@Op


I will suggest you visit your bank of salary domiciliation and find out if they have a form of compulsory savings which you won't have access to till after the maturity date. If they do you can request that a standing order be placed on your account, so that immediately the salary comes in,a certain amount as suggested by you be deducted every month. My bank does a minimum of 5k. It can vary depending on the bank.


Also after the maturity date for this savings lapses,in order not to spend it you could either put it in a fixed deposit on auto-rollover or do the money market. The interest isn't that good if your money is small but it helps in ensuring you don't have easy access to the savings.



I am not that good at saving myself,so far this two options have been working for me. You can give it a try. The first deduction might be come as a shock and you could end up being broke before the month runs out but don't be tempted to liquidate. You will adjust eventually.

bettercreature:
You are on point! he should continue searching for job, 50k is not a good salary in this harsh Economy,that is less than 200$

op pls ignore dis one...his type r dese jobless ones dat will give u advice asif they r dangote's P.A.... yet dey r still eating 'mummy thanks'


a job of 50k in dis our econony...my dear...u re good!!...

tin is...find out dose things dat make u spend money all d time..device an alternative..ask ur self...how would i do dis if i earn 30kk..??

find a cooperative organisation dat u pay some substantial amount into monthly...cos d tin with money is...once its around u..one tin must come up dat will make u squander it all

limit ur excesses...do d ones u can..nd leave d rest for a better time..if my cousin earning 35k a month could save about 200 thousand a yr...

u can do better...it all depends on u

You have to lecture everybody depending on your salary to take a chill pill for you. Because if you do not have a Job, they will look elsewhere. Give them the notion that all is not well with ur salary. Let them understand that you have to save. At times you may lie that your salary has not being paid for months, else you won't have anything to brag for. And also pay your tithe regularly

ojobabafemi:
Start thinking of another source of income apart from your salary,there will always be bills to pay every now and then, don't dull yourself

This .
Do what Nigerians abroad do in order to stabilise themselves.
Look for something else to do to augment Your income.
The best ideas do not require a lot of money.
Be ready to make sacrifices to achieve those goals .
Saving money is not exactly the best idea .
Investing is .
Do not wait to save N100000 or N100000000000
Use your 20,000 now .
Invest in something you can flip quickly .
Research and invest
If you have a family land somewhere, Agriculture is a good idea . Use the internet to research modern farming techniques.Many nairalanders are doing great stuffs in agriculture.

@ TomorrowToday.
Welcome to the real world Bro.
You're closer to the start of the "learning curve", but believe me, you have started quite well. You have acknowledged your challenge and been humble enough to seek help so I believe strongly that you're on the right path.
Here's my advice. Buy the book "Richest Man in Babylon ". It teaches best the rudiments of finance and instills in one good financial discipline to anyone who follows the principles.
I wish you the very best in your endeavours. Cheers!

The simple and easy way to form the habits of saving a little bit is to stay away from emotional spending even when the call arises since you don't have additional or extra income. And you need to be self determined and discipline in terms of your spending. And make sure you're familiar with some investment that will yield additional income for you when you have save some money. Buy what you need not what you WANT for now. And in all, try at least to pray once in a day to seek the grace and favor that will surpass your monthly income. It is well!

My brother investments remain the surest way of savings. if u ve a biz and u add small small cash to it everymonth. my brother before the year runs out re-evaluate ur biz and thank God.

TomorrowToday:
Hi all,

I consider myself lucky to get a job after 5 months I finished NYSC, with an industry standard pay above N50,000 monthly. Eventhough like 2 months salary is being owed.

Furthermore I have worked for 6 months and am not thinking of changing job soon.
Reason being that in my position as a sales person am yet to bring in that huge financial figure, close sales I will look back on and be proud of my stay here, learn enough and prove myself valuable. I also don't subscribe to changing jobs based on higher pay.... Maybe for now.... You guys can correct me if I having being thinking wrongly .

OK that is that by way of introduction.

So like I said, I have been working for sometime now but can't boast of N50,000 savings.
I don't buy or use expensive things (most of my work clothes are first grade okrika, except for my natives that are new).
I don't do girls neither do I spend money on drinks, friends etc.

The bulk of my salary is often spent meeting one need or the other, personal; family etc. At the end of the month when am looking forward to add to what I was able to save one thing or the other will come and have me spend the money on it.

Really am not finding it funny as I don't have an alternative source of income. I have even thought of going to the bank where my salary is being paid into to request they set aside a reasonable sum of money as savings and leave the remaining balance.

Pls I have come to ask you guys. Do you find yourself in a similar position, how do you manage to save, what other sources of income can one venture into still keeping the regular job.

Pls I don't intend to be an employee up till my late thirties as I also have my own business dreams to actualize.

Pls your ideas, constructive criticisms and suggestions are highly needed.

Hello Tomorrowtoday, i actually wrote an article on a blog that handles issues like this. You can visit www.careercrew..com.ng/2016/06/ways-you-can-invest-your-salary-and.html?m=1 to know where to invest your salary and income.

TomorrowToday:
Hi all,

I consider myself lucky to get a job after 5 months I finished NYSC, with an industry standard pay above N50,000 monthly. Eventhough like 2 months salary is being owed.

Furthermore I have worked for 6 months and am not thinking of changing job soon.
Reason being that in my position as a sales person am yet to bring in that huge financial figure, close sales I will look back on and be proud of my stay here, learn enough and prove myself valuable. I also don't subscribe to changing jobs based on higher pay.... Maybe for now.... You guys can correct me if I having being thinking wrongly .

OK that is that by way of introduction.

So like I said, I have been working for sometime now but can't boast of N50,000 savings.
I don't buy or use expensive things (most of my work clothes are first grade okrika, except for my natives that are new).
I don't do girls neither do I spend money on drinks, friends etc.

The bulk of my salary is often spent meeting one need or the other, personal; family etc. At the end of the month when am looking forward to add to what I was able to save one thing or the other will come and have me spend the money on it.

Really am not finding it funny as I don't have an alternative source of income. I have even thought of going to the bank where my salary is being paid into to request they set aside a reasonable sum of money as savings and leave the remaining balance.

Pls I have come to ask you guys. Do you find yourself in a similar position, how do you manage to save, what other sources of income can one venture into still keeping the regular job.

Pls I don't intend to be an employee up till my late thirties as I also have my own business dreams to actualize.

Pls your ideas, constructive criticisms and suggestions are highly needed.

Op nice u are ready to start saving, lemme give u the trick I used also when I was almost in your shoes, if u have a cooperative that is possible they deduct your money from source you could join, if not some banks or financial institutions offer such services, u gave a standing order a particular amount is deducted monthly from your salary to a fund u can't just deep your hands into, also you could start a very small biz as small as selling recharge cards to your colleagues or bosses @work with part of the balance so u make additional to the balance left so it can sustain you till every payday. All d best

Day169:
@ TomorrowToday.
Welcome to the real world Bro.
You're closer to the start of the "learning curve", but believe me, you have started quite well. You have acknowledged your challenge and been humble enough to seek help so I believe strongly that you're on the right path.
Here's my advice. Buy the book "Richest Man in Babylon ". It teaches best the rudiments of finance and instills in one good financial discipline to anyone who follows the principles.
I wish you the very best in your endeavours. Cheers!

@op.. I go with this guy... that book helped me save my first 20k after secondary school even when I wasn't earning nothing ..

It teaches good principles such as... pay your self first and other people's money...

oduastates:


This .
Do what Nigerians abroad do in order to stabilise themselves.
Look for something else to do to augment Your income.
The best ideas do not require a lot of money.
Be ready to make sacrifices to achieve those goals .
Saving money is not exactly the best idea .
Investing is .
Do not wait to save N100000 or N100000000000
Use your 20,000 now .
Invest in something you can flip quickly .
Research and invest
If you have a family land somewhere, Agriculture is a good idea . Use the internet to research modern farming techniques.Many nairalanders are doing great stuffs in agriculture.

You hit the nail on the head bro.

Op, first things first, track your spending, from there, you will understand the pattern of your expenses, what to eliminate and have an idea on what you can save.

Then set the target and work towards it. Its not going to be easy at first but after a while, you will be good to go

moscobabs:
hunnnm...u r still lucky bro. but as single guy I don't think 50k job is small for u . I have some married men with kids in my office collecting 50k and they r saving from it in fact most of them stay in sango and work in iyana-Isolo.

if truly u don't do ladies, drink, or go out with friends u can still succeed with the 50k job.

I'm sure your tfare for the month is less than 15k ?

You don't pay house rent ..right?

you don't eat too much ?

u don't have unhealthy dependant ba?

u r not dating a student ..right?

if my answers to my question are yes then u don't have problem.

save 15 out of the 50k but I will advice you to do contribution rather than save it in your bank account.

in a year u will harvest bountifully and u will come here for testimony.

maybe then u can tank me.

OK thank you Moscobabs i will heed to your advice especially the group saving strategy and not my bank account. Thank you once again.

virginboy1:
Bro, to inculcate the habit of savings isn't really easy but requires lot of discipline and prudence.

For me I earn close to 50k and save 20k(compulsory)

But I psychologically presumed within my mind that it is 30k,so whenever anybody asked me about my salary package, be it friends or family, I tell them it is 30k I earn monthly.

Secondly, I tend to avoid flashy girls "dem no dey epp financially, their own na to chop chop and drain guy without pity" Date a God fearing girl, that even when she feels like tasking you anyhow,her God fearing conscience will prick on her.

Lastly avoid any form of betting for now if you are into it.

On the contrary,

Do you know that Nigerian graduate’s salary is 1/7th of that of a US graduate,
while a Nigerian Senator’s salary is 8 times that of a US
senator.

Sighssss

Thank you virginboy1. I think the challenge here is that those around me know what I earn and will always look up to me for help. However I will inculcate the habit of imagining I earn lesser and save the rest. Thank you again.

[b]Thank you for a Brilliant question which is a great talking point.
There are various gaps that would help an investment guru help you. i will outline a strict diet.
I would try to outline the plan that you MUST begin today and come back for a review in MAX 3 months.

Your New FINANCIAL DIETING PLAN.

1) Discipline- However I see that you have conquered so because I am extremely busy i"ll say NEXT!
2) Planning: Sit down at the end of today NOT tomorrow and outline 3 major financial goals and cost them (including very cheap land with C of O).
3) Once you have outlined your goals and costed them, knowledge will shine in your stupid skull as you will see how little you actually earn!
4) Outline your WEEKLY not MONTHLY expenses and bring them here in 1 week okay!- You can then be criticised by a multitude of crazy nairalanders.
5) Budget: You now see where you are going and you see how Mama this or that or Moi Moi erodes your finances.
6) Are you a Religionist that donates all his funds to someone, or are you the type that loses money to bank charges? THINK SHARP!
7) - A) PAY YOUR FUTURE FIRST: get a savings account immediately and empty 60% of your funds every month.
- B) This is called FINANCIAL DIETING: Squeeze all your expenses into the remaining 40% NO MATTER WHAT (keep a daily logbook)
8.) REPORT: Send me a detailed report of the process for review.
9) - Take 20% of the money left from the 40% allocated for the month and CHOP with a few friends and clap for yourself.10) If you are not ready for this Financial Dieting never bother me again.

- The Man who Saw Tomorrow. [/b]

TomorrowToday:
[s]Hi all,

I consider myself lucky to get a job after 5 months I finished NYSC, with an industry standard pay above N50,000 monthly. Eventhough like 2 months salary is being owed.

Furthermore I have worked for 6 months and am not thinking of changing job soon.
Reason being that in my position as a sales person am yet to bring in that huge financial figure, close sales I will look back on and be proud of my stay here, learn enough and prove myself valuable. I also don't subscribe to changing jobs based on higher pay.... Maybe for now.... You guys can correct me if I having being thinking wrongly .

OK that is that by way of introduction.

So like I said, I have been working for sometime now but can't boast of N50,000 savings.
I don't buy or use expensive things (most of my work clothes are first grade okrika, except for my natives that are new).
I don't do girls neither do I spend money on drinks, friends etc.

The bulk of my salary is often spent meeting one need or the other, personal; family etc. At the end of the month when am looking forward to add to what I was able to save one thing or the other will come and have me spend the money on it.

Really am not finding it funny as I don't have an alternative source of income. I have even thought of going to the bank where my salary is being paid into to request they set aside a reasonable sum of money as savings and leave the remaining balance.

Pls I have come to ask you guys. Do you find yourself in a similar position, how do you manage to save, what other sources of income can one venture into still keeping the regular job.

Pls I don't intend to be an employee up till my late thirties as I also have my own business dreams to actualize.

Pls your ideas, constructive criticisms and suggestions are highly needed.[/s]

Try and save a 20,000 ,as for me i do contribution of 20,000 with 5 persons and wait for my turn to collect.

Here is a good advice that will restructure you.
Go to a bank, open another account, tell them you don't want to withdraw money from the account for 3 years, no matter the situation.

Each month that you recieve your salary, the first thing to do is to pay yourself for a job weldone.
It Means, throw 10k into the blocked account you opened. Forget it there.

In one year, you will have the minimum of 100k. One year is just another month away.
In 3 years, you will have 300k.

In those three years, develop a business plan that can kick off with 250k. (Do you see how I am making reductions in total sums? That's to cover for unforseen circumstances).
You can get every business info on nairaland here.
.....

Depending on the nature of expenses you would have to make every month, you can throw in 15k sometimes. Have in mind that you are saving for something.

TomorrowToday:
Hi all,

I consider myself lucky to get a job after 5 months I finished NYSC, with an industry standard pay above N50,000 monthly. Eventhough like 2 months salary is being owed.

Furthermore I have worked for 6 months and am not thinking of changing job soon.
Reason being that in my position as a sales person am yet to bring in that huge financial figure, close sales I will look back on and be proud of my stay here, learn enough and prove myself valuable. I also don't subscribe to changing jobs based on higher pay.... Maybe for now.... You guys can correct me if I having being thinking wrongly .

OK that is that by way of introduction.

So like I said, I have been working for sometime now but can't boast of N50,000 savings.
I don't buy or use expensive things (most of my work clothes are first grade okrika, except for my natives that are new).
I don't do girls neither do I spend money on drinks, friends etc.

The bulk of my salary is often spent meeting one need or the other, personal; family etc. At the end of the month when am looking forward to add to what I was able to save one thing or the other will come and have me spend the money on it.

Really am not finding it funny as I don't have an alternative source of income. I have even thought of going to the bank where my salary is being paid into to request they set aside a reasonable sum of money as savings and leave the remaining balance.

Pls I have come to ask you guys. Do you find yourself in a similar position, how do you manage to save, what other sources of income can one venture into still keeping the regular job.

Pls I don't intend to be an employee up till my late thirties as I also have my own business dreams to actualize.

Pls your ideas, constructive criticisms and suggestions are highly needed.

Be diplomatic in spending on your family. Family problems no dey finish....if your parent or siblings ask for money...let's say 20k and the reason is not that important, give them 10k.

Do scale of preference, attend to only congent issue per month and let others wait till the following month.

Also, pay your self first before you pay others i.e 10% of your income =N5000.

So that in 10 months time, you ll have 50k in savings. Money is a defence.... that 50k will come handy when dry season comes

Good morning all, TomorrowToday, you are obviously lucky to see a job 5 months after NYSC..... Collecting 50k is relatively low for a conventional Nigerian graduate taking into account the present economic situation of our dear country. However, I want you to do a financial programming plan that enables you to save at least 10k monthly because one must save for the rainy days. I personally got my present job (well paid though yawning for a better one) 7 months after completing my NYSC and I have a wife and a son to take care of and God has been so marvelous thus far. My secret is I do a lot of contributions, cut my spending but not to the detriment of my family. My advice for you my bro is to please save and be highly diplomatic to people around you when it comes to money...... Be optimistic about yourself, your goal of becoming a business owner...... Pray to God for a partner that would add to your life positively...... I wish you well bro. Take care.

Hey bro,inbox me,I have a very good solution.expecting your mail.

if u r a Christian, make sure u first pay ur tithe. it is 10% of ur income every month. it is not negotiable n shld not be compromise with.
By paying ur thithe u recognise dat it is God dat gave u d power(health) to b going to wrk n collecting dat salary.
If u pay ur tithe what u hv left is not 90% but d grace of God. it means d left over God will bless it n make it meaningful so dat anything u plan to do with it bcoms a success.
also note dat God blessing or favour in dat job is important more Dan going to dat job itsef n ur tithe will activate dat.
lastly, if u dnt mind I can introduce u to a biz dat can serve as income source or backup. u can contact me by sending me ur number to my email address which is matomoh4real@yahoo.com so dat I can add u to my WhatsApp n chat u up frm there.

Boss, let me advice you contribution(ajo) I collect 40k in my place of work but at the end of every month, you can see up to 60k and I save 30k from it to pay for my house rent and some bills like that and we are 10 in number doing that ajo, now, my money is hanging cuz out of 300k she manage to pay me 150 after make raking and shouting, my advice is open a separate account and save your money there, it is better if you spend your money yourself rather than someone helps you to spend it. Thank yoi

shalomtemmy:
Hey bro,inbox me,I have a very good solution.expecting your mail.

Dear sister, don't you think that good idea you have can benefit others? Moreover, those that have been sharing theirs are people like you, as such you are no better than them. kindly do the needful by sharing the idea here. God bless you more!!!

Hello Bro, its a nice thing to earn and try to save bt usually its not always easy. Let me introduce u to a pattern of investment esp in this era that we don't know wat 2mao holds. There is an investment company called CashCraft Asset Management Limited. It offers assistance when it comes to saving your nooney. HOW DOES IT WORK? It functions this way. You invest either monthly, Bi-annual and even yearly. Then come and get it after a duration of 2-10 years with an addiction of interest depending on how long u saved. Its real you can check it up @www.cashcraft.com or call me @08174504823

OP, I share your pain, I wear your shoes, I know where n how it pinches..
Mine is even more pathetic than yours, I've worked for more than a year now, no savings n nothing tangible to show....
Before the Month ends, there will be queues of request: from feeding to school fees assistance etc, all seeming very necessary n sometimes urgent. Probably cause they know I'll try my best to help out..
You can go thru most of the reasonable advices given n try one that suits you.. OR
You can try the Revolving Co-operative Scheme. Look for some colleagues of yours, discuss with them @ the end of the month, you pull your incomes together. Let's say #20,000 {or any amount you're okay with} each person multiply by the number of persons you are able to source. That gives #100,000 . One person takes home this amount for the 1st month, another for the 2nd, and so on.
With this Scheme, you'll be able to raise money for anything; rent, biz start-up capital, household items, etc..
You can do it coz you''ll have this feeling you're owing someone n you won't like to be reminded.
Saving in the bank is a good idea but my dear, when the needs n demands arises, it's your money n it's your money. After all, you've been "saving for the rainy day"
Pls think thru n take a DECISION You are okay with...
BEST WISHES!!!

The main thing could be that you stop aiding and abetting CORRUPTION by "helping" those who are owed salaries and pensions.

You have done yourself good for seeking finiancial advice and am glad most comments here had been positive.
My advice like somebody already said here; you save first before you start spending. You can save a certain amount once the salary comes and have a mind set of living on what is left after savings.

You have to be financial disciplined and always have a budget. Even your office operates on a budget so why woun't you? Sentiment should not arise here. Before you got the job family and friends had been surviving. Don't get me wrong am not saying you should abondon them, but have a budget.

Many banks has savings plan that suits lots of customers. Have you heard of Union Bank UNIONGOAL SAVINGS Plan where you can N15k monthly for 5 years, N20k for 4 years, N28k for 3years, N40K 2 years and N85k for year. The beauty of this is that whichever plan you choose by the end of the period you are a million. Your savings and interest is available to you.

Another on called UNIONKORRECT where you can save N5k monthly for four years.

You can visit any UNION BANK branch for more details.

Meanwhile, I believe you are in the part of financial prudence for you to be bothere with savings. And is good you are starting early.

Good luck.

moscobabs:
hunnnm...u r still lucky bro. but as single guy I don't think 50k job is small for u . I have some married men with kids in my office collecting 50k and they r saving from it in fact most of them stay in sango and work in iyana-Isolo.

if truly u don't do ladies, drink, or go out with friends u can still succeed with the 50k job.

I'm sure your tfare for the month is less than 15k ?

You don't pay house rent ..right?

you don't eat too much ?

u don't have unhealthy dependant ba?

u r not dating a student ..right?

if my answers to my question are yes then u don't have problem.

save 15 out of the 50k but I will advice you to do contribution rather than save it in your bank account.

in a year u will harvest bountifully and u will come here for testimony.

maybe then u can tank me.

...well said bro......contribution is d best with reliable and trustworthy pple.....

First of all, this is the most difficult task to save some money especially from the salary, Than how and where to invest type question finish.

You are just six months into the job after a five month hiatus.
Congratz, you just passed the lag phase. From the following month, you will find out how easy your savings will be. (that is if you continue with your less extravagant spending like you said)
...goodluck.

TomorrowToday:
Hi all,

I consider myself lucky to get a job after 5 months I finished NYSC, with an industry standard pay above N50,000 monthly. Eventhough like 2 months salary is being owed.

Furthermore I have worked for 6 months and am not thinking of changing job soon.
Reason being that in my position as a sales person am yet to bring in that huge financial figure, close sales I will look back on and be proud of my stay here, learn enough and prove myself valuable. I also don't subscribe to changing jobs based on higher pay.... Maybe for now.... You guys can correct me if I having being thinking wrongly .

OK that is that by way of introduction.

So like I said, I have been working for sometime now but can't boast of N50,000 savings.
I don't buy or use expensive things (most of my work clothes are first grade okrika, except for my natives that are new).
I don't do girls neither do I spend money on drinks, friends etc.

The bulk of my salary is often spent meeting one need or the other, personal; family etc. At the end of the month when am looking forward to add to what I was able to save one thing or the other will come and have me spend the money on it.

Really am not finding it funny as I don't have an alternative source of income. I have even thought of going to the bank where my salary is being paid into to request they set aside a reasonable sum of money as savings and leave the remaining balance.

Pls I have come to ask you guys. Do you find yourself in a similar position, how do you manage to save, what other sources of income can one venture into still keeping the regular job.

Pls I don't intend to be an employee up till my late thirties as I also have my own business dreams to actualize.

Pls your ideas, constructive criticisms and suggestions are highly needed.

Create another source, pm me.

TomorrowToday:
Hi all,

I consider myself lucky to get a job after 5 months I finished NYSC, with an industry standard pay above N50,000 monthly. Eventhough like 2 months salary is being owed.

Furthermore I have worked for 6 months and am not thinking of changing job soon.
Reason being that in my position as a sales person am yet to bring in that huge financial figure, close sales I will look back on and be proud of my stay here, learn enough and prove myself valuable. I also don't subscribe to changing jobs based on higher pay.... Maybe for now.... You guys can correct me if I having being thinking wrongly .

OK that is that by way of introduction.

So like I said, I have been working for sometime now but can't boast of N50,000 savings.
I don't buy or use expensive things (most of my work clothes are first grade okrika, except for my natives that are new).
I don't do girls neither do I spend money on drinks, friends etc.

The bulk of my salary is often spent meeting one need or the other, personal; family etc. At the end of the month when am looking forward to add to what I was able to save one thing or the other will come and have me spend the money on it.

Really am not finding it funny as I don't have an alternative source of income. I have even thought of going to the bank where my salary is being paid into to request they set aside a reasonable sum of money as savings and leave the remaining balance.

Pls I have come to ask you guys. Do you find yourself in a similar position, how do you manage to save, what other sources of income can one venture into still keeping the regular job.

Pls I don't intend to be an employee up till my late thirties as I also have my own business dreams to actualize.

Pls your ideas, constructive criticisms and suggestions are highly needed.

Hello bro I think I can be of epp have u heard abt mmm it a platform of investment were u can put ur moni and collect it back with interest
If u are interested u can msg me on whatsapp 07034788858