I know this question sounds ridiculous, I've been working for the past one year, my monthly salary is 150,000 making it 1.8m PA.

the funny thing is I really don't have any savings, am not the fashion type neither do I womanize, so that's not where the bulk of my money goes. Am currently in a relationship but she doesn't demand so that's also not the cause.

I tried putting aside a certain percentage but that didn't work, the thing is at the end of the month I write down all I've spent my cash on, I can't seem to find the one I would've done away with or the one I'll say was a waste.

Am also the youngest, so no responsibility for me..

Any ideas please, no insults

Thanks

therealMcCain: I know this question sounds ridiculous, I've been working for the past one year, my monthly salary is 150,000 making it 1.8m PA.

the funny thing is I really don't have any savings, am not the fashion type neither do I womanize, so that's not where the bulk of my money goes. Am currently in a relationship but she doesn't demand so that's also not the cause.

I tried putting aside a certain percentage but that didn't work, the thing is at the end of the month I write down all I've spent my cash on, I can't seem to find the one I would've done away with or the one I'll say was a waste.

Am also the youngest, so no responsibility for me..

Any ideas please, no insults

Thanks

Do you live alone?

Use excel to work out your monthly budget and simply stick to it
We can't simply throw figures at you since we don't know what your essential outgoings are.
You should always save a greater % of what's left of your monthly income after all outgoings are taken care of.

Save 100hundredthousand and use 50thousand for ur feeding and watever for a month

ledafaze:

Do you live alone?

Not really, I don't pay rent, just light bills 4k max, fuel 4k,
cooking gas 3k, just little stuffs like that
Recharge cards 13k max, (this fluctuates, it
used to be higher than this, but on the average
let's say 5k)

This is the formular that works for me and I have been doing that since I was earning N75k/month:
SAVE FIRST!
I simply decide what I intend to save before I even begin to look at my expenses. In my case I save 2/3 of what I earn.
Then you make your budget on what you have left. What ever you cant cater to from the rest you simply cant afford.

Its clear you dont know where the money goes.

I suggest you operate a thrift with credible colleagues. It automatically takes off a large portion of your salary. I started with 30k salary, although I earn 5x more now but I still maintain my 30k salary range monthly. Its not easy though but I have been able to do alot, acquire properties and seriously it helps.

You can have a Target account also, which u dump in cash and cant remove for a period of time. Its discipline but once you know where u are going then its quiet simple. Not many people are lucky to earn up to what you do get, but the truth is Life has its ways, u might blow higher or go down so make use of what u have right now.

Takea.

Remember to pay ur tithe always, that all may be in order!

emmaseyi: Remember to pay ur tithe always, that all may be in order!

Thanks, my offering & tithes are in order.

My brother, it's not easy to save money. It also happened to me.All I wanted was to limit the cash at hand at all times;because if u have cash, u must find a reason to spend. My formula to solving the problems was this. I opened a Contract-Save account with my bank; which I automatically withdraws #40,000 monthly from my salary account. I couldn't withdraw till after the 1 year contract. Then I also had about 80,000 left- all I judiciously needed on a month was around 35,000. So I obtained salary loan of #1million naira for 3 years. I used the money to buy a plot of land close to a growing city in the East.after 3 years, I paid the loan fully. Today the land is being priced about #1.6m. I don't want to resell. I also realised close to a million from my contract save acct in 2 years. I used the contract save money to buy palm oil in drums(32 drums) during february last year @ 32,000 per drum. And sold @ 49,500 @ december. It helped me buy a car an. I work with a brewery company where I did my NYSC. And with my little income,I have so much to look at. Most importantly I went for DE and converted my HND to B.Eng. I hope this formula would be helpful.

^^^^ thanks man, I've gained some insights

Rolax: My brother, it's not easy to save money. It also happened to me.All I wanted was to limit the cash at hand at all times;because if u have cash, u must find a reason to spend. My formula to solving the problems was this. I opened a Contract-Save account with my bank; which I automatically withdraws #40,000 monthly from my salary account. I couldn't withdraw till after the 1 year contract. Then I also had about 80,000 left- all I judiciously needed on a month was around 35,000. So I obtained salary loan of #1million naira for 3 years. I used the money to buy a plot of land close to a growing city in the East.after 3 years, I paid the loan fully. Today the land is being priced about #1.6m. I don't want to resell. I also realised close to a million from my contract save acct in 2 years. I used the contract save money to buy palm oil in drums(32 drums) during february last year @ 32,000 per drum. And sold @ 49,500 @ december. It helped me buy a car an. I work with a brewery company where I did my NYSC. And with my little income,I have so much to look at. Most importantly I went for DE and converted my HND to B.Eng. I hope this formula would be helpful.

Bro where did you buy the palm oil and where did you sell?

I bought the palm oil from local palm oil dealers inside villages in Osisioma close to Aba. They sell in 25 litres can; around #2700 to #3200 per can. You just keep the empty drums with them. A drum is about 210 litres.that's about 8 cans. When they fill the drums with palm oil, u pay them and carry your oil to a safe place. It is advisable to buy during March to May because @ that time palm plantations do well, there are enough palm oil available and prices are low. So, keep ur drums of oil in a safe place until around October to December when prices hike, depending when u are comfortable with the selling price. If u want to sell, contact dealers selling in the north to come and buy the oil. Selling is never a problem, a lot of buyers would be ready to pay. They'll pay based on the current price. There are other places u can buy cheap cuz they have a lot of palm plantations like Ohaji-Egbema and Umuagwo, close to Imo State Poly in Imo state. If u want to do the biz, u can start saving now for March next year. It is the kind of biz we public servants can do cuzz it does not require our presence though it's a long term one.

Rolax: I bought the palm oil from local palm oil dealers inside villages in Osisioma close to Aba. They sell in 25 litres can; around #2700 to #3200 per can. You just keep the empty drums with them. A drum is about 210 litres.that's about 8 cans. When they fill the drums with palm oil, u pay them and carry your oil to a safe place. It is advisable to buy during March to May because @ that time palm plantations do well, there are enough palm oil available and prices are low. So, keep ur drums of oil in a safe place until around October to December when prices hike, depending when u are comfortable with the selling price. If u want to sell, contact dealers selling in the north to come and buy the oil. Selling is never a problem, a lot of buyers would be ready to pay. They'll pay based on the current price. There are other places u can buy cheap cuz they have a lot of palm plantations like Ohaji-Egbema and Umuagwo, close to Imo State Poly in Imo state. If u want to do the biz, u can start saving now for March next year. It is the kind of biz we public servants can do cuzz it does not require our presence though it's a long term one.

Am certainly giving dis some serious thoughts! Thanx Rolax

Rolax: I bought the palm oil from local palm oil dealers inside villages in Osisioma close to Aba. They sell in 25 litres can; around #2700 to #3200 per can. You just keep the empty drums with them. A drum is about 210 litres.that's about 8 cans. When they fill the drums with palm oil, u pay them and carry your oil to a safe place. It is advisable to buy during March to May because @ that time palm plantations do well, there are enough palm oil available and prices are low. So, keep ur drums of oil in a safe place until around October to December when prices hike, depending when u are comfortable with the selling price. If u want to sell, contact dealers selling in the north to come and buy the oil. Selling is never a problem, a lot of buyers would be ready to pay. They'll pay based on the current price. There are other places u can buy cheap cuz they have a lot of palm plantations like Ohaji-Egbema and Umuagwo, close to Imo State Poly in Imo state. If u want to do the biz, u can start saving now for March next year. It is the kind of biz we public servants can do cuzz it does not require our presence though it's a long term one.

bad sharp guy..... Nice one

Its a nice 1. I wud nt mind investin in ds
.If dr any oda info abt it lemme knw.

oluks05:

Am certainly giving dis some serious thoughts! Thanx Rolax

Rolax: I bought the palm oil from local palm oil dealers inside villages in Osisioma close to Aba. They sell in 25 litres can; around #2700 to #3200 per can. You just keep the empty drums with them. A drum is about 210 litres.that's about 8 cans. When they fill the drums with palm oil, u pay them and carry your oil to a safe place. It is advisable to buy during March to May because @ that time palm plantations do well, there are enough palm oil available and prices are low. So, keep ur drums of oil in a safe place until around October to December when prices hike, depending when u are comfortable with the selling price. If u want to sell, contact dealers selling in the north to come and buy the oil. Selling is never a problem, a lot of buyers would be ready to pay. They'll pay based on the current price. There are other places u can buy cheap cuz they have a lot of palm plantations like Ohaji-Egbema and Umuagwo, close to Imo State Poly in Imo state. If u want to do the biz, u can start saving now for March next year. It is the kind of biz we public servants can do cuzz it does not require our presence though it's a long term one.

Rolax: I bought the palm oil from local palm oil dealers inside villages in Osisioma close to Aba. They sell in 25 litres can; around #2700 to #3200 per can. You just keep the empty drums with them. A drum is about 210 litres.that's about 8 cans. When they fill the drums with palm oil, u pay them and carry your oil to a safe place. It is advisable to buy during March to May because @ that time palm plantations do well, there are enough palm oil available and prices are low. So, keep ur drums of oil in a safe place until around October to December when prices hike, depending when u are comfortable with the selling price. If u want to sell, contact dealers selling in the north to come and buy the oil. Selling is never a problem, a lot of buyers would be ready to pay. They'll pay based on the current price. There are other places u can buy cheap cuz they have a lot of palm plantations like Ohaji-Egbema and Umuagwo, close to Imo State Poly in Imo state. If u want to do the biz, u can start saving now for March next year. It is the kind of biz we public servants can do cuzz it does not require our presence though it's a long term one.

thanks rolax for d info, i want to knw if palm oil spoils and a way to preserve d oils thanks

It has a span of at least one year. U don't have to worry about it's expiry.

For preservation, just keep the drums of oil either inside the house or outside under the shade of a tree to avoid direct sun heat.

Learnt more dan a lot from dis...dou I rounded off ma nysc in Afugiri girls, Umuahia north lga n am currently seeking employment .Buh with dis I am already deriving a hypothetical formula for savings .Thanx

First, if you are a Christian and believe in tithe, start paying it now, every month. Then ensure you 'pay your self' first before any expenses. This implies putting away a %age (at least 10%) of your salary to be invested later. Do you work with a budget? If not, start immediately. Your budget must be done about a week before pay day. Good a thing you already know most of your routine expenses, so follow through by apportioning the funds accordingly. You can go further by tracking you daily expenses to know where most of the funds are going. You and your gal may not be the problem, it could be friends and relatives that keep requesting or borrowing and never pay back. You may wish to review the expenses you make on some things. Say phone calls are they absolutely necessary. Well, you can do it as the advice here are all in line with a step in the right direction. Finally, educate yourself on money. I recommend books like Rich Dad, Poor Dad and The Richest man in Babylon, if you haven't read them already. But then the wisdom is in the practice not the mere knowledge. Good luck!

^^^ thanks man

Join a reputable co operative society and save with them a fraction of your salary. If u ve one in your company u can join them. U over spend simply bc u ve a lot of idle cash in ur savings acct n u dnt ve a monthly budget. Co operative society gives u access to loan witout collateral n at a good interest p.a which u can use to acquire assets.

Bros approach your company for a loan of 600K at least then instruct the accountant to deduct 50k from your monthly salary for the next 12 months.thank me later

R

therealMcCain:
I know this question sounds ridiculous, I've been working for the past one year, my monthly salary is 150,000 making it 1.8m PA.

the funny thing is I really don't have any savings, am not the fashion type neither do I womanize, so that's not where the bulk of my money goes. Am currently in a relationship but she doesn't demand so that's also not the cause.

I tried putting aside a certain percentage but that didn't work, the thing is at the end of the month I write down all I've spent my cash on, I can't seem to find the one I would've done away with or the one I'll say was a waste.

Am also the youngest, so no responsibility for me..

Any ideas please, no insults

Thanks

Learn how to make $1000+ per month with kindle publishing

https://www.nairaland.com/5087280/how-make-1000-each-month

That's interesting. Do you mind posting the list of what you spend monthly? It will help us know what to cut and what to leave.

therealMcCain:
I know this question sounds ridiculous, I've been working for the past one year, my monthly salary is 150,000 making it 1.8m PA.

the funny thing is I really don't have any savings, am not the fashion type neither do I womanize, so that's not where the bulk of my money goes. Am currently in a relationship but she doesn't demand so that's also not the cause.

I tried putting aside a certain percentage but that didn't work, the thing is at the end of the month I write down all I've spent my cash on, I can't seem to find the one I would've done away with or the one I'll say was a waste.

Am also the youngest, so no responsibility for me..

Any ideas please, no insults

Thanks

Invest in assets that'll pay you while you sleep.

I first full-time job after I graduated was a consulting job where I was making N18m per year.

While my colleagues were busy buying cars/houses I invested in a business..kindle publishing (this was back in Nov 2016).

It was difficult at first juggling my job and the business but eventually, I grew the business to a point where I was able to quit my job and go full time with my business.

Fast forward 3 years later and I now make more than twice my salary in my business.

If you ever hope to achieve financial freedom, you need leverage - a highly scalable business.

Self publishing did it for me...its up to you what vehicle you want to use to achieve yours.

You're still young and you've started off well...don't waste it. Save like crazy and invest like your life depends on it

therealMcCain:
I know this question sounds ridiculous, I've been working for the past one year, my monthly salary is 150,000 making it 1.8m PA.

the funny thing is I really don't have any savings, am not the fashion type neither do I womanize, so that's not where the bulk of my money goes. Am currently in a relationship but she doesn't demand so that's also not the cause.

I tried putting aside a certain percentage but that didn't work, the thing is at the end of the month I write down all I've spent my cash on, I can't seem to find the one I would've done away with or the one I'll say was a waste.

Am also the youngest, so no responsibility for me..

Any ideas please, no insults

Thanks

Bruv.... you need to save !! And not just save. Let your savings somehow find its way into investment. For this cause is bigger than just you.
Yearly, in this country we have over 200,000 school leavers without half the number of Job openings for them.
Guess what?
The number is increasing and in few years from now the spiral effect of this unemployment would soon get to us so long as generations keep recycling.

I’m not even asking you to invest with us, but you generally need to invest. So does everyone on this thread. Put our earnings and savings to good use such that you can provide job opportunity for at least 1/2 people.
This would pay at the long run.
Ask Warren Buffet.

Even if you do not see a reason to save due to self sufficiency, do it for the sake of Nigeria and what it’s becoming.