Lagos vs Ibadan: why your salary doesn’t determine your financial freedom

Let me tell you about two friends, Tolu and Bisi.

Tolu lives in Lagos and earns ₦700,000 monthly.
Bisi lives in Ibadan and earns ₦350,000 monthly.

Now, if I asked you who’s doing better financially, your quick answer would probably be Tolu. After all, Lagos is the land of opportunity, and his salary is double Bisi’s.

But when it comes to money, what you keep is more powerful than what you earn. And this is where the gist gets interesting.

Tolu’s monthly reality in Lagos

• Rent in Lekki → ₦300k
• Feeding → ₦200k
• Transport & fuel → ₦100k
• Miscellaneous & black tax → ₦120k
  Balance = ₦-20k (debt)

That’s right. Despite earning ₦700k, Tolu ends the month broke, even dipping into debt.

Bisi’s monthly reality in Ibadan

• Rent → ₦70k
• Feeding → ₦120k
• Transport → ₦40k
• Miscellaneous → ₦50k
  Balance = ₦70k saved

At the end of the month, Bisi still has money left. In fact, she saves ₦70k consistently.

Fast forward one year:

• Tolu has borrowed ₦240k just to survive.
• Bisi has quietly saved ₦840k without any promotion or side hustle.

Do you see the twist? This is the power of financial planning.

Many Nigerians still think wealth is about luck, or one big breakthrough, or a magic promotion. The truth? Wealth is built when you plan intentionally with what you already earn.

A financial plan is not for millionaires. It’s how everyday Africans become millionaires.

It forces you to:

• Define your goals (2, 5, 10 years from now).
• Track your net worth (assets minus liabilities).
• Budget with sense instead of vibes.

Without a plan, even ₦2 million per month can vanish. With a plan, even ₦200k can multiply into something solid.

Pause and reflect honestly for a moment:

• What are your clear financial goals for 2, 5, or 10 years?
• Do you know your real net worth today?
• Is your rent less than one-third of your income?

If you can’t answer clearly, you don’t really have a plan yet. And that’s why money keeps slipping away.

The good news? You can change the story starting now.

Budgeting is not punishment, it’s freedom

A lot of Nigerians see budgeting like wahala. “Why should I restrict myself? After all, I worked hard for this money.”

But here’s the truth: budgeting is not punishment. It is freedom.

It’s you telling your ₦350k or ₦700k where to go instead of wondering where it went. It’s you choosing to save for your future before spending everything on lifestyle.

Without a budget, even the highest salary will disappear. With a budget, even modest income will grow.

Start small, start today

You don’t need to wait until January or until you earn more. Here’s how you can start today:

1. Write down all your income sources; salary, side hustle, small freelance gigs, even “aunty’s monthly support.”
2. List your fixed expenses; rent, food, transport, utilities. This gives you a clear picture of what must be paid.
3. Pay yourself first before lifestyle and enjoyment, set aside money for tithe, savings, and investments.

Even if it’s ₦20k monthly saved, in five years that becomes ₦1.2 million. And if you invest it wisely, compounding will multiply it further.

The big lesson: it’s not about the size of the money today. It’s about the discipline of planning.

The mindset shift

If you take one thing from this gist, let it be this: your financial freedom is not about how much you earn, but about how you plan, save, and invest what you already have.

Tolu’s Lagos lifestyle looks flashy, but it’s leaving him broke and stressed. Bisi’s simpler Ibadan lifestyle, backed by planning, is quietly building wealth.

Which one do you want your story to resemble?

A small gift for you

To make it practical, I created a free budgeting tool (Nigeria + UK versions) that makes this whole process easier. It helps you track income, expenses, savings, and goals without stress. You can download it from the link in my bio.

Don’t leave your financial future to chance. Build it step by step, one budget at a time.

The truth is simple: we don’t grow by learning alone. We grow by doing.

So, whether you earn ₦350k or ₦700k, start telling your money where to go. Start building your financial plan today.

Because at the end of the day, financial peace is not about the size of your salary, it’s about the wisdom of your choices.

Grab the gist?