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You hustle all month, and just when you’re ready to breathe—bam! Your account balance is whispering.
“Where did all the money go?”
If that sounds like you, you’re not alone. In Nigeria, with soaring prices, inconsistent income streams, and endless responsibilities, keeping track of where your money goes can feel like chasing smoke. But it doesn’t have to be this way.
In this blog, we’ll break down how you can easily track your spending, identify the silent money leaks draining your wallet, and build habits that improve your financial life. Whether you’re a student, entrepreneur, salary earner, or freelancer—this is your ultimate guide to financial clarity.
What Are Money Leaks (And Why Should You Care)?
Money leaks are small, regular expenses that seem harmless but pile up over time. They’re usually not part of your planned budget and often go unnoticed—until you check your balance.
Here are a few real-life examples of money leaks:
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Daily ₦500 on snacks or soft drinks at the office = ₦10,000/month
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Multiple bank charges for transfers or ATM withdrawals
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Impulse buying during Instagram scrolls (you didn’t need that ring light 😅)
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Unused subscriptions: cable TV, gym memberships, data auto-renewals
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Frequent bolt rides when a keke or bus could do the job
Tracking your spending helps you stop these leaks before they sink your financial ship.
Step 1: Know Why You Need to Track
Without a reason, the habit won’t stick. Start by asking:
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Do I want to save more money each month?
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Am I preparing for a big goal (rent, car, relocation, business)?
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Do I want to stop being broke before payday?
Your “why” will keep you disciplined.
Step 2: Choose a Tracking Method That Works for You
You don’t need fancy tools—just a system that’s easy and consistent.
Notebook Method (Old School, Effective)
Carry a small notebook or jotter in your bag or car. Write down every kobo you spend—yes, even that ₦200 okpa. Total it at the end of the day.
Spreadsheet Method
Use Microsoft Excel or Google Sheets. Create columns like:
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Date
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Item
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Amount
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Category (Food, Transport, Data, Bills)
It helps to colour-code and track weekly or monthly.
Phone Notes or Voice Memos
Too busy to write? Use the Notes app on your phone or record short voice memos. At the end of each day, review and transfer to your main tracker.
Envelope System (Cash-Only Users)
Withdraw your monthly budget in cash and place it into envelopes for different categories: Food, Transport, Miscellaneous, etc. Once an envelope is empty, you’re done spending in that category.
Step 3: Categorize Your Expenses
To spot money leaks, divide your expenses into:
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Needs: Rent, groceries, school fees, transport
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Wants: Entertainment, luxury hair, gadgets
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Leaks: Hidden bank charges, impulse purchases, late penalties, excess data usage
You’ll be shocked at how much you spend on “wants” disguised as “needs.”
Step 4: Review Weekly and Adjust
Every Sunday or payday, review your spending:
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Where did you overspend?
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What can you cut next week?
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Did you stick to your budget?
This reflection helps you build financial mindfulness, a superpower in today’s economy.
Budgeting Techniques That Help
The 50-30-20 Rule (Adjusted for Nigeria)
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50% for Needs
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30% for Wants
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20% for Savings/Investments
If your income is irregular, use percentages instead of fixed amounts so your budget adjusts with your earnings.
Target-Based Tracking
Set a goal like: “Save ₦50,000 in 3 months.”
Track daily or weekly expenses to ensure you’re not sabotaging the goal.
Practical Tips to Stop Money Leaks
💡 Pack your lunch instead of buying from eateries
💡 Track bank charges and switch to more wallet-friendly platforms
💡 Plan shopping with a list and avoid “vibes” buying
💡 Use Wi-Fi or night data bundles to save on mobile data
💡 Limit online window shopping—those Instagram boutiques will test your self-control 😩
💡 Delay big purchases by 48 hours—most times, you’ll lose the interest
Real-Life Example: Chioma’s Wake-Up Call
Chioma, a makeup artist in Abuja, was always broke by the 20th of each month. After tracking her expenses for one month, she discovered:
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She spent ₦18,000 on weekly shawarma
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₦7,200 on unnecessary bank charges
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₦10,000 on bolt rides
She cut back, cooked at home more, and saved over ₦20,000 in the next month alone. Tracking her spending changed her financial life.
Conclusion: Take Control Today
Whether you earn big or small, the key to financial freedom isn’t how much you make—it’s how well you manage what you have. By tracking your spending, identifying where money leaks are happening, and correcting those habits, you’ll be in a much better place financially.
So, grab a pen, open your notes app, or build that Excel sheet. Your financial clarity starts today. Your future self will thank you.
Don’t wait till next payday!
Start tracking your expenses today and commit to reviewing them weekly. The money you save from plugging leaks could become your first investment or emergency fund.