5 lessons to learn from this new notes scarcity

Francis Ikuerowo Business, Featured 17/02/2023

Although this new notes scarcity has caused a lot of Nigerians some forms of hardship, such queuing for many hours at ATM galleries, hustling for new notes, or their being unable to spend the cash on things they need or want, it has also served as part of the dynamic of better money management in a way we did not really expect. Every bad experience has inherently good lessons to it.

According to the CBN Governor, Godwin Emefiele, the redesign is also expected to strengthen the economy, reduce the expenditure on cash management, promote financial inclusion, and enhance the CBN’s visibility of the money supply.

Here are five lessons to learn from this new notes scarcity

Tracking of expenses has become easier

Since this new notes scarcity, if you have been spending your money or buying stuff via USSD/internet mobile banking, you can see all your transactions in one place and know what is eating your money.

You may have started focusing on your needs, not wants

A need is something necessary to live and function. A want is something that can improve your quality of life. Using these criteria, a need includes food, clothing, shelter and medical care, while wants include everything else. Anytime you withdraw money, you consciously think of what is most important to you at the moment. You may have now restrained yourself from splurging unnecessarily. You may also have stopped impulsive buying.

Buying in bulk now appeals to you

By buying in bulk, you could save money, reduce packaging, make your life a little easier and have peace of mind about having a bit of extra food in the house.

It has made people appreciate the health benefits of trekking

Trekking, according to medical experts, reduces the risk of cardiovascular diseases. According to the WHO, Cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. CVDs are a group of disorders of the heart and blood vessels and include coronary heart disease, cerebrovascular disease, rheumatic heart disease and other conditions.

Every bad experience has inherently good lessons to it. So, the next time you lament not having cash to take cabs, remember these words.

You may have now started avoiding lavish spending during wedding or party ceremony

Most Nigerians have this enviable idiosyncrasy of spraying money at wedding, burial or birthday parties. With this new notes scarcity, however, they now understand that they may not be able to indulge themselves in this ostentatious display of ‘wealth’. They may have begun to see how ridiculous this spending culture is.