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Oyinkansola Ohiro: Is Brand-Loyalty Putting a Dent In Your Pocket?

If in your low you can do away with your brand names, why can’t you cut down on these brands when you are on your high? Cutting down will help you save extra cash.

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WorriedWhy are youths so brand-loyal? I remember when I wanted to get a new phone some months ago. I was stuck between my love for the iPhone, and any other phone. It got to a point we had a big debate in my unit.

Social media plays a crazy part in this, since it can be fun to tag and share items you buy or places you go. But all that loyalty could be costing you money (imagine me considering buying a phone worth 360k. *in my mum’s voice* Owo Ile!)

While you may have good reasons – quality, for instance – for choosing certain brand name items, there are tons of other items for which you could choose generic name brands and save money without compromising on quality.

It’s an open secret that generic “private label” or store brands are sometimes made by the same companies turning out branded products. I remember when a picture of Femi Otedola surfaced sometime last year and everyone picked out his palasa Nokia phone. Ah, a whole oga like him. He definitely could afford a phone of 1 million, but he decided a small one wasn’t bad.

Identify what’s important to you and what you’re willing to sacrifice, then buy known brand names for the stuff you care about;  go generic for everything else.

Have you realised that when you are broke you can do without some branded names? Let’s get real, guys. When you go broke you reduce the amount of airtime you buy, you don’t go to that fancy restaurant that you love, you end up not traveling to Dubai but find fun in Lagos or an Africa country.

If in your low you can do away with your brand names, why can’t you cut down on these brands when you are on your high? Cutting down will help you save extra cash.

What brands can you do without?

My name is Oyinkansola Ohiro. I am a Chartered Accountant (ACCA) and a Savings/Budget Coach (Founder of Girl Means Business (GMB)). GMB was born based on my passion to teach young adults that savings can be fun (to provide financial resources and guidance in a creative and non-judgmental way). Growing up, no one ever talked about money or how to save. Instead, everything we heard was more like "Give me that money your uncle gave you, let me help you keep it' or "Why did you spend all that money' or 'Don't you know you should not spend so much!" It is rare that a conversation around personal finance comes up for you at home, with friends, at work and even in our school systems (consistently). As a result of this, I decided to fill in the gaps. So here we are,join me in this journey to talk about money'' My instagram page is called: @Girlmeansbusiness_ https://instagram.com/girlmeansbusiness_?igshid=1p8egags6a41v

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