@Op

To be financially independent, you must set goals, be disciplined, continue to educate yourself in skill and wealth creation, and imbibe the culture of delayed gratification.

1. Spend less than you earn.
2. Try to save as much as 30% of your salary every month.
3. Engage in continual financial education.
4. For starters, invest in fixed deposits, bonds and stock market (constantly study how these work and get a mentor).
5. As your money grows, move into safe affordable land and transport.
6. Eventually, start building small businesses with trusted partners.
7. Borrow to invest. But make sure the return on your investment is higher than the interest on your loan.
8. Meanwhile, remember to set goals of what you need the money for, how much you need and when you need it.
9. If you continue to improve your financial education and maintain your discipline, you won't need to work again in 10 years time as your money would be working for you autopilot.

My very big challenge. saving! God please help me.

Sacluxpaint:
My very big challenge. saving! God please help me.

I have same challenge.

Ofcourse U can save. I only earn 44k but I save up 30k. I was able to achieve this through the 10k salary of a cleaner. I spend 300naira on feeding and 150naira on transport for the past 9months. It's achieveable, it depends on your lifestyle. Just pretend U are a cleaner collecting very meagre salary. Thank me later
P

Its not because ur pay is small alone, to me its because u spend b4 u try to save n it shud be d other way round.

Save b4 u spend

Dats my advice

If you live in abuja, I know a place u can invest 50k and get 15k monthly. Let me know if you are interested.

TomorrowToday:
Hi all,

I consider myself lucky to get a job after 5 months I finished NYSC, with an industry standard pay above N50,000 monthly. Eventhough like 2 months salary is being owed.

Furthermore I have worked for 6 months and am not thinking of changing job soon.
Reason being that in my position as a sales person am yet to bring in that huge financial figure, close sales I will look back on and be proud of my stay here, learn enough and prove myself valuable. I also don't subscribe to changing jobs based on higher pay.... Maybe for now.... You guys can correct me if I having being thinking wrongly .

OK that is that by way of introduction.

So like I said, I have been working for sometime now but can't boast of N50,000 savings.
I don't buy or use expensive things (most of my work clothes are first grade okrika, except for my natives that are new).
I don't do girls neither do I spend money on drinks, friends etc.

The bulk of my salary is often spent meeting one need or the other, personal; family etc. At the end of the month when am looking forward to add to what I was able to save one thing or the other will come and have me spend the money on it.

Really am not finding it funny as I don't have an alternative source of income. I have even thought of going to the bank where my salary is being paid into to request they set aside a reasonable sum of money as savings and leave the remaining balance.

Pls I have come to ask you guys. Do you find yourself in a similar position, how do you manage to save, what other sources of income can one venture into still keeping the regular job.

Pls I don't intend to be an employee up till my late thirties as I also have my own business dreams to actualize.

Pls your ideas, constructive criticisms and suggestions are highly needed.

ironheart:
Join a cooperative group where you can save at least 20k from your salart

that is d best way of saving

babyfaceafrica:
The salary is small,unless you get a high paying job or do other jobs ,you can't save..unless you starve yourselF

And what if he has not gotten a job: won't he leave? The truth is that no matter how much your salary is, you need to save.

Get it right.

Omonigeriarere:


And what if he has not gotten a job: won't he leave? The truth is that no matter how much your salary is, you need to save.

Get it right.

save and go hungry or save and dress like a pauper .. What is worth doing at all is worth doin well..if you can't save well....what's the aim?

TomorrowToday:
Hi all,

I consider myself lucky to get a job after 5 months I finished NYSC, with an industry standard pay above N50,000 monthly. Eventhough like 2 months salary is being owed.

Furthermore I have worked for 6 months and am not thinking of changing job soon.
Reason being that in my position as a sales person am yet to bring in that huge financial figure, close sales I will look back on and be proud of my stay here, learn enough and prove myself valuable. I also don't subscribe to changing jobs based on higher pay.... Maybe for now.... You guys can correct me if I having being thinking wrongly .

OK that is that by way of introduction.

So like I said, I have been working for sometime now but can't boast of N50,000 savings.
I don't buy or use expensive things (most of my work clothes are first grade okrika, except for my natives that are new).
I don't do girls neither do I spend money on drinks, friends etc.

The bulk of my salary is often spent meeting one need or the other, personal; family etc. At the end of the month when am looking forward to add to what I was able to save one thing or the other will come and have me spend the money on it.

Really am not finding it funny as I don't have an alternative source of income. I have even thought of going to the bank where my salary is being paid into to request they set aside a reasonable sum of money as savings and leave the remaining balance.

Pls I have come to ask you guys. Do you find yourself in a similar position, how do you manage to save, what other sources of income can one venture into still keeping the regular job.

Pls I don't intend to be an employee up till my late thirties as I also have my own business dreams to actualize.

Pls your ideas, constructive criticisms and suggestions are highly needed.

Try this, it works:

Join a contribution thrift society organised by a group of workers in ur office. that is if any exists. Or choose a fixed deposit account.

Give a standing order instructing them to deduct say 20k from ur salary each month (from source). let the contribution be such that they deduct it without ur having to give them the money by hand.

Now, believe u earn only 30k per month.

By the next 2yrs, u would hv gotten 480k. invest it. u might withdraw the money and borrow more to buy a Keke or a small bus. use the Keke or bus for evening biz if u hv such chance or give it out to a trusted driver (but doing it on ur own is the best). Do not think 2yrs is too far. the yr runs like a stag.

The point:

1. Make ur savings independent of u.

2. Save to invest. consider the 20k as STRICTLY for investment.

moscobabs:
hunnnm...u r still lucky bro. but as single guy I don't think 50k job is small for u . I have some married men with kids in my office collecting 50k and they r saving from it in fact most of them stay in sango and work in iyana-Isolo.

if truly u don't do ladies, drink, or go out with friends u can still succeed with the 50k job.

I'm sure your tfare for the month is less than 15k ?

You don't pay house rent ..right?

you don't eat too much ?

u don't have unhealthy dependant ba?

u r not dating a student ..right?

if my answers to my question are yes then u don't have problem.

save 15 out of the 50k but I will advice you to do contribution rather than save it in your bank account.

in a year u will harvest bountifully and u will come here for testimony.

maybe then u can tank me.

Thanks alot. i find your advice very beneficial to my jobs pay. big ups

TomorrowToday:
Thank you virginboy1. I think the challenge here is that those around me know what I earn and will always look up to me for help. However I will inculcate the habit of imagining I earn lesser and save the rest. Thank you again.

[b]The worst mistake you can ever do is to let your friend or girlfriend knows how much you earn: even my Dad didn't. If anybody ask, slash your salary into two and tell them the figure you arrived at if the need arises.

I learnt my own lesion when I was searching for job: nobody cares as I hardly eat one meal per day. My family members by blood were even making jest of me when I was unable to find money to buy family/joint wears without knowing that I was eavesdropping. Immediately they heard I have started working, everybody starts calling knowing fully that something will be dropping.

But guess what? I maintain the status quo. Although, I am at ease when it comes to giving, I only give when I am convinced to without putting any pressure on my personal needs. After critical observation, you will be surprised that the people you are dying for are living more flamboyant and easy financial lifestyles than yours, yet they will still be putting more financial needs on you.

Some are even embarking on project which you may not be able to embark on in the next three years, yet they will be telling you they are broke. Pretend or tell them you loose your job and you have begun searching for new one to see whether someone will send 1k to you: it is then you will realize the selfish nature of human being.

I am not saying giving is not good, but you need to be meticulous and love yourself first. If you have a single account, go and open another one in another bank. Make sure the first thing you do after being alerted is to transfer a certain percentage to the one without ATM: this account should be dormant and the only thing it is meant for is receiving the proceed from your saving.

House rent is costly: do not rent an apartment if you are not in dire need of it. Collaboration sometimes saves money if you don't allow your girlfriend to put pressure on you. Better still, a room self-contain is ideal for a single like you which will be changed when you are preparing to get married. Abhor naijabet, baba Ijebu etc because it kills inspirations.

Avoid online purchase cos you can find anything cheaper at Obalende and CMS. In essence, save first and try to sustain yourself with the rest: don't spend to save.




[/b]

I support your own suggestion....that the bank set aside a part of your salary. As long as whatever money is withing easy reach.... you will spend it....if your salary doubles...same result. And why are you being owed 2 months salary?...go demand it... before it becomes 3 months then 4..then they fire you. If they pay you and fire you... I'll show you a way to invest it with guaranteed returns of no less than 50% profit.

Saving money won't make you wealthy, you invest th en save, contact me for more passyhansome@gmail.com

My candid advise as someone who had seen and experienced people grown their wealth little by little without any effort than discipline of investment. I will say you should be buying shares monthly and grow you portfolio. I have handled a case of widow like that that was able to complete house bought by her late husband through her penny invested in share.
Plant that seed buddy and you shall reap and now that prices of the stocks are cheap. You can email me on crowninvestintegratedcoy@gmail.com
Good day.

The problem is ur salary is too small , try and work on urself so u can get a better job.
Hw much can a man save from 50k before or after tax in this change era. ?
Hustling in the streets will fetch me more 80k monthly atleast on a very bad month , and as much as 400k depending on the efforts i put in.

babyfaceafrica:
save and go hungry or save and dress like a pauper .. What is worth doing at all is worth doin well..if you can't save well....what's the aim?

And if going hungry is set towards an achievable target, what is the big deal? Life is not a bed of rose bro: one needs to make sacrifice/self denial at one particular time or the other.

Get it right.

[quote author=TomorrowToday post=46805926] Thank you virginboy1. I think the challenge here is that those around me know what I earn and will always look up to me for help. However I will inculcate the habit of imagining I earn lesser and save the rest. Thank you again.



You are much welcomed bro.I am glad my advice made sense to you.

I wish you a stress free savings culture

Even the small scale cucumber farmers farming cucumber on a small 1 plot of land that does not belong to them earn more than 50k per month , u can check the agric thread for more info.
To me earning 50k per month is a waste of my time, except there is something special I'm learning from that job that can take me to better places tomorrow , even during my teaching days as a corper must of the staffs earned around 35k as salary but they all had atleast 4 kids they thought private lessons making them earn atleast 100k a month.

You should not be thinking about saving but thinking about making more money. I hope u know some people make more than 100k a month from just reselling stuffs on nairaland and some make more than 500k a month from selling their services on this same nairaland , I'm not exaggerating I'm very current on every thread on nairaland.

Also avoid those gnld , mlm network marketing e.t.c. they are a lot here on nairaland.

Eddodoh:

I have same challenge.

Oga, my own reach to see TB Joshua, apart from medical and housing allowance already paid for, I can't make decent savings. Management of money and saving is a very good skill because if one cannot manage 10 Naira, no guarantee you will manage 1 billion. Nigeria is in this situation because of poor savings. To me, I think its about sacrifice. Flexing and olosho are enemies of progress, find babe wey no cost. No matter how I try to save, there are always people in need that I have to help, but my best bet will be into acquisition of properties(Land and all). It is difficult to save under this inflation period. Its just sacrifices.

handamswt1901:
My candid advise as someone who had seen and experienced people grown their wealth little by little without any effort than discipline of investment. I will say you should be buying shares monthly and grow you portfolio. I have handled a case of widow like that that was able to complete house bought by her late husband through her penny invested in share.
Plant that seed buddy and you shall reap and now that prices of the stocks are cheap. You can email me on crowninvestintegratedcoy@gmail.com
Good day.

Sorry to cut in, but is the stock market still alive?

Interesting comments here... buh I give you an advice, am assuming you a christain, actually what you earn is not far-fetched from what any regular post nysc grad collects... But....am assuming you dnt pay your TITHE. Out of the 50k your tithe is 5k, that's the first thing you shd pay and by so doing you learn the habit of saving the natural. After paying your tithe you left with 45k SAVE 20k in a savings acc different from your salary acc and refuse to collect atm for that acc, bliv me the remaining 25k will serve you for the rest of the month. It always works it's just how to choose to train yourself. God knowing how much effort you put in making him first will double your effort in due time.

moscobabs:
hunnnm...u r still lucky bro. but as single guy I don't think 50k job is small for u . I have some married men with kids in my office collecting 50k and they r saving from it in fact most of them stay in sango and work in iyana-Isolo.

if truly u don't do ladies, drink, or go out with friends u can still succeed with the 50k job.

I'm sure your tfare for the month is less than 15k ?

You don't pay house rent ..right?

you don't eat too much ?

u don't have unhealthy dependant ba?

u r not dating a student ..right?

if my answers to my question are yes then u don't have problem.

save 15 out of the 50k but I will advice you to do contribution rather than save it in your bank account.

in a year u will harvest bountifully and u will come here for testimony.

maybe then u can tank me.

all said are correct but i'd rather advise he saves more than he spends. have a set savings target on what you want to invest the money in, when u achieve that feat, you invest and keep saving.

Open a target savings account and drop something there every month.

Open an investment account, then set up a standing instruction at your bank. Set it to when you usually get paid. You only spend money in hand. I currently do this. For me, my wife and kids. It is best to ensure that is a little bit difficult to access the money to spend.

There is something I did once when I wanted to save some money. I joined an ajoo (informal cooperative) and deposited my collection in the bank. The huge amount encouraged me to keep adding to it. If you want to start a special savings account with little money, you will be tempted to use and procrastinate.

Get someone in your office who understands savings and investments. Pair up with the person and encourage each other.

While you've received very good advices here, add these to it; put it in prayers and pay your tithes.

Anugod:
Register with ARM, (browse for info on it), they could help you save. They'll deduct a certain amount of money monthly from your account and keep it in your ARM's account, which you will not be able to access for a stipulated period of time. At month's end, you'll only make do with the balance left to see you through the month. Needs must always arise, yours and family, and when there's no money on ground from your end, you'll see how most of those needs will sort themselves out.

Best of luck.

Is this the same Anugod from the 2014 batch C thread ?

I think I like your advice.

Anugod:
Register with ARM, (browse for info on it), they could help you save. They'll deduct a certain amount of money monthly from your account and keep it in your ARM's account, which you will not be able to access for a stipulated period of time. At month's end, you'll only make do with the balance left to see you through the month. Needs must always arise, yours and family, and when there's no money on ground from your end, you'll see how most of those needs will sort themselves out.

Best of luck.

Please educate me about the ARM savings, does it attract an income at the end of a savings period and what % does it attract?

YeA.. You can actually save. Since u said u live a low key life..
From 50k. You can save. Let #30k take care of ur Tfare and others.
From the #20k you intend saving. You can do invest on pure water in Bulk.(On pure water yu get 100% profit i.e. You buy pack 100naira and sell 200naira). The profit on dat yu can save and make sure you dont spend ur Capital. In subsequent months you add #20k to supplement your business and you can make more supplies and more Profit for you..
Contacts Event Planners for supply, Contact the Event Hall/Centres to know who have OCCASIONs(Birthday, Wedding, etc)
Then, if you can task yourself and always focus...I beleive you will SMILE.. and be able to attend to your finances with Ease..
Peace out!!!