At this time that Nigerian workers’ unions are clamouring for an upward review of the Nation’s minimum wage, it is necessary that we also understand that we need to plan as salary earners on how to manage our finances else no amount of minimum wage will help us achieve the financial stability that we so desire.

For most salary earners today, the task of managing their monthly income has become a very difficult task.

This is so because managing and living within your monthly income require great discipline.

The bitter truth remains that human needs are insatiable and increases with any slight increase in the level of income. So if you are among those that are saying that they can achieve some level of comfort if only there can be a pay raise then you are just a sitting duck waiting to be ambushed.

Money Tips for Salary Earners
Identify all your possible income and do an estimated projection
This may sound ridiculous but from experience, I can boldly tell you that it helps.

identify all the possible sources of income for the year, be it salary, business, and so on, then do a projection of your total income for the year. Doing this will help you when you want to do your annual and monthly income.

Stay out of debt
The longer you stay away from indebtedness, the better for you. What we see these days is people spending and unearned income.

Spending unearned income means when you collect loans from either friend, relatives most especially to spend on unnecessary things with the hope of paying back when you get your next paycheck.

If you must achieve financial freedom and buoyancy then you have to stop spending the monies that you have not earned.

Debt swallows your future income.

Have a yearly and a monthly budget plan
Budget is not necessarily the final plan on how you monies must be spent rather it helps guide you on how to expend your income. It gives you the opportunity to avoid waste of resources on things that are not needed. Most importantly, you must remain faithful to your budget.

Your budget must contain every major expected spending to the very minute ones like utility bills.

create a yearly plan for your self. The plan should be flexible enough to accommodate new but necessary items in the future or even removal of items that may be overtaken by event or no more needed.

Your annual budget should be numbered and prioritized for easy implementation.

Secondly, you need to break your budget into small parts. Create a monthly budget and insert all the items in the annual budgets to fit into a particular month.

By breaking your budget into small units (monthly), you will find out that implementation becomes easy.

One of the importance of budgeting is that it will help you not to forget any expenses and help controls your spending

Save before spending
One of the major mistakes we do nowadays is that we spend and then save the remaining change.

If you must gain financial freedom, you must as a matter of urgency cultivate the habit of saving before spending.

You can decide to be saving between 30 – 50 per-cent of your monthly income.

These savings will serve as a buffer in case of emergencies like job loss, illness, and other unforeseen circumstances.

Spend on needed things and avoid waste
Avoiding impulse spending will do you a great deal. Go for only the needs and not wants.

Run away from avoidable wastes. Try to do things like cooking for yourself, storing of cooked food in refrigerators, buying things in bulk and from wholesalers, avoiding drinking and womanizing, leaving close to your workplace if possible to help you spend less on transportation to work.

Live within your paygrade
There is no point trying to impress someone with your lifestyle when you are fully aware of the pressure you are putting on yourself.

Never go for what you know you cannot afford. One of my former bosses once said, don’t rent an apartment that your two months salary cannot afford.

These days and most especially in high brow cities like Lagos and Abuja, it may be difficult to implement that when it comes to renting an apartment, but what you need to understand is that you need to go for the thing that your paygrade can afford you until maybe when you can afford an upward change.

Learn to say “NO”
I think I also need to learn this part very well.

I know that some will argue that givers never lack, but I want to tell you that you can’t give what you don’t have.

It is unfortunate that in this part of the world that we carry our burden, that of our immediate families, extended families and sometimes even friends.

The truth remains that everyone has one financial challenge or the other. The earlier you learn to say no to some certain demands for money from one quarter or the other, the better for you.

This is because some of these requests or demands can be draining that if you don’t exercise caution you will end up becoming broke from attending to them.

Get another source of income
You will agree with me that the economic situation in Nigeria requires that you have multiple sources of income.

Don’t just sit down and expect things to take shape on its own. Go out there and look for that extra thing you can do to earn more money. No matter how small the business might be, try to research about it and invest your time and money in seeing that the initiative comes alive.

Engage your self, work hard but smart and liberate yourself from poverty.

Kindly drop your comment if you find this piece interesting.

Nice one.... Although we know them already, but implementation is the problem, especially when that babe you've been eyeing is beginning to like you....

Hmmmmm is like u sit me down and u are talking about my life to me, thanks so much.

Easier Said

Thanks for sharing!

Earn before you spend

One week after salary date. U begin to look at calendar for nxt salary date

I think this is for me *learn to say no*

Family friends
Family members
Unemployed friends
Neighbours

They will all come, some even say common *3k*

Same old stories predicated on the imaginary notion of "ceteris paribus".

Life is highly I unpredictable and most of these principles naturally fizzles away when you face them.

What is most important to a sick person is being alive even if it means borrowing what he can't pay.

It is not easy to implement

Live within your paygrade
There is no point trying to impress someone with your lifestyle when you are fully aware of the pressure you are putting on yourself.

I love this one.

Raypawer:
I think this is for me *learn to say no*

Family friends
Family members
Unemployed friends
Neighbours

They will all come, some even say common *3k*

This is especially hard when you know those peoppe really do need the money/they were there for you too when you were piss-poor in your school days. One just has to learn when to stop and say 'No, not this month....next month, maybe!'

LET'S DEVELOP WEB DESIGN AND DEVELOPMENT SOLUTIONS THAT SETS YOUR BUSINESS APART!

When customers are deciding on a purchase, they start by looking online.

Your website is your showroom, where customers can research your product and see all the reasons it is right for them.

Now imagine that same product was just a couple of clicks away from being theirs. A well designed and developed Website can influence purchase decisions by showcasing your product at its best, and making it as easy as pie to take action and make a purchase, patronising you services or connecting with your brand

What You Get!

== https://www.YourWebsite.com SSL Certificate Installed for FREE
== 1 year US-based Hosting (comes with unlimited Traffic)
== Free Domain for 1 Year
== Beautiful Crafted Website
== SEO Implementation with Google Analytics & Google Console for Good online Ranking
== Comes developed with VERY GOOD Website Speed!
== Logo Design for your Brand (in case you don’t have)
== Websites comes with 99.9% uptime
== Basic Website Maintenance for 2 Months for FREE...YES! For Absolutely FREE!
== 2 Banner Designs to promote your brand…FOR FREE
== Unlimited Hosting Space

PLUS MUCH MORE!

Good tips...

I am facing the same issues too. And the issue is that, there financial problems don't finish. Saying No has really been a big problem to me.

Raypawer:
I think this is for me *learn to say no*

Family friends
Family members
Unemployed friends
Neighbours

They will all come, some even say common *3k*

if uou need a profitable business idea. check my signature

Nice one. I need to take a lot from this.

Wow, this is more than just a post, it's more like a to-do list for every salary earner. This is really informative.
I will like to also add that as a salary earner, most especially in Lagos, where the money made in Lagos tends to stay in Lagos (if you know what I mean) one has to start investing and not just saving money.

As for salary earners, we need to begin to make our money work for us earlier than later. A lot of people assume that one must have millions of Naira before they can start investing, but that is not the case anymore as a lot of financial institutions have been able to make investing easier and simpler.
With a financial institution like Page Financials, you can start an investment plan with as low as N250,000 and earn up to 20% more on your investment within a period of 90-360 days depending on how long and how much you want it to grow.

If you are interested in starting an investment plan today, visit www.pagefinancials.com

Thank you gisthabit.
Amazing financial advice especially the one relating to your monthly income and annual house rent.
Most refuse to believe it is possible especially in lagos.

Thanks for the information I really love it

herveze:
Hmmmmm is like u sit me down and u are talking about my life to me, thanks so much.

abi o. Same with me here. Chai

vivaciousvivi:
Thank you gisthabit.
Amazing financial advice especially the one relating to your monthly income and annual house rent.
Most refuse to believe it is possible especially in lagos.

honestly from ur comment, u are d type i am looking for. I will like to get to know u more.

yeyerolling:
One week after salary date. U begin to look at calendar for nxt salary date

LOL

yeyerolling:
One week after salary date. U begin to look at calendar for nxt salary date

LOL! for those 30k earners.

nice advice.that womanizing of a thing ehh! i don already break-up with four of my girls remaining three.they can drain your pocket.one is ok.after all t+to na tot+.

Tonytonex:
LOL! for those 30k earners.

even pple who earn big. Add one more 0 to what u put der . My salary big pass am . Yet i only hv 11k for akkant now hahaha

yeyerolling:
even pple who earn big. Add one more 0 to what u put der . My salary big pass am . Yet i only hv 11k for akkant now hahaha

I can't believe it. serious?

Tonytonex:
I can't believe it. serious?

family. Babes. Car expenses. Rent savings. Flexing. Etc. Dey der

yeyerolling:
family. Babes. Car expenses. Rent savings. Flexing. Etc. Dey der

Well! money dey sweet to spend.