Expert unveils plan to stop lifestyle inflation early

Financial expert Gloria Onosode, Director of Enterprise Sales at FairMoney Microfinance Bank, has introduced a strategic approach to combat early spending growth and protect individuals' financial futures. Onosode warned that the common habit of waiting to build wealth after securing a higher-paying job is a trap, as the threshold for "enough" continuously rises with increasing income.

She emphasized that wealth creation should start with the money individuals already have, rather than relying on future earnings. Onosode outlined a roadmap to combat lifestyle creep, warning that relying on future income to begin saving often fails because the "enough" threshold moves as expectations and living standards increase.

She urged consumers to adopt a proactive mindset structured around their current earnings, focusing on establishing baseline financial resilience through tracking cash flow, managing recurring expenses, and setting up an emergency buffer. Onosode highlighted that consistency in saving, even small amounts like N5,000 or N10,000 regularly, can cultivate a sustainable financial habit that can be increased as income grows.

Modern financial infrastructure, such as automated savings products, can help maintain this discipline by separating daily spending cash from long-term reserves. Responsible credit management was identified as another critical component in defeating lifestyle inflation, particularly as digital credit becomes more accessible. Onosode cautioned against treating borrowing as an extension of income and advised consumers to evaluate loan terms carefully, ensuring repayments fit within their existing income without compromising basic living necessities.

The financial expert warned against letting increased pay translate into pricier meals, upgraded devices, or higher subscriptions, emphasizing that a better approach is to divide income growth between today and tomorrow. Ultimately, Onosode urged individuals to redefine their concept of financial success, concluding that building wealth does not require feeling rich; rather, it requires building the habits that make wealth possible.