Shifiunited: Imagine this forum is full of educative thread like this, not......

acidtalk: * Never Buy things because they are in vogue : There's always a newer version of every phone, tablet, Laptop, car, wristwatch, hand bag, jewellery you buy. If you have a blackberry bold 4 that is working perfectly, why want to buy a Bold 5, 6, touch 1,2 and 3 Z10 and iphone 5 just to prove to people you are a big boy or girl.

Don't forget those people producing these things keep producing the same thing (with extremely few changes) just to remain in business, pay staff and make profit. Using a phone for a whole year or more doesn't make you less of a successful person.

Have you noticed that most employees use phones far more expensive than their employers? Does is now prove they are more successful than their employers? The answer is NO!

Most people acquire things thinking they can get respect and honor from it whereas a successful person let's his/her her bank statement, investment and connection speak for them.

* Never always be the one to foot the bills when you go outing with friends : I learned this a very long time ago. When you go out socializing with friends never be the one to always foot the bill. It is always better to have an agreement with everyone that each person should pay for whatever they ordered. It doesn't make you stingy or callous, it only means you are financially intelligent. You will be amazed to discover that so many people never get to eat or drink as much or expensive when they are being for it by themselves. A guy who averagely drinks 5 FREE bottles of beer will only order for one and sip on it for over 2 hours when he knows he is the one to pay for his drink.

vivacious vivi: Thanks so much. Learnt a lot from this.
However, I learnt very recently from Yahoo News that having multiple bank accounts make u spend more. So there is a paradox somewhere!

mollytinrox: Thanks a lot, acid.

This topic did justice to my nights of sleeplessness over how to save for what and when. And how come I never thought about teaching my son how to save?

In short, take a hug!

Omokaro2acca: The interest rate of savings a/c in Nigeria is not encouraging saving culture at all. I save 200K. And wen I saw what is coming from that a/c. I grew angry and spent the money carelessly.
We should rather invest than save money.

hohafrank: acidtalk, God bless you for this write up.I was a victim of being used by friends and relatives, in-laws inclusive.I made million of money yet i spent all on people until I lost my job and abandoned by all.I must surely put them into use.

hohafrank: acidtalk, God bless you for this write up.I was a victim of being used by friends and relatives, in-laws inclusive.I made million of money yet i spent all on people until I lost my job and abandoned by all.I must surely put them into use.

acidtalk:

Let her save at least N5,000 every single month. At the end of the year she will confidently have N60,000 stuck up somewhere as savings. It looks quite small yes but could do a whole lot incase of unforseen circumstances and emergency.

Note, the earlier she starts to save the better considering the fact that she is squatting qith someone. If the person(s) she is squatting qith aren't her parents then there's a extremely high possibility of them throwing her out of their house one day.


Most businesses in Nigeria her setup from savings as banks, relatives and family members are not likely to lend someone money to startup. So if she is looking at starting up a business, the earlier she starts saving as little as N5,000/month the better for her.

acidtalk: When I saw a thread yesterday of a young man who is very uncomfortable because he isn't saving as much as he really desires.

I have gone through that road before. I read All the books you can think of on Money, Finance Management, Business, Entrepreneurship, Investment, Network Marketing and Savings. Inshort currently I have over 1,300 books of such books in my private library but the truth still remains that there are way more little (nitty gritty) things one must put up as a new attitude in order to break through the habit of not being able to save.

Below are some very most important things (steps) you need to take to see a considerable change.

First and foremost, I want to first bring your attention to the fact that MOST people still don't know the difference between NEEDS and WANTS.

Needs : this are those essential things they you most likely can't do without I.e, transport fare, Feeding, House rent, Certification or Professional courses, Utility bills (PHCN, Water, Recharge card, Internet).

Wants : this are things that we get to help us feel better in our social life. Sometimes we think we can't do without them or they are very important but as soon as they are paid for, we realize that we could have used the money to pay for more essential things. Examples of wants are 'excess' clothes or fashion accessories, communication gadgets (Phones, tablets, ipod, itouch, camera), eating outs (eatries, pizza/shawama joints, suya spots),excessive clubbing, Satallite TV subscription e.t.c.

Below are immediate steps to take to curb excess spending :


* Have at least THREE bank accounts in different banks. If at all you want to have an ATM card have it for ONLY one of the accounts. One account should be for very long term expences I.e, house building projects, towards starting a business, planning for your wedding,retirement plan.

The 2nd account should be for average long term projects I.e House rent (once a year), buying a car, Going for pilgrimage, vacation.

The 3rd account should be for your monthly expenses I.e, transportation, recharge card, internet, Cable TV, clothes, fueling of car/generator, feeding, and alms giving (charity, tithe, allowance to parents, siblings and relatives).

NOTE : you should only have an atm card for this 3rd account and no other account.


* Have A Budget : everything in life is all about planning, there's an adage that says "he who fails to plan, plans to fail". Budget and budgeting is an Extremely important part of planning to have a profitable business, happy marriage, successful career and every other facet of life.

Ensure you have a budget for every single day, week, month and even year. To be very honest, keeping budget is a very difficult task but with discipline and determination, it is very possible and worthwhile.

You MUST STOP Impulse spending as that is the only barrier between a rich man and an average man.

A rich and successful man will NEVER enter a shop/market/mall to pay for what wasn't initially on is to buy list no matter how fine or attractive the item is, unless he thinks he is getting it far cheaper than the usual price.



* Have more friends who are more Business inclined than Social inclined : if. I tell you today that this is the MAIN reason why some people will most likely never have a breakthrough in life.

"Show me your friends and......" Also "Birds of a feather......".

As funny or strange as it may sound, you will NEVER find the likes of Dangote, Jimoh Ibrahim, Jim Ovia, Tony Elemelu, Otedola and others going to a social gathering or event without the intention of coming out from that event being more successful. They always and only go to events to Network (expand their business horizon), track than someone of great relevance to them (I.e, a top Custom Boss, CBN director, Governor, Minister and the rest). If They weigh their option and see such invent will not benefit their business and financial status, trust me, even if Queen of England or Obama will be present they will not step foot there.

So many of us today gather friends (majority of whom are not useful) just as a symbol to prove how social and friendly we are. Some people have been going to Viweing centre every single saturday for the past 10years to argue about EPL matches and all through thos years they have NEVER benefited one single positive thing be it contract, admission, business or finance from the people they meet there and yet they still claim they can't do without going to viewing centers to watch match. The people you have been going to scream your voice out are getting paid and become richer whereas the same can't be said about you.

yemmyyy: very inspiring piece.Though i have 3 bank accounts but due to the long queues at these banks i was discouraged to keep up my savings.i had to visit a carpenter shop one day to construct four (4)wooden save boxes (kolo in yoruba) for me. since then i have been saving more than 5k per month into all these boxes.

Twenty5:



Thank yoi sir.i posted the thread you saw about maintaining my saving habit,am blessed with your indelible ideas shared on it and i think i now know where am making mistake.But is it not possible to have one account instead of three and applied discipline?

andyzoga: Though, we've shared different views on national issues but I must say this is the most intelligent post I've ever read on this forum. Thumbs up for u,acidtalk.