a job.
Faith, a 22-year-old Accounting graduate, enjoys everything about money: the comfort it gives, the soft life it provides, and the satisfaction it offers (we all do, Faith).
Life can happen anytime
Throughout my conversation with Faith, I was intrigued by her dedication towards financial security. For every naira she spends, she makes sure to have double the amount in savings. Her financial life has just the right amount of balance.
“I was pretty young when I lost my dad, so I watched my mum struggle to raise us on a tight budget. She taught me and my siblings to always save for rainy days and since then, it became a habit. I’m uncomfortable when I don’t have money to fall back on. I believe life can happen at any time, and it really doesn’t give warnings so even if it’s just a penny a day in your savings, it goes a long way. The first question I ask myself before spending money is, how will this affect my savings goals? Then, I decide if it’s the right time to make a purchase.”
She wanted to become an Audit Accountant…
Faith had high hopes when she got into the University. As a bright student who had aced her grades all through high school, she was ready to do it again at The University of Benin (UNIBEN) but the journey wasn’t what she expected it to be.
“I studied Accounting and graduated from Uniben at the age of 19. When I graduated with a 2:2, I was very disappointed in myself because I had always flipped the coin between first and second place throughout secondary school.
I’ve stopped beating myself up about it now, but University was difficult for me; I struggled so much to adjust to my new environment. I started with high grades but began to fall behind in my third year. I had so many missing results at so many stages. It was a complete disaster.”
Picking up the pieces
Imagine searching for a job for three years, it’s definitely not cute. Job hunting is a herculean task on its own and Faith has been doing it since she left Uniben in 2019. She had dreams of being an Audit accountant but now, she isn’t so sure anymore. The struggle of landing a proper paying job made her mind drift away from that dream.
“I started my job search casually but took it seriously last year when I started getting frustrated with being idle. I started having midnight panic attacks, you know, those types that keep you up at night. I was even thinking NYSC would make things better but unfortunately for me, I was posted to a school. I really tried to get into a financial firm but that didn’t happen. I even started looking for positions outside my field”.
At some point, it dawned on her that this job hunt was probably going to take forever, so she decided to pick up a skill and monetize her cooking passion. “I decided to enrol in a fashion school to learn about design/illustrations instead of constantly wailing and I’m really killing it. I’ve even started making fits for people on the side. I also make food deliveries strictly on bulk orders, and I’m working on starting a mini cafe soon. I may wake up tomorrow and feel like these efforts I’m making towards my life aren’t enough but I’ve learnt to take charge of these emotions.”
Soft life and financial security can co-exist
Many people talk about wanting the soft life, especially because it seems like it’s all about luxury shopping, travelling the world, or vacationing on a private island; only to realise there’s more to the soft life than these.
Faith loves to shop for hair and would spend her lifetime buying more of those beauties.
“I know I overdo it sometimes but I can’t help it. Buying new wigs is therapy to me, it’s more like a coping mechanism. It’s always nice to just have something new to look forward to, like a new SDD bone straight weave”.
50% of Gen Z say they’ll start saving money when the world returns to normal but Faith is in the elite league of those who make plans for every penny. Faith’s most expensive wig is N300K, and she still relives the euphoria she experienced after that purchase occasionally. “I didn’t just wake up one morning to buy a wig of N300k, I created a savings plan for it. As long as it’s a large expense, I make sure to create a budget so it doesn’t affect my finances”.
When you buy in bulk, you save 25%, according to Magnify Money. Faith makes sure to always shop in bulk. Because she only buys new items when she has events to attend, she uses that as an opportunity to fill up her wardrobe. She’s not the most social person so she makes sure to only attend events of friends and family.
It really takes a community
When I asked Faith if the profit from her side hustle makes her enough money to furnish her lifestyle, she laughed out loud and said, “No please, I don’t make that much money. 60% of my expenses are covered by my mum and sister, I get a monthly allowance from them. My boyfriend also spoils me a lot, and I’m not even joking. I’m really grateful for the support I get from these people because I really can’t imagine how tough it would have been if they didn’t have my back.”
These are the same people she discusses her financial decisions with. “I discuss money with my sister and boyfriend but mostly with my boyfriend. I literally tell him everything I have planned out; of course, I can’t figure it all out on my own, it’s a tough world and I’m not trying to make terrible financial decisions.”
As of this interview, Faith has spent over 500K on shopping and saved exactly N2M since the beginning of the year. You see, I wasn’t joking when I said at the beginning she makes sure to check her finances before making new purchases.
“I feel empty when I don’t have savings so, at the beginning of the year, I made a pact with myself to save at least N3M before the end of the year because I’d love to start my cafe next year. I’m really happy about where I’m at right now and I’m in the process of learning to do away with pressure because it affects my mental health. Another major goal for me would be to complete my design training and ace my final project, every other thing can wait.”
Like Faith, you can also give yourself the opportunity to achieve your financial goals. With your dedication and commitment, you can begin saving for your heart’s desires on Moni Vault. If you’re a beginner, our comprehensive savings guide is perfect for you.
