10 Things You Should Never Spend Money On

If you’re serious about getting your finances in proper order and saving money, there are certain expenses we all need to cut from our lives completely. I’m not saying you can’t enjoy life at all, but there are just some things that are genuine wastes of money, no matter how you look at it.

As Nigerians, we’re already dealing with too many unavoidable costs and taxes eating into our income every month. From utilities to transportation and various fees, our wallets are being drained. So why would you then throw away your remaining hard-earned naira on money pits that add zero value?

If you really want to be stacking up your cash for investments, emergencies, your children’s school fees or just to finally have some financial security, here are 10 things you should never spend money on again.

1. Bottled Water

This is one of the biggest culprits wasting money – bottled water! Unless there’s a genuine water shortage emergency where you live, those pricey bottled water packs are completely unnecessary. 

You’re just enriching the water companies while harming the environment too. Get a basic filter and reusable bottle at home and drink regular tap water instead. It’s filtered and saves you that cash.

2. Cable TV Subscription  

With our current inconsistent power situation, having a DSTV, GOTV or StarTimes subscription is just a waste of money. 

You’ll spend more time staring at a blank screen than watching actual channels thanks to power outages. Cancel that subscription and get an affordable monthly internet bundle for streaming Netflix, HBOMax, Amazon Prime and other modern apps instead. Same content for far less money.

3. Brand New Cars (for now)

Unless you’re already seriously wealthy, current harsh Nigerian economic realities mean brand new cars fresh off the lot are a terrible investment for most of us right now. Not only are they overpriced compared to other countries, but you know those vehicles lose their value extremely quickly too. A better option is to look for good quality, fairly used second hand cars that are still reliable rides instead. Then when you’re financially stable, you can splurge on a brand new car if you choose.

4. MLM “Get Rich Quick” Schemes  

Please, stop getting lured into these Multi-Level Marketing (MLM), Ponzi scheme-type scams promising fast money if only you “get in early”. Whether it’s SvendorPro, Crowd1, MMM or new ones that pop up, we’ve seen the pattern – they usually end up as pyramid schemes enriching those at the top while the rest of us lose out.

You’re better off taking that same investment money and using it to start a legitimate small business you own and control. At least you’ll only have yourself to blame if that fails, instead of being misled. Avoid these “get rich overnight for doing nothing” schemes completely.

5. Latest Phones/Tech Models

Look, we all enjoy having the latest tech gadgets when they release. But do you really need to overspend on these new models practically every year? Those devices become outdated so quickly!  

Instead, try sticking with phone, laptop and tech models that are just slightly older. They still work perfectly fine, can be bought for far less cash, and you won’t be dropping money annually on products that get replaced rapidly. Consider if you truly need all those flashy new features.

6. Luxury Brand Name Clothes

We all love looking fresh and stylish. But designer clothes from luxury brands like Gucci, Louis Vuitton, etc. are exorbitantly overpriced just for having that brand name attached. The actual materials and quality are barely better than affordable alternatives.

Do yourself a favor and get those high-quality yet affordable stylish clothes from regular retailers, markets and local boutiques instead. You can still look great without wasting savings on a single item for the name brand alone. At the end of the day, clothes are temporary purchases anyway.

7. Eating Out Constantly

Nigerian food is delicious and meant to be prepared at home – that’s where the real magic happens! While it’s okay to dine out occasionally, excessively eating at expensive restaurants or constantly ordering delivery is an unsustainable money drain long-term if it becomes a regular habit.  

Think about the costs – these places will charge insane prices like N15,000 for just one ordinary steak meal, something you could recreate at home for a fraction of that. Make your jollof rice, egusi, ofada sauce, plantain and other local dishes at home instead. Way more flavor and it’ll cost you pennies!

8. Clubbing/Parties Every Weekend

Look, we all love to celebrate life and have fun. But burning money at clubs and parties every single weekend is just wasteful. Think about the costs that quickly add up for bottles, drinks, fees and those pricey outfits you often need for events.   

While you should absolutely make time to socialize responsibly, doing it at an excessive weekly level prevents any real money from being saved up. Celebrate in moderation!

9. Gambling/Betting

Sports betting, casinos, lotteries…all those gambling and get-rich-quick activities are designed to needlessly separate you from your money in the long run. You may win smallish payouts occasionally to keep you hooked, but the houses always have the odds heavily stacked in their favor to make a profit off you.

Instead of throwing your hard-earned money away on terrible gambling odds, take that same cash and invest it into income-generating opportunities like a small business, stocks, real estate or agriculture. Making real, legitimate investments pays off way more than getting lucky at gambling.

10. Shady Money Lenders  

Finally, never take a loan or borrow funds from shady, unlicensed money lenders you may come across locally. Their outrageous interest rates, tight repayment schedules and threatening enforcement tactics will definitely end up costing you far more than you borrowed, likely triple or quadruple the original amount. It’s just not worth the shadiness and inevitable issues!

If you truly need a loan, only go the legitimate, transparent route of borrowing from a reputable bank or licensed mortgage lender. At least with them there are regulations, you’ll be given reasonable terms, and they can’t harass you illegally over payments.

At the end of the day, you don’t have to completely deprive yourself! But by cutting out these 10 expenses that provide zero real value or return on your money, you’ll free up significant cash to spend smarter and improve your finances over time.