We took to Twitter to have a much-needed conversation about Love in the time of inflation on our Dreams and Paper Space. One thing was clear from the start—many Nigerian relationships struggling to navigate new financial realities, all thanks to inflation.
Inflation is battering Nigerians, and no one is spared, not even those searching for love. Others already in relationships—romantic, platonic, friendships, and family—now struggle with their love lives because of economic constraints. Nigerian Trading Economics reports that in October 2022, the annual inflation rate in Nigeria increased to 21.09% from 20.77% the previous month, marking the ninth consecutive month of acceleration. This is the highest reading since September 2005.
The economic clouds that hang over Nigerian relationships are now so thin and light that all our relationships are receiving the heat, especially when gift giving and quality time are important love languages. The cost of love gifts, from bouquets to boxes of chocolate, and generally every material expression of love and affection, is skyrocketing. It has become harder for people to spend quality time with their loved ones because fuel prices are also increasing and both flight prices and bus prices aren’t what they used to be.
This is why we took to Twitter on Thursday, November 17, 2022, to have a much-needed conversation about Love in the time of inflation on our Dreams and Paper Space—a space designed to discuss, banter and share experiences on everyday life happenings and problems as it pertains to people and finances. One thing was clear from the start—many Nigerian relationships struggling to navigate new financial realities, all thanks to inflation.
The conversation had multiple layers to it—from love as a vital human need, to the cost of dates, gifts and quality time, to the place of financial stability in relationships and breakups.
It was established that money plays a massive role in the sustenance of any form of human relationship and that it requires a certain level of financial commitment for love to thrive. The lockdown might have made it harder for people to make new romantic connections but inflation has now made it more expensive. People are searching for creative ways to meet the demands of their love lives while spending less.
However, we also learned from the conversation there are valuable ways to express love without breaking the bank.
Here are some key takeaways from the event:
As one of our speakers said, “Be a budget queen.” Be frugal in your relationship. This doesn't necessarily mean that you should be stingy with love and gifts; it simply means that you should plan ahead, budget and control your spending. Set some money aside for those pressing self-love needs too. Plan for relevant celebrations that matter to you and the ones you love. Interestingly, Eyowo has a feature that can help users to create budgets for different situations and events.
Feel free to create multiple safes and save for key events and activities in your love life. Eyowo users can create multiple safes and, at the end of the period, earn up to 18 percent interest on their savings. What’s love without money, and what’s money when it doesn’t grow with your love?
While you are planning that important activity, it is critical that you spend your time on what is absolutely necessary and truly matters. Overspending is one of the major causes of borrowing and debt. With Eyowo, you can create spending limits because sticking to your budget in this economy is essential. You don't have to run into debt or break the bank in order to mark beautiful events, so you don't attach losing money to beautiful memories and ultimately creating resentment in the future.
To begin to improve your love story with Eyowo, click here to download the app. Welcome to the Better side!
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