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How Should I Spend My Salary? - Business - Nairaland

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How Should I Spend My Salary? by HC: 3:40pm On Apr 04, 2010
I have been working for a couple of years now and i have not been able to save much from my salary. This has giving me some cause for concern because i basically spend almost all my monthly salary before the end of every month, without having a dime in my account.

Can anyone advice on how to save some percentage of my salary? I presently earn between #80k-150k.
Re: How Should I Spend My Salary? by sulad82i(m): 3:45pm On Apr 04, 2010
I dont think there can ever be any response that will hit u on point cos we all dont know what ur daily expenses are. But what I can say is, eliminate all expense that u dont need or want. If u give pple money cos they ask u, stop it. Try to see how much it'll cost you for ONLY the NECESSITIES you need for the month, then you can tell if u were just spending on things u dont need.

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Re: How Should I Spend My Salary? by HC: 3:57pm On Apr 04, 2010
sulad82i:

I dont think there can ever be any response that will hit u on point cos we all dont know what your daily expenses are. But what I can say is, eliminate all expense that u dont need or want. If u give pple money cos they ask u, stop it. Try to see how much it'll cost you for ONLY the NECESSITIES you need for the month, then you can tell if u were just spending on things u dont need.

Thanx for your response, fortunately i am not a heavy spender.
Re: How Should I Spend My Salary? by Odunnu: 5:01pm On Apr 04, 2010
I'm an accountant and I'm in ur range.I'l be vry honest wt u and tel u hw I spend my money and stil save 25%.
I make a monthly budget and top on it incldes my 'thithe,toiletries,transportation,feeding and an allowance I gv my mom.These 'top priorities' are nt negotiable.They take a certain constant percentage off my salary.
Then social whch inclds -'aunty plz help me wt. . .,my dear,do u have . . .?kan I get a few . . .frm U?,plz help me buy set of ppl.I reserve like N2k and if I dnt spnd it all i plough it bk 2my a/c and then I get a new shirt or top or skirt or trouser or all depending on hw I jst feel and by d end of d month,I stil hv som small change outside my savings.
Jst make a budget and allocate d resources b4 it comes,dat way u hav an idea of what necessities and luxury are.
Re: How Should I Spend My Salary? by victorking: 3:31pm On Apr 06, 2010
hello friend. your problem is the same problem a lot of people world over are facing.its hard to come out of it sincerely,but discipline and commitment one could overcome. i also agree with my fellow nairalander that you should develop a budget, also in addition find an investment program that wil sooth your lifestyle. i was in your own situation also and had a lot of bills waiting for me that is over my income and i ndint know what to do until i met an investment banker who adviced me, now i hav overcome this problem, also i got wind of a lucrative investment program i joined with a part of my income and am earning multiple streams of income from this. you could check my signature for more info. i wish you the best as you plan your financial future.stay blessed.
Re: How Should I Spend My Salary? by HC: 2:54pm On Apr 07, 2010
@Odunnu, thank you for your insight into financial management.

@victorking, thank you also.
Re: How Should I Spend My Salary? by Damysa(f): 9:58am On Apr 08, 2010
hello friend. your problem is the same problem a lot of people world over are facing.its hard to come out of it sincerely,but discipline and commitment one could overcome. i also agree with my fellow nairalander that you should develop a budget, also in addition find an investment program that wil sooth your lifestyle. i was in your own situation also and had a lot of bills waiting for me that is over my income and i ndint know what to do until i met an investment banker who adviced me, now i hav overcome this problem, also i got wind of a lucrative investment program i joined with a part of my income and am earning multiple streams of income from this. you could check my signature for more info. i wish you the best as you plan your financial future.stay blessed.


@victorking, pls can u send me a mail at worldstar2020@yahoo.com with the details of the business am interested
Re: How Should I Spend My Salary? by dobodobo(m): 10:57pm On Apr 08, 2010
Most of my salary are spent in bear palours or woman wind them up, i am still praying for God to assist me cure the acohol and women addiction because I can't sort it myself
Re: How Should I Spend My Salary? by master2(m): 1:22pm On Apr 09, 2010
HC:

I have been working for a couple of years now and i have not been able to save much from my salary. This has giving me some cause for concern because i basically spend almost all my monthly salary before the end of every month, without having a dime in my account.

Can anyone advice on how to save some percentage of my salary? I presently earn between #80k-150k.
Chei!! My guy u earn btw 80k & 150k for yrs and u'v not saved some thing tangible! Do u realise that d minimum wage in some state is N7000 and these people still survive and support their family.
Now, 1st and 4most how do u see money? If u c money has something to spend then u may never have tangible savings(or free money 4 investment). U should c money as a seed to b planted by way of investment.
U should take minimun of 15% of ur total salary 4 urself as investment fund in a seperate a/c b4 u start making budget on the remaining 75%. Pls don't touch the investment fund until u have an equivalent of ur salary or more b4 channelling it into a viable and well researchd investment.NOTE this i/fund is different from ur regular savings.
U must delay gratification. Buy needs instead of wants. Let PART of ur investment YIELD buy ur gratification. Whatever u want now with good planning u will get it. Is just a matter of tym.
Read books on finacial mgt, investment and entrepreneurship. Keep to ur budget. Avoid places and friends that makes u spend money. Above all pray 4 good health - bcoz health is wealth. To ur success!

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Re: How Should I Spend My Salary? by master2(m): 1:48pm On Apr 09, 2010
dobodobo:

Most of my salary are spent in bear palours or woman wind them up, i am still praying for God to assist me cure the acohol and women addiction because I can't sort it myself
grin While u pray u need 2 do something urself. Channel all ur free money in2 an investment programme instead of the bear parlour. Avoid places and friends that will make u spend money (girls inclusive). U own nobody apology 4 building ur finacial life bcoz if u no get money 2morow the so call friends or girlfriend wil b the first 2 call u poor man and dump u. My guy b wise!
Re: How Should I Spend My Salary? by unclebros: 3:59pm On Apr 09, 2010
Try and adjust to this

10%, Tithe (as a beleiver)
30%, Save
30%, Monthly expenses
30%, invest in yourself, entertain yourself, buy yourself some stuffs, enjoy some of the money you work for.

Even if you cant adjust to the 30% expenses, you can take from the 30% on the last 30% to balance up

Take care
Re: How Should I Spend My Salary? by victorking: 5:58pm On Apr 12, 2010
if your dream is to own your life, determine your income,build a solid financial background and control your savings, then join new international company with many plus benefits that can help you achieve all these. check my signature for more information
Re: How Should I Spend My Salary? by gdcredit(f): 2:01pm On Apr 13, 2010
@dobodobo
Most of my salary are spent in bear palours or woman wind them up, i am still praying for God to assist me cure the acohol and women addiction because I can't sort it myself

This your user name sounds funny,i am sure you like women too much,
that is why you don't have savings, implying that even common micro banks
can not loan you any money.

To start just be prepared to repair your credit history.
visit http://credit-repairpro.com if you really need  help
Re: How Should I Spend My Salary? by sevule(m): 11:38am On Apr 14, 2010
Abeg make u spend the salary on me oohhhh!!! I would show you how to spend that money well well. What you should do is open a savings account and issue a STANDING ORDER on your salary account for say 20% of your salary. The money would be transferred to your savings account or preferably fixed deposit account.
Re: How Should I Spend My Salary? by samoyin(m): 10:20am On Apr 15, 2010
@master2
The best way to manage your salary is to make sure you make it a point of duty

to Save at least 30% of your Salary monthly in a Savings Account(without an ATM)

10% you must pay your tithes/or charity (non-optional)

20% Save in Another Account for future investments

40% Pay Rents/Transports/And Any other items you will need (buy things you need
not what you want)

As time goes on in about 5-6 months get a reliable micro finance bank or a reliable
investment program to invest the money. And continue saving the money and follow the
plan.

Thanks

Samoyin

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