Currently I earn 30k but somehow I manage to save 20k monthly. This what I do, once l receive my salary I send the 20k to the savings bank account for saving my money, then move the 10k to another account with atm card. I withdraw from there to eat, pay for transport fare, keep my self neat etc. But u must note that if you want to save u must make tight discipline policy for ur self. U must make sacrifices. U can't get everything you want. After like 3 months I spend the fourth month money on clothes friends and families. Then from fifth month. Start ur tight savings again. If you are the type that spends money as far as it is in ur pocket then go out with the exact amount u need that day. This has saved me a lot of money. Like if am to spend 400 at work I will go with 400 nothing more nothing less. So if it finishes good, if it doesn't u save the Remaining one for the next day. Pray to God and avoid women.

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

I am. Tell me

Apply this simple rule

1, 2, 3, 4

1 represents 10% of your salary for tithe or alms to help people (which is more beneficial)
2 represents 20% of your salary for your self like maybe having fun and stuff
3 represents 30% of your salary for investments in anything you are most interested in
4 represents 40% of your salary for savings

This is not carved in stone. You can change the numbers but dont touch the first one. I use that one, most times. I think it works for me. Its like my small juju. Cos I send 10% of my salary to the orphanagea and some cool things happen but when I dont pay it i see bad luck.

Try these bro

MeoClark:
Currently I earn 30k but somehow I manage to save 20k monthly. This what I do, once l receive my salary I send the 20k to the savings bank account for saving my money, then move the 10k to another account with atm card. I withdraw from there to eat, pay for transport fare, keep my self neat etc. But u must note that if you want to save u must make tight discipline policy for ur self. U must make sacrifices. U can't get everything you want. After like 3 months I spend the fourth month money on clothes friends and families. Then from fifth month. Start ur tight savings again. If you are the type that spends money as far as it is in ur pocket then go out with the exact amount u need that day. This has saved me a lot of money. Like if am to spend 400 at work I will go with 400 nothing more nothing less. So if it finishes good, if it doesn't u save the Remaining one for the next day. Pray to God and avoid women.

Seen

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

Link me justpaul667@gmail

domopps:
It's simple op open another account and start saving atleast 15% of your salary do not request for ATM card to enhance your self discipline look away from major family responsibilities and cut your cost to bearest minimum


.......share your testimony with us in the next one year!



Cheeeeers

The best advice yet, imho. @ d bolded (FAMILY) is a money sucker, it will leave you wondering at the end of your financial month where your salary has gone to, moreso because you did not spend it on yourself.

Take the above advice, and more importantly invest some into career improvement/development with a target to gain a better pay in no distant time.

people keep coming here to talk about investing some percentage, and saving a percentage of your salary. make i ask una, how many things 50k fit buy for naija?
now 25% of 50k is about 12.5k. wetin u fit invest that money on for Nigeria? purewater sales? or chin chin production?
make una give realistic advice abeg and stop all this nonsense copy and paste wey una gt 4rm facebook or wherever.

Sacluxpaint:


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

Yes, the stock market is absolutely alive and active. It baffles me whenever I came across people thinking market is not profitable and nothing is happening there again. Our pple are misinformed abt d market but l can tell you people still make million on daily basis in stock market.
Though there was a meltdown in which d past government did nothing abt but if you follow recent moves by this present to move stock market forward and upward you will know that stock market is still an avenue to grow your capital. Watch out as MTN Nigeria will be listed in d market soon and for example few weeks ago I bought Oando plc for someone at rate of N4 and presently its N7. You can imagine if u have like 10000units, it means u just made profit of N30K within a month.
Stock market is like any other market, you go in there with your power/capital to buy/bargain for profit no matter how little, its profit without any physical effort being made by you.
I rest my case, so keep informed and watch out!

Join MMM and be free. Send me a msg for further explanations

It isn't unrealistic advice. If he makes up his mind to save, he can keep aside 10k every month. In a year, that is 120,000 which is enough to invest in a small business. No one expects you to save in ONE month and start investing. That is foolishness.

For example, I started a savings account for each of my children. I opened with account with 1000. Now, every month when salary is paid, my bank executes the standing instruction of 10,000 for each child. Anytime anyone gives my kids money, I transfer it to their account immediately. Each child currently has close to 200k and I don't see a reason to stop.

The secret is STARTING. And that is the TOUGHEST part.

eye2sabi:
people keep coming here to talk about investing some percentage, and saving a percentage of your salary. make i ask una, how many things 50k fit buy for naija?
now 25% of 50k is about 12.5k. wetin u fit invest that money on for Nigeria? purewater sales? or chin chin production?
make una give realistic advice abeg and stop all this nonsense copy and paste wey una gt 4rm facebook or wherever.

africanboy:
It isn't unrealistic advice. If he makes up his mind to save, he can keep aside 10k every month. In a year, that is 120,000 which is enough to invest in a small business. No one expects you to save in ONE month and start investing. That is foolishness.

For example, I started a savings account for each of my children. I opened with account with 1000. Now, every month when salary is paid, my bank executes the standing instruction of 10,000 for each child. Anytime anyone gives my kids money, I transfer it to their account immediately. Each child currently has close to 200k and I don't see a reason to stop.

The secret is STARTING. And that is the TOUGHEST part.

True talk. Others were just talking abt investing and saving at the same time.
I really like what ure doing for ur kids. I'll try n do same wen mine start coming.

eye2sabi:



True talk. Others were just talking abt investing and saving at the same time.
I really like what ure doing for ur kids. I'll try n do same wen mine start coming.

For my kids, my aim is to keep saving till they are old enough to venture out on their own. The saved funds will make it a bit easier for them to start out. Not forgetting, teaching them about saving and investing will ensure they don't waste my labours.

@op, you also need the constant advice of someone who will guide you right. Learn from my experience. Around 2009, I heard an advert for an investment account. That you could start with 10k. I had a spare 20k, and I invested it. I added 10k twice and forgot all about it. BIG MISTAKE. I should have continued the investment. Around 2013, I checked the account and I had 65k in it. My immediate thoughts were, if I had put in 400k, I might have 650k. And so on.... I continued the account for a while. But because my capital is at risk, I switched to their Money Market Fund (which guarantees capital protection). It has a very low interest rate but my first aim is to save the money. Slow growth, I don't mind.

Horlawoomey:


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

I think I like your advice.

Yes dear, it's me o. Long time!

sunny442:


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

Sorry I'm just getting to see this. Well, ARM operates different types of funds account, depending on what you prefer as an individual. There's an account type for savings alone, where you deposit money and it's kept there for as long as as you want it. There's a percentage of interest that will be added periodically, and the higher your money, the higher the interest rate. You could decide to re-invest the interest to boost your savings. For this type of account, your money is assured, but the interest rate might be just a token (except if your money becomes quite big).

Then, there's this other type of account that has to do with investing your money. The interest rate is higher here, but so are the risks involved too. Your entire investments could be lost, or it could geometrically multiply...depending on how the stock market is. Yes, this type of investment is more like purchasing stocks...

Well, I'm not really a finance personnel just shared the little I understood from my investigations as regards issues similar to that of the OP. You can browse more on ARM - (Assets and Resource Management) Money Market Fund.

I hope I helped a little.

All of you advising he joins MMM, have you forgotten that mmm has a risk factor? In mmm you are clearly told that you might get nothing back, plus you are only helping....you might not be helped.....

yinkslinksproperties@rocketmail.com

CaptPlanet:



I am. Tell me

handamswt1901:


Yes, the stock market is absolutely alive and active. It baffles me whenever I came across people thinking market is not profitable and nothing is happening there again. Our pple are misinformed abt d market but l can tell you people still make million on daily basis in stock market.
Though there was a meltdown in which d past government did nothing abt but if you follow recent moves by this present to move stock market forward and upward you will know that stock market is still an avenue to grow your capital. Watch out as MTN Nigeria will be listed in d market soon and for example few weeks ago I bought Oando plc for someone at rate of N4 and presently its N7. You can imagine if u have like 10000units, it means u just made profit of N30K within a month.
Stock market is like any other market, you go in there with your power/capital to buy/bargain for profit no matter how little, its profit without any physical effort being made by you.
I rest my case, so keep informed and watch out!

Hi, Pls I would love to learn how the stock market works and trade too.

o boy take good this advice even if this thread is one year.To save with that salary for this harsh economy is not easy. you go feed, transport, recharged, pay rent, light bill and more don't deceived yourself you must meet have expenses as a human being whether forseen or unforseen. just try and save 5k out of the 50k he no easy except you are focus.That is the real truth take it or leave it no offense.

Invest in cryptocurrency

too volatile for someone without throwaway money

GoodBoi1:
Invest in cryptocurrency

I don't think anyone here realize how damn expensive is feeding alone

Buffalowings3:
I don't think anyone here realize how damn expensive is feeding alone

Everyone realises that feeding is expensive, but (and this is a key point) you can reduce your costs if you plan well. First, get a meal plan. Buy in bulk. Cook in bulk. If you're single, find someone to partner with.

Your life can only change with 2 things
1) the book you read
2) the people you meet.
I will advise some of us in this group to engage ourself in reading. It was a basic science law state that an object remain at rest until a certain forces is apply to it. A computer is not working because he was programmed to work,it will only work when will apply the necessary force on it....my advise is that anything you are doing do it in the name of doing it well nd make sure you put everything you have here in the site to work.thank you very much am glad and happy to join this group