Twenty5: I just discovered that no matter how hard i try to save in a month other things of necessities must come up,i am not even talking of my wife to be who is not even demanding.I have read books on finance.i have applied them and it works but within the past three months have not being able to maintain this useful principles i derived from books.

Can someone help me out on what to do and also share with me any story of yours that can help?

coogar:

read more and pass more exams!
it's obvious your lifestyle and your remuneration are not in sync. i don't believe in suffering myself in order to live a good life. if it's not enough, have it at the back of your mind you can make more money - follow that pathway and the mouthwatering job shall be yours!

PHIPEX: [img] [/img]

uboma:

The key word here is discipline. Without it, even if u earn a million naira on a monthly basis, u still won't be able to save. I have a friend who worked in one of the banks (well before Sanusi Lamido became the CBN governor), then the salary and allowances was so attracting. He worked for 4 years before buying his first car. I remember some colleagues then used to call him names like 'stingy fellow' and the like. He will always ask for a lift from colleagues after work. He eventually bought his car in the fourth year with no bank loan. He single handed ly bought the car from the investments he had. He had a lot of shares then and other businesses that were doing well and it was from the dividends then that he bought a car worth 1.5 million naira way back in 2006. The lesson here is that he remained focused and disciplined himself to save and avoid going into debt like his colleagues who were always assessing car loans and the like.

da-gentility:
Hmm,sorry oo,maybe you need deliverance cos somtimes it a spiritual matter.

coogar:

this is too simplistic.
management is not the problem here - he said he has tried everything but no avail. how can you manage deficit? if you earn N1000 a month and your cost of living in a month is N990, what is there to manage? why not raise that N1000 to N3000 and save the balance?

manny4life: Those asking him to increase his income, if you cannot manage $100, what makes you believe he will manage $1,000? Management is key, this is what separates the U.S. and China today. China is a saving economy no matter how small their citizens earn while U.S. is a spending/credit economy no matter how big their average earners are and Nigeria is gradually copying their template.

manny4life:
Perhaps he hasn't tried everything and thinks he has tried it all, more reason why he needs to go through savings/coaching class. The only way to manage deficit/debt is through efficient debt management - either your restructure your debt or consolidate it, better yet, if you're lucky, it's written off. As anyone knows me, I'm not a fan of "debt" but I welcome prudential spending.

If you earn $1,000 monthly and your cost of living is $990, then you have a problem. Like I previously stated, saving before spending is very important. If he's forced to live within $800, bet me, HE WILL. It may not be the perfect situation, but he will.

If you like raise it to $10,000 and give him all the bonus available, his problems WILL NEVER STOP. Problems never end, you end problems.

jp philips:

it is not meant exactly that way some people make money outside their salary, by so doing, the salary becomes savings.

manny4life:
You guys are the ones who brought in salary, the topic was about savings though. Regardless of whether he has several sources of incomes other than salary, my bottom line is, if he's not disciplined enough to SAVE, then it doesn't matter.

yuzedo: Ohhhhhhhh GOD!!!! People are hear complane about saveing saveing, am in my Banana Island mansion tinking how will i taa my money. You thought is easy to be eatin N1million everyday in my Banana Island Big Boys Club? Well if ur a sweet babes and u think u have talent to ate money, hola at me les see. Is hard to eat money finish ezioku. Suya suya turkey turkey everyday! God why did u have to make me reach?? Oh God, i need a babes to help me finish my money! u poor people dont have problem ezioku, my other Reach friend normally laffs at me

softangel:

Where is ur Understanding English Book 1 and Brighter Grammar Part 1?

coogar:

you cannot spend below a cut-off point as well.......that is my point!
he's learned with the potential to increase his income, why must he underutilize himself? we are not talking about an office cleaner or an office assistant here - we are talking about an employee who can advance his career and get more income!

coogar:

he won't!
some sort of dignity comes with working in a professional environment too. if we are working in the same company and earning the same wages - how would you feel if i keep coming to you for yeye favours? come on - think clearly! if one has to lower himself to the level of a vagrant to save money then we should all give up then and take to the streets and do corporate begging!

coogar:

you are mixing issues.....
if the op had said he spends lavishly on unnecessary things then i can understand. financial indiscipline is not the problem - his income is just too low to fit his profile. the only solution is to freeze the expenses and increase the income!

james.ope04:
stupendous ignoramus.. U cal this an advice? Mtcheew

HILARIOUS! THE VEX CAME FROM HIS SOUL! *tears*

brokoto: you no get work sha. Na yuzedo you de take serious?

HALT!!!! Whadda fuckkkkk does that mean?!

manny4life:
Again, you can get paid $1million and still be in debt without savings --------> FACT.

Office Assistant or CEO, it does not matter, whatever level of income you make, you should be able to put something to the side and readjust other things. I gave you an example of U.S. and China, the average worker in China earns 10x less than their counterparts here in the U.S., but the average Chinese worker has 3x more saving than their U.S. relative. Did you see the income and saving disparity?

Did you say dignity? There's no dignity in working for someone else and receiving insults regardless of your position. You work to earn a living, integrity and respect is important but don't pay the bills. As for favors, that's a personal thing, like I said, you go to work to do a job, and earn a wage ---- Contract. Please, let's not bring social work issues into the topic, let's stick to savings/income.

Like the OP stated what he spends on, again, my point is not lavish spending that's why I said "wants and needs", two different terms people confuse very often. You want to buy a t-shirt for work, do you need the t-shirt, YES, do you need a $100 t-shirt whereas a $30 can serve same purpose, NO. This is not lavish spending like clubbing or vacationing, but drawing two terms of wants and needs. I gave an example, my co-workers spend an average of $8 daily on lunch, do they need lunch daily, YES (NEED), do they have to spend $8 daily to buy lunch yet you're broke, NO.

My point is, sooner people begin to identify differences between want and need, the better.

coogar:

mumu!
uneducated fowl like you want to advise someone else how to manage his income....what do you know about finance?