Are you financially stressed? Are you spending more than you earn? Are you living pay check to pay check? Do you want to live a fulfilled balanced life?

Or do you want to get married but you are scared of the wedding costs? or are you stressed out and want a holiday but then you think you can not afford one?

Ask me any question on personal finance and I am here to answer all. I am AKAglue, your personal finance coach.

I am starting this tread because I see a lot of threads with the following topics;

- Can I get married and raise a family on a monthly income of N80,000.
- I want to get married but I don't have money for a wedding.
- Should I buy a car or buy a land?
- How do I start saving and Investing?

Start sending in your questions now and AKAglue will help you with answers and with practical tools to help you live a fulfilled balanced life.

www.akaglue.com

Are u a prophet, pastor or native doctor??

@ chopet, I am an accountant and a personal finance coach.

ok

akaglue:

i'm a public servant that earns #80,000. i've been working for 2yrs 7months now & i have no savings, no investiment, i leave on "pay check to pay check".
i'm married anyway (8months old).

how will i be able to start savings & probabily invest? knowing the cost of living

thanks

mdbissalla:

i'm a public servant that earns #80,000. i've been working for 2yrs 7months now & i have no savings, no investiment, i leave on "pay check to pay check".
i'm married anyway (8months old).
how will i be able to start savings & probabily invest? knowing the cost of living
thanks

1. Never spend more than you earn.
2. Always save first before you start spending. A lot of people including you try to save what is left after spending which is WRONG. Spend what ever you have left.
3. Draw up a budget and resolve to stick to it. I have attached a sample family budget spread sheet. Play around with it and arrive at the right % for each expense head.
4. It is never too late, start saving now and ensure you are consistent (monthly) no matter what. Open a separate savings account for your savings, once u get to 100k, put it in a fixed deposit and unleash the power of compounding interest. http://akaglue.com/start-investing-now-and-unleash-the-power-of-compound-interest/
5. Live within ur means. For your income level, ur house rent should not be more than 150,000/ annum. (i.e ur house rent should not be more than ur 2 months salary) Anything above that will stress u.

akaglue:

.......
5. Live within ur means. For your income level, ur house rent should not be more than 150,000/ annum. (i.e ur house rent should not be more than ur 2 months salary) Anything above that will stress u.

thanks for your responds!
i actually my rent is 3month of my salary.

i've downloaded the SampleFamilyBudget.xlsx. i will study it & get back to you incase of any need explanation.

tnx once again, you never can tell how this will help me.

Hello Akaglue!

Based on the tips you gave to mdbissalla, like how much will i get on placing my 100,000 on a fixed deposit account? That is whats the interest percentage pls?

Uchefrancis16:
Hello Akaglue!
Based on the tips you gave to mdbissalla, like how much will i get on placing my 100,000 on a fixed deposit account? That is whats the interest percentage pls?

You should be able to get 4-6%. Don't be discouraged at the small amount of interest. Remember it's an investment and it is best you compound the interest.

akaglue:

i've gone through/studied the SampleFamilyBudget.xlsx you sent. i'm ok & much comfortable with it. it something that i can adhered to. tnz.

is there any thing you will like to share with me which may assist me in savings

regards

mdbissalla:

i've gone through/studied the SampleFamilyBudget.xlsx you sent. i'm ok & much comfortable with it. it something that i can adhered to. tnz.
is there any thing you will like to share with me which may assist me in savings
regards

Once you get ur salary. Save a percentage of it. Put it in a different account. Make sure the account does not have an ATM.

Please who stole the money that was under my matress?

Uchefrancis16:
Hello Akaglue!

Based on the tips you gave to mdbissalla, like how much will i get on placing my 100,000 on a fixed deposit account? That is whats the interest percentage pls?

Instead of fixed deposit, you can buy treasury bills. It yields more income

Kimoni:


Instead of fixed deposit, you can buy treasury bills. It yields more income

Exactly!
Though,left to me,i will put it into any biz that will yield good income than treasury bill.

How r u and family?
U no dey sleep?
How baby?

moca:

Exactly!
Though,left to me,i will put it into any biz that will yield good income than treasury bill.

How r u and family?
U no dey sleep?
How baby?

Moca!!!!

Business is the most profitable but also very risky. One has to be really sure of the business



I am typing with one hand oo and carrying him with the other hand. He sleeps around midnight though.

And you? How are you and our angel? How is vigilante going? Hope you are getting small small sleep sha

It is well with us

akaglue:


Once you get ur salary. Save a percentage of it. Put it in a different account. Make sure the account does not have an ATM.

What can i do for investment with 8 million ngn? Currently it's in fixed deposit, but the interests at the end of the month is rather small. Is there anything else you can advise?

In fact this has given me a clue on how to solve my financial problems.

akaglue:


Once you get ur salary. Save a percentage of it. Put it in a different account. Make sure the account does not have an ATM.

thanks

When should I send my account number? I use GTB.

@akaglue,

Keep up the good work

Well done akaglue I really love the concept of your blog. So refreshing and different. A welcome break from the usual 'aproko' and 'amebo' things . I like the part where you said ' call me stingy' Nigerians call anyone who sticks to a budget 'stingy or akagum' like your username.

Keep at it, the sky is your limit.

I follow a lady on Instagram, she is an American of Nigerian Origin and she started something similar. She has now actually quit her job as a teacher and travels all over the States and internationally giving talks on how people can manage their personal finances. She is called The Budgetnista. She is getting loads and loads of sponsorships from so many Financial organisations


Or Like Martin Lewis here in the UK ( the money saving expert). He is the go to person for all money saving tips and is regularly featured on most TV stations.

Hello Akaglue, I love your blog and comments. You are a rare gem. I have so much to learn from you- and I think we have some things in common.

After reading your blog, I discovered that I have wasted over N1000 today on food. I am determined from now on to be frugal in terms of spending.

My daughter's 1st birthday is in two weeks time. I am thankful enough that it falls on a week day, but I don't want to spend so much on it- even though she will be celebrating it in school.
Also, I am going to the Lagos Island this weekend to buy baby things (I am pregnant). I intend to buy within my budget.

What suggestions do you have for me based on the aforementioned?

@Akaglue, you are doing a very nice job here and I really appreciate it. I want to get some information about treasury bills. I was told if someone buys the bond with say 100000 naira, the bank will pay the buyer 10% of that amount upfront and the money will mature in 90 days. This they say is like getting 10,000 naira every 3 months for the 100000naira invested.

(Pardon my terminologies but I hope you understand the question)

Akaglue, loved your blog and I really appreciate those candid advice u gave. Pls keep it up.
I want you to help with some lists of investment one can simply go into to earn more income. Bless you.

Where is my chair? I want to learn. @akaglue thanks for saving a soul.

really lovin dis, knwledge is indeed power

@swimcash, @momasenny thank you.

samalive:
Akaglue, loved your blog and I really appreciate those candid advice u gave. Pls keep it up.
I want you to help with some lists of investment one can simply go into to earn more income. Bless you.

Thank you for visiting and loving my blog. I appreciate my dear readers. Please note that I am not into forex trading. I am an accountant and also a personal finance coach. So if u are looking for fast cash with huge returns, I can't help. I advice mostly people that are risk adverse, people like me that are ok seeing their money grow.

If you have a large sum for invest, you can diversify. put some in treasury bills, put some in mutual funds, put some in the stock market, have a personal pension savings. etc.

mentorandfriend:
But you're surely not a female. No vex!

Hahaha, I am very much a female. visit my blog and read about me.. I am not faceless. www.akaglue.com

Braaad:
@Akaglue, you are doing a very nice job here and I really appreciate it. I want to get some information about treasury bills. I was told if someone buys the bond with say 100000 naira, the bank will pay the buyer 10% of that amount upfront and the money will mature in 90 days. This they say is like getting 10,000 naira every 3 months for the 100000naira invested.

(Pardon my terminologies but I hope you understand the question)

yes it is very true. You get ur interest rate before maturity for treasury bills and it is not taxable.

Mind you, interest rate is per annum, so 10% is per annum. so every quarter your interest will be like 2,500. i.e assuming interest is 10%.

feature11:
Hello Akaglue, I love your blog and comments. You are a rare gem. I have so much to learn from you- and I think we have some things in common.

After reading your blog, I discovered that I have wasted over N1000 today on food. I am determined from now on to be frugal in terms of spending.

My daughter's 1st birthday is in two weeks time. I am thankful enough that it falls on a week day, but I don't want to spend so much on it- even though she will be celebrating it in school.
Also, I am going to the Lagos Island this weekend to buy baby things (I am pregnant). I intend to buy within my budget.

What suggestions do you have for me based on the aforementioned?

I hope my response is not too late. Thank you for loving my blog.

1. You should have a maximum amount (budget) that you intend to spend on your daughter's b.day.
2. Get a nice cake and party parks.
3. You can take pictures with your phone and go print yourself. (I did that myself for my daughters b,day)
4. Buy snacks and drinks should be included in the party parks.
5. You can buy this colourful cone hats, just to make the event look colorful.

It's a good thing you want to be more frugal in your spending. You are a financially virtuous woman.
I have new blog posts, do visit and comment. www.akaglue.com