For someone reading this, your bank account is still fat from January salary – for another, it has perhaps lost some weight or is in critical condition. Whatever group you’re in, you’ll agree that you’d rather not lose more money when you can avoid it.

Here are 4 things that will threaten to swallow your money this month and how to prevent it.

1. Valentine’s Day Gift – This is obviously top on our list seeing as social media is agog with spending ideas and plans for the love day. Traps masked as discounts infiltrate your email, pop up as advertisements, and sneak in as WhatsApp updates all to have you spend your hard-earned money recklessly. If you plan to gift someone this Valentine’s Day, remember to go according to your budget and realize that it’s the thought that counts. Go for something as affordable and valuable as the Gift of A Lifetime which keeps giving. Don’t spend an amount that will leave you empty-pocketed for the rest of the month.

2. Unnecessary subscriptions – So you recharged Netflix at over N4,000 in December but activities didn’t let you use it until it expired. In January, the automatic deduction came again, and you only say one movie. Before February’s cut arrives, it will be wise to remove your card from that app and instead use the direct debit feature on your Wealth Planner to invest that money and allow it to grow for you. The same goes for subscribing to a higher bouquet on cable TV that you probably don’t watch often, magazine and newsletters you don’t use, and fitness groups or a gym membership you rarely use amongst others.

3. Food – Before you ask whether we intend for you to starve, here’s the deal. Can you cut back on the amount you spend ordering food, snacks, and drinks from vendors who will still charge you to deliver to your doorstep? The good thing about working more from home due to the pandemic is that you get the opportunity to cook your own food. That way, you spend less and save more.

4. Not Negotiating – Did you know that majority of market vendors in Nigeria rarely give you the actual prices of their products? They often expect you to bargain and beat the prices down a bit and if you’re too shy to negotiate, well, your loss and their gain. Always compare vendor prices and you’ll be surprised at the disparity that could keep some extra change in your pocket.

This rule also applies in the professional and business world. You should negotiate your salary or business proposition and not just accept what you’re offered especially if it doesn’t suit you.

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