Skyfornia:
Honestly...400k a month with two kids and a wife..even expecting another baby? That money won't be anywhere enough to carter for 4 people. If your wife is not working, I suggest you look for fund and set up a business for her to argument your present income.

He still has to cut down his expenses to be able to save part of the income. What if he was on 200k or less salary, wouldn't he survive?
If you can't save part of your 400k salary with 4 family members, you might not be able to save anything if you are on 1m naira salary.
Don't forget that 2m naira he wasted was his part of the salary he saved!

MajorOvakporaye:
You are just extravagant. There are many people receiving far less than you but they coordinate pass you sef

First time u said sumtin reasonable on nairaland and I agree with u

If you really desire change in your financial situation as a family man earning with kids and the rest, the solution to your problem is not on Nairaland.

Rather, it is on you sitting down and telling yourself the truth. It now depends on how truthful you can be with your self.

AchrafHakimi:
Married men are simps walahi that's why women love them. Girls chase married men because they know they are weak, dumb and easily manipulated.

It takes a certain level of fear to make a man give up his life for a woman.

Tufiakwa!!

Sorry for this question that I want to ask you. Who impregnated your mother to have given birth to you? I mean, your father never married your mother?

Duyt1798:
Hi guys!

I hope this my post gets to the FP, so I can get insights from a wider audience; even I know some might not make sense, but one thing I've learnt from the short time I joined this platform, is that - sense dey inside nonsense.

Pardon me, my write fit dey a bit lengthy.

I currently work with a multi-national startup coy. My net pay is a bit above 400k naira (this's at the moment), I've worked for about 2 years. I'm married with two kids and expecting the third.

Now my dilemma is that, I've not been able to save up funds, I feel like my living condition doesn't reflect what I earn. Shingbai like this, I no get for account. The last I could remember, I go deep hand for forex, e nearly give me hypertension (I lost about 2m). I still dey pay debt wey I incur as a result.

Now where I need assistance is, looking at the amount I'm earning, how do I spend? Please for those that will be kind enough to give suggestions, let it practically explained, as in help me break am down to the amount wey I suppose spend, how I suppose spend am, and wetin I suppose save.

I believe say many family people dey here wey get better experiences.

Thanks 🙏.

bro the reality I will tell u is that u need to cut some cost, don’t b surprised when a junior staff in that same company who earns less have done better things like building house n a reasonable business

Don’t listen to those who tell u the money is small cos what I notice about nairaland is that if u are single n u earn 10 billion, they will always make u feel it’s not enough

If u think say I dey lie, go to car section n tell them u need any type of bicycle n your budget is 50 million, they will tell u it’s not enough

Nothing is ever enough for these kids who live in fantasy world

E go shock u say that gateman or security guy don build house n u wey dey collect pass dey jonze

I rest here ooo

There are people earnimg 100k or even lesser than that, with kids and yet have savings.

You better cut down your expenses and save money. You have no excuse oh

kelvyn7:
Rule 1 - pay yourself first (10%), into a separate account, without atm card, nothing in this world makes me touch that amount. Do this every month

Rule 2 - if your 3months salary cannot pay your rent, then you are living above your means 😉

I try to always take an apartment my one month salary can pay.

Oga try dey pay tithe. This is one of the secrets of saving. It gives you some sense of prudence with finance. You learn percentage and scale of preference.

I tell people savings is very easy. If I were in your shoes, this is what I’ll do.

Step A: I’ll assume I earn 300k, the truth is if you earn less than that or you lose your job (God forbids it), heaven will not fall, so why not make the decision now for the greater good?

Step B: Open an investment account with one of the investment companies (ARM Managers, Piggyvest, Meristem etc), and set up an automated transfer of the 100k into the investment account monthly.

Step C: Now, open an excel worksheet, categorize your monthly expenses into MUST BUY, SHOULD BUY and COULD BUY.

Step D: Determine the total amount for the MUST BUY, and then spread the remaining amount, if any, on the SHOULD BUY and COULD BUY.

Step E: Delete items on the COULD BUY AND SHOULD BUY in that order, those are things that if anyone losses his/her job won’t be able to afford or things that if you don’t buy no one will die. Get rid of them, they are largely nothing but indulgences.

I hope you’ll find this useful.

I save about 55% of my monthly pay, although not with a family as big as yours for now. But the truth is, my mindset is that the money you save at month end is actually the amount you paid yourself for the work done. The amount consumed is the money you spent for living.

Everyone working must learn to pay him or herself.

Today, I just decided to place an order for 2 items, as a way to gift myself in the new year. I haven’t done that in a year and I don’t really do that as a habit. This is because savings and investment are priorities.

MajorOvakporaye:
You are just extravagant. There are many people receiving far less than you but they coordinate pass you sef

My dear he is extravagant

Izuchukwu70:

You're not serious. You have 2 kids with another one on the way and a wife on 400k Salary?? How much do you pay for accommodation annually? How much is the school fees annually? You can't have savings on that money.

Lol. On how much salary can he actually have saving?
Did you ask him how he got 2m naira he lost and he said it wasn't through saving?
How many average family men in Nigeria are on salary of 200k monthly?
All what he needs to be able to save money is making adjustment, spending wise

People used to think tithing was for the benefit of God. It’s not, He owns the cattle on a thousand hills and doesn’t require anything from you.

True tithe is supposed to do 3 things

1. Food in God’s house so there’s no hunger or lack for His people in his presence
2. You can give it to your family members in need and even use it to eat with your family whatsoever your heart has been longing for
3. It teaches you to save

The putting away of a certain percentage helps you learn how to save consistently

I’ll advise you start a drastic adjustment because you’re starting late. You must save 100k every single month from your salary and 100% of any bonuses and unexpected income

Cut down subscriptions like more expensive cable that no one is watching everyday

If you drink/smoke/chase etc cut all of those out

Startups fire very easily especially when profitability is not expanding rapidly. You can lose your job anytime and you’re responsible for your immediate family and your parents at least
Cut out owambes, asoebi, parties, buy food in bulk, it’s cheaper etc. Use one car if you have two. Use second one only in emergencies, adjust both your schedules to fit in.

obailala:
In what kind of world does someone who earns N60k monthly buy a land and build a house? A married man at that... Even if he saves 50% of his salary, how do you build a house with N60k salary?

So many untold stories.

Skyfornia:
Honestly...400k a month with two kids and a wife..even expecting another baby? That money won't be anywhere enough to carter for 4 people. If your wife is not working, I suggest you look for fund and set up a business for her to argument your present income.

Gibberish. How many people earn up to that amount and still living well. Advise op to cut his clothes according to his available materials. How much do u pay as rent per annum? How much goes for feeding and other bills. Ur annual rent should not be more than 2 months of of his salary. Check other loop holes where he spend recklessly

An addiction is swallowing ur money . You better speak out.

Fryx:


Even me wey be bachelor. I decided to cut down my budget to only 30k per week so that I can have more savings. O boy, I was scared and I know it won’t be possible.

Only me oh, except for once in a while wey my junior ones fit just ask for some change.

But like someone say above. Imagine you are only earning 300k and don’t budget beyond 300k per month. The remaining 100k is not meant to be spent.

Same hear
I dnt ball 2 much just normal feeding,internet sub nd once in a while sending of money to mumcy nd kid bro but 30k a week dey hard to manage

Duyt1798:
Hi guys!
Now where I need assistance is, looking at the amount I'm earning, how do I spend? Please for those that will be kind enough to give suggestions, let it practically explained, as in help me break am down to the amount wey I suppose spend, how I suppose spend am, and wetin I suppose save.
I believe say many family people dey here wey get better experiences.
Thanks 🙏.

You need to be intentional about this.
What I do personally is do office contribution.
Without it I won't be able to achieve much.

There was a time I was doing 200k monthly, I wait to collect last. We are 5 in number. So when I collect I collect 1m, then collect another 1m again when we start the next cycle.
(Last to pick on the 1st cycle, 1st to pick on the 2nd cycle).

So that is like 2m.

Once I collect it, I plough it into a predetermined project with my wife.

We rinse and repeat the process again.
That's how we roll.

Well this was like 3 years ago.
Now I do way more.

See, your wife has a role to play here too.
As you guys have to cut your expenses to a reasonably low level at least.
Cut low on unnecessary things: parties, outings, clothing and jewelries, even rentals if necessary.

Otherwise, you might keep earning that amount for the next 20 years, live the kind of life you are living now yet will never be able to achieve anything.

Be wise.

In this economy, you're expecting a third child?
After this one, just go and do vasectomy oh.

You can enjoy the sex tire afterwards, without producing a fourth child.

chrisifeanyi:
The truth is that the money is not enough for a family of 4 expecting the fifth member.
However, careful planning will make you to have good savings.
I earn far less but I have good savings.
Learn to be buying foodstuffs in bulk. By doing that you will be saving a lot. Food stuffs of 200k can last for two months, you will save the next salary and next time you will be restocking, you won't spend up to that amount. Don't put money on things you are not sure of. If you are gambling stop.
With that you can have good savings.

me wt 3kids already earning 240k how I tk dey survive n safe.
200k shld cover everything at home.

Duyt1798:
Hi guys!

I hope this my post gets to the FP, so I can get insights from a wider audience; even I know some might not make sense, but one thing I've learnt from the short time I joined this platform, is that - sense dey inside nonsense.

Pardon me, my write fit dey a bit lengthy.

I currently work with a multi-national startup coy. My net pay is a bit above 400k naira (this's at the moment), I've worked for about 2 years. I'm married with two kids and expecting the third.

Now my dilemma is that, I've not been able to save up funds, I feel like my living condition doesn't reflect what I earn. Shingbai like this, I no get for account. The last I could remember, I go deep hand for forex, e nearly give me hypertension (I lost about 2m). I still dey pay debt wey I incur as a result.

Now where I need assistance is, looking at the amount I'm earning, how do I spend? Please for those that will be kind enough to give suggestions, let it practically explained, as in help me break am down to the amount wey I suppose spend, how I suppose spend am, and wetin I suppose save.

I believe say many family people dey here wey get better experiences.

Thanks 🙏.

go to your bank and ask your manager how u can save up money.... Also u can join a cooperative society or thrift

Not too advisable due to time value of money.Try investing in risk free assets such as mutual funds, tbills and co....this way your money yields money while waiting for the bulk sum

theamazonguru:


You need to be intentional about this.
What I do personally is do office contribution.
Without it I won't be able to achieve much.

There was a time I was doing 200k monthly, I wait to collect last. We are 5 in number. So when I collect I collect 1m, then collect another 1m again when we start the next cycle.
(Last to pick on the 1st cycle, 1st to pick on the 2nd cycle).

So that is like 2m.

Once I collect it, I plough it into a predetermined project with my wife.

We rinse and repeat the process again.
That's how we roll.

Well this was like 3 years ago.
Now I do way more.

See, your wife has a role to play here too.
As you guys have to cut your expenses to a reasonably low level at least.
Cut low on unnecessary things: parties, outings, clothing and jewelries, even rentals if necessary.

Otherwise, you might keep earning that amount for the next 20 years, live the kind of live you are living now yet will never be able to achieve anything.

Be wise.

Skyfornia:
Honestly...400k a month with two kids and a wife..even expecting another baby? That money won't be anywhere enough to carter for 4 people. If your wife is not working, I suggest you look for fund and set up a business for her to argument your present income.

400k too small for family of 4? Are u kidding me?

Like someone earlier said, you need to have a plan. Set realistic targets that are achievable within a given time frame. If your wife is not working, encourage to get a job or you set her up in a business by taking loan. Let her be responsible for some bills while you pay back the loan. Hopefully she's prudent, unselfish and supportive, else you might need to put it in black and white signed by both of nna [ e get why o]. You can as well be her partner-in-business or support her in the business in every way possible. Note that nobody create or build wealth through saving money in the bank, it is through investment. It took me years to realise this.

A woman advised me about 13 years ago to ensure that I had built or own a house before any of my children enter secondary school. I was able to do so last year with my meager salary and my wife's massive support. If cost of accommodation in your state/area of residence is too high bros pls relocate. You can relocate your family to a less expensive state/area.

Lastly, pls you and your wife need to do family planning. The prevailing economic realities within country requires such. The larger the family the more the expenses. Quality education for children is not cheap anymore. With your family size, without making some uncomfortable life decisions/choices, it will be almost impossible to live well and also plan for the future with your 400k salary.

LagBlogger:


I trust a cynical retard like yourself to doubt people's resilience.

Na pap brain plus satanic thinking full your head. Hediot

Omila apologist

AchrafHakimi:
Married men are simps walahi that's why women love them. Girls chase married men because they know they are weak, dumb and easily manipulated.

It takes a certain level of fear to make a man give up his life for a woman.



Tufiakwa!!

OP , oya come and find sense in this wahala comment.....

Ahnii:
I beg to disagree with you sir That money if properly managed he can still save like 50-100k monthly.
I started life with my husband with his meagre salary of 37k and he was still saving 10k monthly.

No mind the guy jare. I earn a little less than 38k per month, and I safe 30k out of it. I have side hustles I depend on though, but I made sure I safe a larger part of the salary because I have different commitments. And I'm still sponsoring myself for my second degree. Hustle fit or no fit pay but I feel fulfilled when I make the savings.

He's living above his means kawai

jogsman01:
No mind the guy jare. I earn a little less than 38k per month, and I safe 30k out of it. I have side hustles I depend on though, but I made sure I safe a larger part of the salary because I have different commitments. And I'm still sponsoring myself for my second degree. Hustle fit or no fit pay but I feel fulfilled when I make the savings.

jojothaiv:

So many untold stories.

Exactly. Werey dey move for highway for midnight 🤣🤣🤣🤣

Skyfornia:
Honestly...400k a month with two kids and a wife..even expecting another baby? That money won't be anywhere enough to carter for 4 people. If your wife is not working, I suggest you look for fund and set up a business for her to argument your present income.

God bless you 🙏

MeezPat:
Not too advisable due to time value of money.Try investing in risk free assets such as mutual funds, tbills and co....this way your money yields money while waiting for the bulk sum

Hmmmmmnnn

Is this more reasonable than investing in landed property that can do x3 or more in few years.

For instance there is a property I bought 350k and is now 7m after 10 years.

There is one I bought 4m and is now worth 20m after just 5 years.

Willing to learn.

Thanks.

Babawee:
nah that thing dey fear me pass...
I earn 50% of what's he his earning and I have 3kids
my children attend the school her mother teach...I paid 50% on school fees

my yearly rent is 150k and I keep saving every month...
with 400k u can do better just see yourself as someone earning 250k, are you saying u won't survive in this Lagos...I live on the island

you can achieve it if u spend less

I am curious. How is Ur yearly rent 150k when you are living on the island. How is that possible?

You dey whine us bro?