It’s no longer hidden knowledge that a vast majority of the employees in Nigeria today actually get a paycheck
that they can barely survive on till the next paycheck.

However, irrespective of how much you earn, you can still do wonders with that little salary of yours.

Here’s a rundown of 4 ways to make something out of that little salary you call nothing

Assess the Situation

First off, you’ve got to access your current financial situation. Assessing your financial situation lets you gain insight into where exactly you stand with respect to your finances. And unless you know exactly what money you have coming in and what you have going out, you can’t know for sure where you stand and how to make plans towards making it better.

Here are some things to do to accurately assess your financial situation

1.Sit down with your spouse (if you’re married) or alone and get a pen and paper (don’t underestimate the power of this) and write down all the money that you have coming in on a weekly, bi-monthly or monthly basis.

2.After you’ve done that, write down all your compulsory expenditures on a weekly, bi-monthly or monthly basis. The expenditure on this list should include expenses such as rent, feeding, Phcn bills, debts, fueling for car (if you have one) and generator, transportation costs etc.

3.Then, write down all other expenses which are not easy to define. These may include stuff such as clothing, travel costs, medical bills. This should basically include expenses that happen occasionally or does not have a fixed amount of money.
Be sure to try as much as you can to be accurate with your assessment, a reason why you should get a pen and paper in order to properly balance your household expenses.

Re – adjust your Budget

Now that you know what exactly comes in and what goes out. It’s time to re-adjust your budget (so as to reduce your monthly expenditure) based on your assessments above or create a budget plan (if you don’t have one) based on your current realities.

When there’s not much coming in, it’s a very smart move to be completely aware about what you do have. Budgeting will show you exactly what you earn and how you’re spending it.

The main objective in re-adjusting your budget is to create a spending plan and be able to look around to see where you can cut down on unnecessary expenditure. By re-adjusting and sticking to a new budget plan, you would be amazed at how much you were spending on small, unnecessary items that quickly add up. By restricting your budget and cutting back on unnecessary expenditure, you’d manage to build up some savings. It may be hard but the pain you have to bear to put some money aside would be well worth it in the future.

In re-adjusting your budget (so as to reduce your monthly expenditure), the following tips would be of great help. The tips may not make you rich by themselves alone but they are sure to help you survive until better days arrive.

1.Look at your grocery shopping and access if you’re wasting money. Buy bulk as much as possible as it works out cheaper.

2.Avoid using the car (if you have one) unless you have to. Join the staff bus, use BRT buses (this is a very viable option if you live in Lagos) or engage in car sharing with your colleague (you and your colleague can bear the cost of fueling weekly).

3.Take a good value packed lunch to work. This helps you cut down on expenses incurred by eating out and buying expensive ready made meals. Also avoid throwing food away unless you have to.

4.Cut down on expensive mobile phone calls. You’d be amazed at how much you can put aside by just reducing the amount of recharge cards you purchase weekly.

5.Change your shopping habits and look for good value rather than trying to impress people by going after brand names.

6.Spend consciously. Many people just keep spending, spending and spending with little thought. Don’t be one of them.

7.Avoid unnecessary debts at all cost.

However, it must be admitted that sticking to a budget plan may be a struggle, especially when you have to give into pressures of giving your family a treat or in situations such as

•A family member coming in for a week.

•When you least expect it, your best friend announces he or she is getting married and you have to find a way of paying money for Aso-Oke or whatever dress they decide to use.

•Or you find that your kid (if you have one) is failing math and the only way to come to his rescue is to get him a tutor that would set you back a few bucks. etc

The best way to deal with this kind of situation is to come to terms with the fact that life is not perfect. And as a result, you should create a little room in your budget for the unplanned. You should also ensure that while struggling to keep to your budget, you should still have some fun occasionally. This occasional treat however should be included in your budget and this can be made possible by practicing the next step which is….


Create and Maintain a Contingency Fund

Like I stated above and which you would agree with, life is not perfect and there is need to always have a back-up plan. It’s called a contingency plan or plan B because you do not have control over everything.

As a result, you need to create and maintain a contingency fund where you save a specific amount from your income weekly, bi-monthly or monthly.
It may seem an impossible task to put something aside considering the fact that you earn so little. But be rest assured that this can be made possible if you re-adjust your budget as advised above.

By readjusting your budget and cutting down on your expenditure using a combination of the tips offered above, you would be left with some lose funds.
These lose funds can be saved in your contingency fund. Keep the money in a savings account. You would be amazed at just how such small change adds up over time.

And after you’ve done this, don’t just sit and relax, you must do something to get out of the rat-race and move towards your dream of financial freedom and you can do this by doing the next thing which is

Create Another Stream of Income

Practicing the above tips alone would not make you rich but like I stated earlier,but they would sure help you until the better days arrive.
The essential component of getting rich is not just saving money, it’s knowing what to do with the money you have saved. And this where creating another stream of income comes in.

However, I would be the first to admit that creating another stream of income while still holding a day job is not a stroll in the park because there are so many salient questions that bug the minds of employees trying to create another source of income.

And these include questions like;

1.How do I create time to run my business such that it does not affect my current job?

2.How do I raise money to fund my business project?

3.How do I get to be involved in a business that’s guaranteed to succeed

4.Which business is out there that has a high likelihood of success considering the funds available at my disposal

And so on..

But with advancement in technology and the turning of the world into a global market place where you do not have to be physically present all the time to make a business transaction, It’s now been made very easy.

Now it’s possible to get involved in a highly profitable business that you can start with virtually no money in addition to the fact that;

You don’t need to invest in merchandise

You don’t have to rent a store/office

You don’t have to hire employees

You don’t need to quit your present job (@least not yet)

You may try this business model before you’ll have to make a final decision to quit your job

And this incredible money making business offers fantastic profit potential

If you’re interested in getting involved in this business as a way of creating another income stream en-route your way to financial freedom, get more information by sending a blank email to multipleincomestreamnaija@activeinfo.net to get a free, full detailed informative report on the business model and how you can get involved…

There you have them, 4 ways to do wonders with your little salary. Go ahead and act on them and see your life change for good.

This is to your success!!!