Money talks in relationships can be tricky. One minute, you are planning your next baecation, and the next, you are side-eyeing your partner for spending half of your grocery budget on suya and shawarma. But here is the thing having open and honest money conversations is one of the biggest green flags in any relationship. If you and your partner can talk about money without it turning into World War III, you are already winning.
Why Budgeting as a Couple Matters
Picture this: You just moved in together, and for the first time, you are realizing that one person thinks spending ₦30k on Sunday brunch every weekend is “self-care,” while the other sees it as “financial recklessness.” Without a solid budget, money can quickly become a source of stress. A budget helps both of you stay on the same page, prioritize financial goals, and avoid unnecessary money fights.
Start with the Money Talk (Yes, the Awkward One)
A lot of people avoid money conversations because they feel uncomfortable. But think about it, you would not marry someone without knowing their last name, so why should you commit to financial plans without knowing their money habits? Start with the basics, how much do you both earn? What are your spending habits? Do you have debts? What is your saving culture? Lay everything on the table like it is a Sunday afternoon family meeting.
Set Financial Goals Together
Every couple has different priorities. Maybe you want to buy a car, while your partner is thinking about investing in land at Ibeju-Lekki. Whatever it is, set financial goals that work for both of you. Break them down into short-term (like saving for that December trip to Ghana) and long-term goals (like owning a home in Lekki Phase 1). This way, you are working towards something meaningful together.
Create a Realistic Budget
Now that the hard part is done, it is time to create a budget that fits your lifestyle. This is not the time for vibes and inshallah, you need to be practical. Start by listing your joint expenses: rent, groceries, electricity, internet, and transport because transport fares are not smiling. Then, factor in your individual spending habits, whether it is skincare splurges or your partner’s love for premium football streaming subscriptions. Allocate a percentage of your income to savings, investments, and a little enjoyment because life is too short to be all about bills.
Use Money-Saving Hacks
Lagos life is expensive, but there are ways to make budgeting easier. Buy groceries in bulk instead of overpriced supermarket chains. Plan date nights that do not involve breaking the bank, think Netflix and small chops instead of fine dining at that fancy Ikoyi restaurant every weekend. Apps like Vale can also help you automate savings and track expenses so that you stay in control of your finances.
Respect Each Other’s Spending Choices
Just because you budget together does not mean you must approve of every single purchase. If your partner finds joy in collecting sneakers or spending on the latest gadgets, as long as it is within the budget, let them be. The key is balance, splurge within reason while securing the future.
Check-In Regularly
Budgeting is not a one-and-done situation. Sit down once a month to review your finances. Are you meeting your goals? Are unexpected expenses throwing you off track? Adjust your budget when necessary, and do not forget to celebrate your wins, whether it’s saving enough for a trip or paying off a major debt.
At the end of the day, budgeting as a couple is not about controlling each other’s finances, it is about working as a team. When you and your partner can openly talk about money, make plans, and stick to them, you are building a foundation of trust and financial security. And trust me, that is a major green flag.
Now To The News
CBN orders Nigerian Banks to cut insider loans within six months
Nigeria’s banking regulator has issued a sweeping directive mandating commercial banks to comply with stricter insider lending limits or risk regulatory sanctions.
In a letter to banks, the Central Bank of Nigeria (CBN) set a 180-day deadline for financial institutions to regularize all insider-related credit facilities that exceed the statutory limits prescribed under the Banking and Other Financial Institutions Act (BOFIA) 2020.
The move is part of broader efforts to rein in governance lapses and curb excessive exposure to politically connected or influential insiders, a long-standing issue in Nigeria’s financial sector.
Here are six dynamics shaping fintechs in Africa
From partnership to product innovation accelerating, fintech integration into other verticals rising, and significant regional variation, Africa’s evolving fintech market is shaping up to be substantively different from fintech markets in the rest of the world.
According to a new McKinsey report. Africa’s fintech sector is expanding rapidly with revenues projected to hit $230 billion by 2025 on rising mobile adoption, digital transformation, and increasing financial inclusion,
It said, “Despite macroeconomic challenges, the continent’s fintech ecosystem has demonstrated resilience and adaptability with funding for tech startups rising 18-fold over the past six years.”
The report titled ‘Redefining Success: A New Playbook for African Fintech Leaders’ highlights key growth drivers, including a digitally savvy population, declining data costs, and regulatory advancements fostering innovation and expanding the market by penetration.
Speed, affordability top priorities for Africa’s cross-border solutions
Cross-border payment solutions are becoming essential for African businesses and consumers are prioritising speed, affordability, accessibility, and reliability to improve productivity.
According to the Emerging Trends in Cross-Border Payments report. as Africa’s trade and digital economy grow, the ability to send and receive payments quickly and affordably is becoming a non-negotiable requirement.
Remittances make up over five percent of the gross domestic product in 15 sub-Saharan African countries. The actual volume of remittances is believed to be even higher, as many transfers occur through informal channels.
The World Bank recorded that remittance flows to Low and Middle-Income Countries (LMICs), of which Nigeria is part, slowed between 2022 to 2023, reaching an estimated $656 billion in total, only 0.77 up, in contrast to the period from 2021 to 2022 when it rose by 8.3 percent.
Nigeria’s interest rate pause sparks mixed reactions across market
For the first time in about three years, Nigeria’s Monetary Policy Committee (MPC) decided to pause its aggressive interest rate hikes, following a rejig of inflation data and moderation in prices after raising its key benchmark rates from 11.5 percent in May 2022 to 27.5 percent in November last year.
“Despite the notable activity in the short-to-mid end of the curve, we expect a gradual flattening as investors shift towards long-duration instruments to hedge against potential rate cuts and yield reductions. We anticipate a mild reaction in the stock market. However, lower market yields may likely lead to the reallocation of funds into equities on the back of promising performance in key sectors,”.
Impact on borrowing and business growth
For businesses and consumers, the pause in rate hikes offers some relief. The cost of borrowing has risen significantly over the past year to above 30 percent, constraining access to credit for small and medium-sized enterprises (SMEs). If the CBN maintains this stance, businesses may find it easier to finance expansion plans, potentially boosting job creation and economic output.
However, if inflation remains high, real interest rates could remain negative, discouraging long-term investments. The central bank will need to balance supporting economic growth with ensuring price stability.
