Am I Extravagant With N80K And Above Monthly Spending? - Family (3)

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Am I Extravagant With N80K And Above Monthly Spending? - Family (3) - Nairaland

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After Spending Millions For Your Daughter's Wedding(photo) / My Husband Prefers Spending All Of His Time With His Friends. / Finding It Difficult Managing N80k Salary In Lagos With Family.what Shall I Do? (2) (3) (4)

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Re: Am I Extravagant With N80K And Above Monthly Spending? by mrkels(m): 12:47am On Oct 18, 2012

Menendez: Pls teach me how you do it.....Ok just a bit of my monthly profile (datz d ones I can remember)
Food Stuff:- 40k (Shoprite tins )
Internet:- 10k
PHCN:- 5k
DSTV:- 12k+
My Mother's Allowance:- 30k
My Mother's househelp:- 10k
My Mother's Driver:- 15k
Tithe:- 115k (My pastor says datz God's share)
Dog Food:- 5k (They're russian breed so they dnt eat most nigerian food)
Diesel for Generator:- 20k
Fuel For Car:- 20k
Girlfriend:- Well, she says she doesn't need my money so we just go out occasionally say 10k

Point is, I cant do without sme of these stuffs but I really need to cut down.
Spending 80k a month is my dream saving plan.....so I would be really happy if I were to save as much as urself.....better be happy dude.

Dude, where do you work that pays you more than 1.1 million per month and give yo mama just 30k outa that? undecided

2 Likes

Re: Am I Extravagant With N80K And Above Monthly Spending? by abifoluwa: 1:29am On Oct 18, 2012

mrkels:
Dude, where do you work that pays you more than 1.1 million per month and give yo mama just 30k outa that?

dude even eats better than his mum, funny guy, prolly lying to us anyways... grin

Re: Am I Extravagant With N80K And Above Monthly Spending? by oyebukvic: 5:56am On Oct 18, 2012

Dere's sumtin i think you should do,try an insurance policy cos its working ғo̶̲̥̅̊я̣̣̥ ˚M̶̲̥̅ε̲̣̣̣̥ so it W̶̲̥̅̊i̶̲̥̅ll definetely work 4u.i work wit one thou if you need advice

salomn: I stay in Sangotedo Lekki area of lagos and work in Lekki Phase1.

I am married with a kid now. Wife is not working.I notice that i do spend atleast N80k and above monthly for the upkeep of the family despite the fact that i dont engage in buying fancy things like clothes,shoes,going to clubs,drinking joints etc.

My expenses centers on feeding,transport fare and extraneous household expenses for three of us.At the end of the month,my expenses will be running atleast 80k and above,atimes it will hit up to 100k,thereby finding it difficult to have savings.

Please am i extravagant and how can i manage spending lower if possible?,how do you manage your monthly expenses pls?

Re: Am I Extravagant With N80K And Above Monthly Spending? by Superbrain(m): 6:30am On Oct 18, 2012

@ poster, whether you are extravagant or not depends on your income. It may be a bit difficult since your wife doesn't work but here are a few tips that could help you save:

1. Track your expenses! - set out a monthly budget and expense book (or you can do this on excel) to plan and monitor your expenditure.

2. Use a scale of preference to determine which expenditure comes first. Remember, there is a big difference between WANTS and NEEDS. Focus on the essentials.

3. After prioritizing your monthly expenses, pick each one and discuss with your wife on ways you can manage that expense better. Remember, two heads are better than one. Focus on reducing each expense without necessarily settling for less. You may even realise that on some expenses, you can get better value with lower costs (utility bills, etc)

4. Be disciplined in the way you utilize your resources. For instance, instead of running your generator 24/7, only run it when you know it would be of more use to the family. If you have internet bills, choose a suitable package. Same applies for DSTV (at least there is now the GOTV option). Explore all options and choose one that is reasonable.

5. Pay yourself first! So you get your monthly salary and then start paying other people: PHCN, DSTV, Internet, etc...what happened to paying yourself first? This is where savings comes in. Set up an automatic debit from your salary account. You could sign-up with Mansard Insurance or start a fixed deposit. Ensure a percentage of your monthly income goes into savings (I do 50-60% but I recommend you start with 30-40%). Do not spend any salary without paying yourself first! If you believe in tithing, then remember not to rob God too.

In all you do, carry your wife along. Remember that it takes the two of you to make it work. I have said all this on the assumption that you are currently spending 50-90% of your income. If you earn reasonably well, then I think you are just fine. You may still want to watch your expenses.

Cheers!

Re: Am I Extravagant With N80K And Above Monthly Spending? by isangedigh(m): 6:46am On Oct 18, 2012

Akpan107: God bless you my brother, you have really lifted up my spirit by the above statements. I'm actually looking forward in investing in transport business... My elder bros just bought a belgium Toyota Sianna (1.35) to put in transport business. I dont really know how much he stand gain in such an expensive car. He lives in PH while i live in Kano State, the cars commonly used in Kano here are Gulf 2 and Gulf 3 and it cost less than 600k for a full belgium and weekly reeturns is 10k. Am not really sure if my bros can be able to recieve 25k a week in such an expensive car!

Road Transportation is lucrative,whether U failed in it or not!! I believe as young people who need to invest in this line of business U shud as a matter of fact gather useful information to be able to invest wisely. I for one drive my vehicle myself which is a passat wagon.

@Akpan107 Ur brother in Phc is gonna be able to buy another sienna in 8months or less,whether u like it not,its simple forecast on a ready market.

Re: Am I Extravagant With N80K And Above Monthly Spending? by Nosyke(m): 6:58am On Oct 18, 2012

This thread is exactly what I need. I am so grateful to the Op for Bringing this up and to every one that has contributed.

1 Like

Re: Am I Extravagant With N80K And Above Monthly Spending? by Sammiejo: 8:11am On Oct 18, 2012

Re: Am I Extravagant With N80K And Above Monthly Spending? by kuntash: 8:15am On Oct 18, 2012

Superbrain: @ poster, whether you are extravagant or not depends on your income. It may be a bit difficult since your wife doesn't work but here are a few tips that could help you save:

1. Track your expenses! - set out a monthly budget and expense book (or you can do this on excel) to plan and monitor your expenditure.

2. Use a scale of preference to determine which expenditure comes first. Remember, there is a big difference between WANTS and NEEDS. Focus on the essentials.

3. After prioritizing your monthly expenses, pick each one and discuss with your wife on ways you can manage that expense better. Remember, two heads are better than one. Focus on reducing each expense without necessarily settling for less. You may even realise that on some expenses, you can get better value with lower costs (utility bills, etc)

4. Be disciplined in the way you utilize your resources. For instance, instead of running your generator 24/7, only run it when you know it would be of more use to the family. If you have internet bills, choose a suitable package. Same applies for DSTV (at least there is now the GOTV option). Explore all options and choose one that is reasonable.

5. Pay yourself first! So you get your monthly salary and then start paying other people: PHCN, DSTV, Internet, etc...what happened to paying yourself first? This is where savings comes in. Set up an automatic debit from your salary account. You could sign-up with Mansard Insurance or start a fixed deposit. Ensure a percentage of your monthly income goes into savings (I do 50-60% but I recommend you start with 30-40%). Do not spend any salary without paying yourself first! If you believe in tithing, then remember not to rob God too.

In all you do, carry your wife along. Remember that it takes the two of you to make it work. I have said all this on the assumption that you are currently spending 50-90% of your income. If you earn reasonably well, then I think you are just fine. You may still want to watch your expenses.

Cheers!

e fit be say you be real super brain O!, @ poster, if you take anything short of this advice, you might be on your own.

Super brain, well done.

although, all seem to have been said, but let me just add, carrying your spouse along could entail starting a secondary source of income for your family, NO MATTER HOW SMALL. the challenge in this regard is starting it, the zeal to start, some call it fear of the unknown, you would be amazed how you can latch on that secondary source in the future when successfull.

superbrain thanks once more, I too would consider your recommendations , ehen, wheres d gotv office sef, lets cut it slimmer,

Re: Am I Extravagant With N80K And Above Monthly Spending? by Menendez: 8:21am On Oct 18, 2012

holusormi:
so for your mind now,u don dey form rich man abi ?, see all your analysis as e be, person wey get topic sef no analyze him spendings, na you con dey analyze,,, smh for u,, what do you guys gain from lying sef
a person who earns what you claim to earn will never divulge that kinda information online....go and learn how to be a successful liar and please wake up from your daydream and quit smoking whatever it is you are smoking....peace be with you

I will only reply to your comment if u can meet up my class......we're talking serious things here and you are busy hating....while pple are busy working hard to soar highter in life. You're busy seeing sme earnings as impossible.....wotz d big deal with earning what I earn?...call me when you get sme class.

2 Likes

Re: Am I Extravagant With N80K And Above Monthly Spending? by domack99(m): 8:30am On Oct 18, 2012

Most times we don't know we spend much until we check our account balance,i think the best way to go here is to get a Money/expense tracker software like qicken. But you have to know that this software only allow you to monitor your spending and know where your heavy spendings are and its only useful for those who can only control their spending.
But if you can not control your spending it is better to look for how to tie down your money, this can be achieve through life assurance scheme and housing scheme which can also qualify you for tax reduction in Nigeria.

Going through the response to this post you will be amazed on what consume bulk of Nigerians income. Somebody quoted earlier that he spend 10K on internet modem and yet that same person has Blabberry and Ipad and still spend 3k and 8k respectively on their data plan.And lot of people in this category are provided with internet facility at the office. I also notice that there are some Nigerians who do not need more than a Startime TV but are paying huge sum for DSTV.

Another terrible aspect is phone calls, few Nigerians now what package their mobile lines are, few people research what network and what package is best for them all we do is to call and at the end of every month we can not even account for the amount we spend on recharge cards. We subscibe to various data plan with our sophisticated smart phones but never learn to make internet calls through skype, gtalk. yahoo etc at a no or very low cost.

To be finacially secure for three years you have to learn to save at least 60% of your monthly income for atleast five and half years. Though Nigeria factor make this almost impossible because most income earners in Nigeria have several dependant but one fact we have to realize is that we can not solve everyone problem,also most people realize the benefit of savings when they start having responsibilities.

Saving money i must tell you is not really easy but we must learn how to succeed in it in order to survive for any future eventualities or inenvitable like retirement.

Re: Am I Extravagant With N80K And Above Monthly Spending? by ayandee: 9:11am On Oct 18, 2012

Op, I think your wife is prudent considering where u live. I'm a mother of one. I live on the mainland and spend an average of 60k on household expenses. It used to be a bit more until my son stopped wearing diapers. Like someone advised, buy your food and household items in bulk. Avoid insecticides like raid, mortein etc. They are expensive. Use sniper. It's cheaper and effective. Your wife may pick up a job to augment d family income but don't push her too hard.

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Re: Am I Extravagant With N80K And Above Monthly Spending? by optimistD(m): 9:13am On Oct 18, 2012

Bros, bring out a portion u wish to spend 4d month and design all expenses to fall into it exept the unforeseen ones circumstances that may arise. Warren buffet said and I qoute, "spend what is remaining after saving and not saving what is remaing after spending."

Re: Am I Extravagant With N80K And Above Monthly Spending? by fm7070: 9:18am On Oct 18, 2012

@poster,
I think @Omonikiba has given you all you need to learn.
There is nothing much to add except that you should bear in mind that what makes you poor is spending more than you earning.
Saving is very necessary, even if you're earning 10k in a month.

@Omonikiba, I gbadun you wella. You're right on point.

Re: Am I Extravagant With N80K And Above Monthly Spending? by aribisala0(m): 9:28am On Oct 18, 2012

Pay yourself first that means have a form of compulsory saving that should be your FIRST expense. After that try and manage what is left. It does not matter how much you save but ALWAYS save,analyse your situation but even if it is 10000 a month in 5 years that is 600000. It is not a jackpot but it is something. Young people believe they are immortal and will always be in work but ask yourself if you lose your job today how will you survive if you do not find a job for 6 months. In Nigeria if you are young save buy land and develop it at your pace. There are many rural places in Lagos where land sold for under 100000 under Obasanjo's regime and today are up to One million and is still rising Epe,Badagry are sure bankers. If you have the opportunity to borrow money to buy land do so and then make your payments slowly. 80 000 a month is not necessaarily too much but it depends on what proportion of your income it is.Many young Nigerians and indeeed young people everywhere want to own a car,the moment you have kids you have to think seriously about their future too.Analyse whether you need a car and if you really can afford it.

1 Like

Re: Am I Extravagant With N80K And Above Monthly Spending? by keni: 9:58am On Oct 18, 2012

mrrock: @emmy9ite.
If only you know me you will know I' am not somebody that will embark on any business without due verification. Lawyers were engaged, witnesses were called, contracts were signed!. Infact, I' am not the kind of person to remind this sort of things. I have run other successful business and I have told you what my experience on transport business is. Also I have since then met with other former Danfo owners and the story is the same. 99% of the time the drivers will ruin your investment. Again, it's not that the busses woun't make money but the drivers will keep you out of the revenue. They have a format for taking money from you when they want and you can't say NO. Example; they may leave the bus at 3rd mainland bridge by 11.30 pm and call you that there's a problem. Of course the only money to fix the bus will be the only money they were supposed to deliver to you for that day. I excuse your ignorance (not suggesting your're a fool), only someone who've passed through this will understand.
If you want please go and invest in transport business.

When Lastma official and two gun wielding drunk policemen caught my car on a Friday evening on my way home from work I decided not to argue with them because of the drunk policemen, They took my car to there garage and I went home with public transport, the following Saturday I went to bail the car, The guy in charge took a particular interest in my case because as I later discovered 97% of vehicles in their compound were commercial. We got talking and he showed me a commercial transport with the word "LOT" (meaning the drivers/owners refused to come and bail it for more than six months so it becomes property of Lagos state) written at the back so its up for sale at the price of a recharge card but nobody is interested and there were a couple of them like that, I bailed the car went home and told my wife (she doesnt work too) I will buy four for transport but she advised against it, the following Friday I called my mechanic to tell him of my intentions & he advised against it too, then I went back to the lastma office and met with the lastma guy again after telling me the whole procurement process at the Lagos state ministry of transport he asked what I wanted the bus for and when I told him he advised against it that based on his experience as a lastma official, if you are not driving the bus yourself don't bother venturing into the business then went on to tell me different horror stories of this danfo drivers it was only then I back tracked but frankly speaking my eyes are still there

Re: Am I Extravagant With N80K And Above Monthly Spending? by biggie123(m): 11:33am On Oct 18, 2012

salomn: I stay in Sangotedo Lekki area of lagos and work in Lekki Phase1.

I am married with a kid now. Wife is not working.I notice that i do spend atleast N80k and above monthly for the upkeep of the family despite the fact that i dont engage in buying fancy things like clothes,shoes,going to clubs,drinking joints etc.

My expenses centers on feeding,transport fare and extraneous household expenses for three of us.At the end of the month,my expenses will be running atleast 80k and above,atimes it will hit up to 100k,thereby finding it difficult to have savings.

Please am i extravagant and how can i manage spending lower if possible?,how do you manage your monthly expenses pls?

mhen na ur area oooo undecided

Re: Am I Extravagant With N80K And Above Monthly Spending? by henryboff(m): 12:27pm On Oct 18, 2012

Hey poster, I think this depends on how much you earn. If you earn 85K and spend 80K then I would say you have a problem. But realistically, I do not think that spending 80K monthly is extravagant. Based on the fact that you have a wife and kid, I actually think that you are quite frugal. But like I said earlier this all depends on your income.

Re: Am I Extravagant With N80K And Above Monthly Spending? by mrrock: 12:44pm On Oct 18, 2012

@keni.
As you can see anybody who know about Danfo business will never encourage you to buy a bus and give to someone else to drive for you. Once you buy the bus and give out to a driver you have started a business for the driver and not for yourself. He will make sure he buy his own bus off it within 6 months while leaving you with nothing. The experience was very cruel!.

1 Like

Re: Am I Extravagant With N80K And Above Monthly Spending? by salomn: 3:03pm On Oct 18, 2012

I am very happy for all the contributions so far.Nairaland is great.All the advice teaches a lesson and very helpful.One thing is that there are atimes no matter how you try to adjust,you must spend it,you will try all you can to manage yet atimes unexpected expenses must occur.

Re: Am I Extravagant With N80K And Above Monthly Spending? by NosaHenry(m): 6:33pm On Oct 18, 2012

Try and look for other ways to make more money, if you do that and more money start coming in, 80k will be like change in your pocket. This should be the dream of everyman.

Re: Am I Extravagant With N80K And Above Monthly Spending? by StPete: 3:58pm On Oct 23, 2012

Menendez: Pls teach me how you do it.....Ok just a bit of my monthly profile (datz d ones I can remember)
Food Stuff:- 40k (Shoprite tins )
Internet:- 10k
PHCN:- 5k
DSTV:- 12k+
My Mother's Allowance:- 30k
My Mother's househelp:- 10k
My Mother's Driver:- 15k
Tithe:- 115k (My pastor says datz God's share)
Dog Food:- 5k (They're russian breed so they dnt eat most nigerian food)
Diesel for Generator:- 20k
Fuel For Car:- 20k
Girlfriend:- Well, she says she doesn't need my money so we just go out occasionally say 10k

Point is, I cant do without sme of these stuffs but I really need to cut down.
Spending 80k a month is my dream saving plan.....so I would be really happy if I were to save as much as urself.....better be happy dude.

couldn't stop laughing at that highlighted sentence..gosh!

Re: Am I Extravagant With N80K And Above Monthly Spending? by Jambsupport(f): 8:18pm On Oct 23, 2012

rusher14: Single, live in Lekki and definitely spend more than 120k monthly. I really don't know how to manage especially with power failure and all.

advert. rubbish

Re: Am I Extravagant With N80K And Above Monthly Spending? by knowyaself2(m): 6:55pm On Aug 01, 2019

222Martins:
Your expenses is quite low compared to your locality. Well, i think you can begin by encouraging your wife to support the family income by getting a job.

Re: Am I Extravagant With N80K And Above Monthly Spending? by breadplanets(f): 9:43pm On Aug 01, 2019

Menendez:
Pls teach me how you do it.....Ok just a bit of my monthly profile (datz d ones I can remember)
Food Stuff:- 40k (Shoprite tins )
Internet:- 10k
PHCN:- 5k
DSTV:- 12k+
My Mother's Allowance:- 30k
My Mother's househelp:- 10k
My Mother's Driver:- 15k
Tithe:- 115k (My pastor says datz God's share)
Dog Food:- 5k (They're russian breed so they dnt eat most nigerian food)
Diesel for Generator:- 20k
Fuel For Car:- 20k
Girlfriend:- Well, she says she doesn't need my money so we just go out occasionally say 10k

Point is, I cant do without sme of these stuffs but I really need to cut down.
Spending 80k a month is my dream saving plan.....so I would be really happy if I were to save as much as urself.....better be happy dude.

Your tithe is 115k and your give your mom 30k monthly allowance? Abi na daily allowance you mean shocked

Re: Am I Extravagant With N80K And Above Monthly Spending? by wonlasewonimi: 9:54pm On Aug 01, 2019

breadplanets:
Your tithe is 115k and your give your mom 30k monthly allowance? Abi na daily allowance you mean

Pastor don get his root password.

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