yetmao:
Don't know what to say honestly. The 400k money is not enough, If you re not stealing from the company.

Forget the advices of people saving and buying land from 60k and 30k salary. They are thieves, stealing from company. It's just practically impossible, with feeding, school fees, transport and extended family wahala.

You've Said it all.... The person earning 60k might have had access to some egunje and some other perks which Nigerians erroneously don't include as income.

U mentioned contributions.Your portfolio should have a mix and be balanced.However, in this context, i was referring to the contribution aspect and waiting to take last...wetin go happen if 1 person collect japa go UK without paying others plus u could earn more as in returns rather than waiting six months with no interest.
Meanwhile, hope this lands no dey block waterways or near canal if in Lagos.Abeg ask Tokunbo Wahab ....just joking

theamazonguru:


Hmmmmmnnn

Is this more reasonable than investing in landed property that can do x3 or more in few years.

For instance there is a property I bought 350k and is now 7m after 10 years.

There is one I bought 4m and is now worth 20m after just 5 years.

Willing to learn.

Thanks.

Chizy12345:
people are earning 50k and they're leaving comfortable.village at work

Living comfortable has gotten a new meaning

Living comfortable on 50k Indeed

Modified:Just seen what you wrote clearly. Leaving comfortable

kelvyn7:
Rule 1 - pay yourself first (10%), into a separate account, without atm card, nothing in this world makes me touch that amount. Do this every month

Rule 2 - if your 3months salary cannot pay your rent, then you are living above your means 😉

Thank you for this rule number 1. My GTB ATM has expired, I'm deleting the app right now, let me see how I will get to the account again. That is where I will be paying myself starting from this month.

If you believe in tithe, first remove you 10% (40,000)


45% (approx 180k) for family expenses for the month (try to adjust to the tight budget)

20% (80k) for debt servicing (after you finish paying off your debt, you can then add the money to your savings)

5% (20k) for miscellaneous expenses


20% (80k) savings

5% (20k) for miscellaneous

Skyfornia:
Honestly...400k a month with two kids and a wife..even expecting another baby? That money won't be anywhere enough to carter for 4 people. If your wife is not working, I suggest you look for fund and set up a business for her to argument your present income.

Even a 100K salary can have savings with the same family settings if the proper strategy is deployed.

Cut down on your expense.
What percentage do you spend on rent and gifts?
How many cars are you maintaining?
Are your kids enrolled in multimillion Naira schools?

Failure to review your expenses, even if your salary is doubled, you would
just upgrade your lifestyle and there would be no savings still.

There is nothing shameful in downgrading your lifestyle for a secure future.

yetmao:
Don't know what to say honestly. The 400k money is not enough, If you re not stealing from the company.

Forget the advices of people saving and buying land from 60k and 30k salary. They are thieves, stealing from company. It's just practically impossible, with feeding, school fees, transport and extended family wahala.

You know the drill.

Actually it's nothing new.

I know someone as far back as 2009 working at a local government in Lagos. This person salary isn't more than N25,000.

But at least in a day, This person comes home with N20,000. Sometimes when market moves very well, he comes home with N50,000. So on as so fault. I usually marvel whenever he covers his whole floor room and counting money. Then i was quite still young and don't know much.

I later discovered these stuffs also happens in private companies, Mma 1, Mma 2, Alimosho, Apapa, Wharf, Ladipo, Alaba etc..

That's how most people make money in Nigeria. It's not news. You literally have to cut corners and manipulate no matter how little. Else na Food and rent money you go dey see

Took me whole while before i really figured out how things work in this country.

128k


Interesting.. I'm here to learn..
I earn about 32% of that and I'm still not able to save properly not to talk of you. It's well [/quote]

AchrafHakimi:
Married men are simps walahi that's why women love them. Girls chase married men because they know they are weak, dumb and easily manipulated.

It takes a certain level of fear to make a man give up his life for a woman.



Tufiakwa!!

in ur conclusion married men, marry because they want to be with a woman?

Where there is a will a way can be found.

Don't listen to the people telling you '400k is not enough bla bla bla'. If you are serious about saving money and building a solid financial foundation all you need to do is to subdue your pride and ego that tempts you to live above your means, then drastically reduce your cost of living.

Out of that 400k you can start with a target of living on 250k (all your monthly expenses like house rent, bills, feeding etc must not exceed 250k.).

Have two types of savings: savings for emergency 50k monthly; then put 100k monthly in an investment where you wont be able to have access to the money in the next 5 to 10 years.

It's all a matter of determination.

folake4u:
In this economy, you're expecting a third child?
After this one, just go and do vasectomy oh.

You can enjoy the sex tire afterwards, without producing a fourth child.

Ta! He would not have an erection again. He would not produce semen. He would not be a man. He would not produce the testosterone hormone again. And many more.

---

Our people think it is fun to have children. They forget these children have to be raised for at least 25 years using the Nigerian system. For the next 25 years, they are spending on three people to be responsible human beings. I don't know why they think having children is fun. The koko is in raising children.

After two like this, I don lock up! I did not come into this world to raise children. In fact, I look forward to creating a thread of my vasectomy experience when the time comes.

Skyfornia:
Honestly...400k a month with two kids and a wife..even expecting another baby? That money won't be anywhere enough to carter for 4 people. If your wife is not working, I suggest you look for fund and set up a business for her to argument your present income.

Who Dy tell this rubbish
Why won't 400k a month be enough for him he should check his life style
There are people earning 70k a month with 3kids all depends on the life style you living

Gerrard59:


Ta! He would not have an erection again. He would not produce semen. He would not be a man. He would not produce the testosterone hormone again. And many more.

---

Our people think it is fun to have children. They forget these children have to be raised for at least 25 years using the Nigerian system. For the next 25 years, they are spending on three people to be responsible human beings. I don't know why they think having children is fun. The koko is in raising children.

After two like this, I don lock up! I did not come into this world to raise children. In fact, I look forward to creating a thread of my vasectomy experience when the time comes.

Most Nigerians don't know what it takes to raise QUALITY Children.

Duyt1798:
Hi guys!

I hope this my post gets to the FP, so I can get insights from a wider audience; even I know some might not make sense, but one thing I've learnt from the short time I joined this platform, is that - sense dey inside nonsense.

Pardon me, my write fit dey a bit lengthy.

I currently work with a multi-national startup coy. My net pay is a bit above 400k naira (this's at the moment), I've worked for about 2 years. I'm married with two kids and expecting the third.

Now my dilemma is that, I've not been able to save up funds, I feel like my living condition doesn't reflect what I earn. Shingbai like this, I no get for account. The last I could remember, I go deep hand for forex, e nearly give me hypertension (I lost about 2m). I still dey pay debt wey I incur as a result.

Now where I need assistance is, looking at the amount I'm earning, how do I spend? Please for those that will be kind enough to give suggestions, let it practically explained, as in help me break am down to the amount wey I suppose spend, how I suppose spend am, and wetin I suppose save.

I believe say many family people dey here wey get better experiences.

Thanks 🙏.

because u dey earn 400k u go dey born 3.

Ahnii:
I beg to disagree with you sir That money if properly managed he can still save like 50-100k monthly.
I started life with my husband with his meagre salary of 37k and he was still saving 10k monthly.

But shebi now fuel price have gone up. Would that still be possible now?

Here I have a family of five!
Still looking for a job.
Fiverr don fail

Duyt1798:
Hi guys!

I hope this my post gets to the FP, so I can get insights from a wider audience; even I know some might not make sense, but one thing I've learnt from the short time I joined this platform, is that - sense dey inside nonsense.

Pardon me, my write fit dey a bit lengthy.

I currently work with a multi-national startup coy. My net pay is a bit above 400k naira (this's at the moment), I've worked for about 2 years. I'm married with two kids and expecting the third.

Now my dilemma is that, I've not been able to save up funds, I feel like my living condition doesn't reflect what I earn. Shingbai like this, I no get for account. The last I could remember, I go deep hand for forex, e nearly give me hypertension (I lost about 2m). I still dey pay debt wey I incur as a result.

Now where I need assistance is, looking at the amount I'm earning, how do I spend? Please for those that will be kind enough to give suggestions, let it practically explained, as in help me break am down to the amount wey I suppose spend, how I suppose spend am, and wetin I suppose save.

I believe say many family people dey here wey get better experiences.

Thanks 🙏.

Kam2021:
400k and no savings,..you are extravagant..
People that earn less than 100k still save and live well.
You no need make person waste time begin advice you.

I think it largely depends on where you live.

Evolutionism:


Most Nigerians don't know what it takes to raise QUALITY Children.

Honestly, it is expensive to raise children. The problem is that we see it as an investment, which is fair enough considering cultures. But in an increasingly competitive world with permissible cultural practices from other countries due to globalisation, the "investment" these parents are making might not be there for them. Indians, especially those based overseas, don dey send their parents to live in old people's homes. The saving grace for Hong Kong and Singapore is due to small land mass.

Many young Nigerians don leave their parents to make a living far away from where they bred. This brings me to the observation of building big houses with large compounds. I don't understand the rationale. We don't consider the costs involved during maintenance. Big house with say three or four children. Two don japa, one dey another African country and the last is doing NYSC elsewhere. How does the house gets maintained in the long term?

As it is, OP will continue to pay school fees till 2050. This is aside from other responsibilities of life and personal care. What would be the naira situation by then? Security? Economy? General costs of things? How much would his pension be?

Honestly, men should think twice when ejaculating into women's vaginas.

OP,

Try dividing your income into four monthly -
Survive(your needs)Ideally this includes feeding,housing,transportation, school fees etc,...50% seems ideal

Revive(your wants)It is only deceitful to think you would not spend on wants.you do not need this for survival but might need to part with cash for this once in a while for peace to reign or in order to live a balanced life...things such as kids excursion once in a while,general workplace gifting,cable TV subscription etc....Ideally 10-20% of your income can go here

Strive(savings and investments) - Build an emergency fund as rainy days come from time to time that become an immediate need.Split the remaining 30-35% left into 2 building an emergency fund with one and investing with the rest in a mix of asset classes considering your status and reasonable risk appetite.

While doing this, strive to increase your income by changing jobs through continous learning and improvement, learn and read books about investing (a fool and his money are easily parted).

Duyt1798:
Hi guys!

I hope this my post gets to the FP, so I can get insights from a wider audience; even I know some might not make sense, but one thing I've learnt from the short time I joined this platform, is that - sense dey inside nonsense.

Pardon me, my write fit dey a bit lengthy.

I currently work with a multi-national startup coy. My net pay is a bit above 400k naira (this's at the moment), I've worked for about 2 years. I'm married with two kids and expecting the third.

Now my dilemma is that, I've not been able to save up funds, I feel like my living condition doesn't reflect what I earn. Shingbai like this, I no get for account. The last I could remember, I go deep hand for forex, e nearly give me hypertension (I lost about 2m). I still dey pay debt wey I incur as a result.

Now where I need assistance is, looking at the amount I'm earning, how do I spend? Please for those that will be kind enough to give suggestions, let it practically explained, as in help me break am down to the amount wey I suppose spend, how I suppose spend am, and wetin I suppose save.

I believe say many family people dey here wey get better experiences.

Thanks 🙏.

Does your wife has anything she's doing, even if it's work from home? If she does, it can be of help. If not, no wahala.

First of all, set a monthly compulsory savings target, maybe 10% or 20% or even 30% of your income. Once your salary comes, push out the savings immediately to a separate account. Please don't get ATM card for this account. Please don't use the money from this account for Forex, betting or even any investment. It is for your medium or long term project.

Truth is, you need to cut down on some comfort, like DSTV subscription (I never renew my GoTv subscription for like 3 months now); cut down on entertainment (eg. how much you spend on buying drinks and snacks for yourself and others)

Cut down on eating out. Cook and carry food and even water from home; (that's what I currently do, and it's way cheaper)

Avoid unhealthy lifestyle like smoking and excessive alcohol intake.

Compare driving and public transport. If taking public transport is cheaper overall, then you should lean more towards it.

Finally, remember to pay your tithe. God can give you wisdom to manage your money well, no matter how little or how large.

I wish you all the best

Evolutionism:


All these things dey feasible on paper.

Many Nigerians won't tell you 30% of what they really did to get to where they are. You go hear, My brother Na God do am ooo.

Naijas i hail thee. Hmmm.

You just said the truth

I wasn't earning this much when I realised I wasn't doing well with financial management. I changed my style even without earning any extra.

1. Open a mutual fund investment with either Stanbic IBTC, United Capital or FBNQuest. (There are others but I recommend any of these)
2. Make it a habit to transfer a certain amount into the investment account once you get your salary. I will recommend a minimum of 100k
With this, you plan to live on whatever is remaining. Close your mind to the fact you have this investment on the side.
3. Start to think of business you can start on the side and work towards that for the next 6 months.
(If you are putting down 100k in a money market fund, you will be surprised that by July or thereabouts, you may have another 40-70k as gain on investment)
4. Start the business either as side business or business for your wife
5. Continue to drop the said amount monthly until you achieve your financial goals

Guy, seek for deliverance, such thing not ordinary in my own belief oo

johnog4sure:
in ur conclusion married men, marry because they want to be with a woman?

Why else?

400k and no saving😳
Only God knows how I'm able to breath with 40k job still dey do 10k monthly cont 😭.
What surprises me now is those first few comments, saying 400k can't be enough for family of 4, I wonder what those people will be racking every month.


God please bless me with such great job this year 🙏

tetralogyfallot:
Depending on your location sha o but here in the northern part of the country excluding abj, with 400k u will live like a king n still save. You just have to cut down on your spendings n imbibe some austerity measures. Don't eat outside, buy your needs in bulk on monthly basis. Reduce unnecessary outings, if u drink, reduce it to the bearest minimum, women are natural spenders, in most times pretend to your wife that you don't have much, u may even tell her that because of the economic situation there's 100k paycut in your salary. Join monthly contribution with your friends and make sure u r the last person to collect. If u subscribe DStv premium, downgrade to DStv compact, na still big men dey subscribe compact. If u fuel your generator, try get a small solar set up it may be expensive to install at first but trust me, it will save you a lot of money in the long run. Abeg night don do, make I go sleep.

Lol it's just a matter of life style

I live in the north and last year I landed a contract that paid me up to 300k monthly until December before we went for a break.

I spent every single money. This is someone who lives with his mother. If I feel like I won't buy food sef. But na expansive eatery I dey go chop.

I dey spend the money finish before the next month.

Na when sapa hold me this month I adjust life. Once, we resume, I will become a responsible human.

So, it's just the OPs lifestyle.

It's funny how OP knew his dilemma but still went ahead to unlock his third leg and his third child will soon be joining the family

A typical story of na me dey do myself story

Register on savings App like PiggyVest and Cowrywise. Do a monthly savings (automatic deduction) when salary enters.
Then take a portion of this savings and investment in commercial papers or mutual funds on the Apps.
The proceeds should give a minimum of 30% ROI per annum. This may be used to achieve your capital/mid term projects.
Trust me just assume you earn 250k and ensure that you buy in bulk and also use commercial buses instead taking uber/Bolt most times.
Your annual rent should also be reviewed if it is more than 500k annually.
I wish you nothing but the best.

kelvyn7:
Rule 1 - pay yourself first (10%), into a separate account, without atm card, nothing in this world makes me touch that amount. Do this every month

Rule 2 - if your 3months salary cannot pay your rent, then you are living above your means 😉

Even me sef... I need to go back to doing this Rule 1. Na to destroy the card again cos i made sure that particular account is far from my location for this reason but devil push me go collect card last year 😒

ppogba:
If you really desire change in your financial situation as a family man earning with kids and the rest, the solution to your problem is not on Nairaland.

Rather, it is on you sitting down and telling yourself the truth. It now depends on how truthful you can be with your self.

I totally disagree with you. He will find help here.

The reasonable comments from people that earn way below what he earns will minister to him beyond expectations

Intrepid01:
I tell people savings is very easy. If I were in your shoes, this is what I’ll do.

Step A: I’ll assume I earn 300k, the truth is if you earn less than that or you lose your job (God forbids it), heaven will not fall, so why not make the decision now for the greater good?

Step B: Open an investment account with one of the investment companies (ARM Managers, Piggyvest, Meristem etc), and set up an automated transfer of the 100k into the investment account monthly.

Step C: Now, open an excel worksheet, categorize your monthly expenses into MUST BUY, SHOULD BUY and COULD BUY.

Step D: Determine the total amount for the MUST BUY, and then spread the remaining amount, if any, on the SHOULD BUY and COULD BUY.

Step E: Delete items on the COULD BUY AND SHOULD BUY in that order, those are things that if anyone losses his/her job won’t be able to afford or things that if you don’t buy no one will die. Get rid of them, they are largely nothing but indulgences.

I hope you’ll find this useful.

I save about 55% of my monthly pay, although not with a family as big as yours for now. But the truth is, my mindset is that the money you save at month end is actually the amount you paid yourself for the work done. The amount consumed is the money you spent for living.

Everyone working must learn to pay him or herself.

Today, I just decided to place an order for 2 items, as a way to gift myself in the new year. I haven’t done that in a year and I don’t really do that as a habit. This is because savings and investment are priorities.

Spot on, this what I do, when I was salary earner.The moment I received my salary, I transferred 50% to my savings account, 5% to my emergency account and leaved with the remaining 45%. For the savings account, as far I'm concerned, that money doesn't exist and does not belong to me. For the 5%, sometimes I encroached on it, ones in a while for doing some charity or spending on things that Seldom occurs such as repairs of damage appliance. Then, my girlfriend used to tell me that she doesn't know when I have money or not because I'm not the type that will eat a special meal because I just received an alert.

A typical Yoruba man with that 400k go get 4 wives, 10 concubines and will be attending every owambe at will. He will also get a car of about 4M.
How they do it with this present condition surprises me.
Oh I forgot that their wives takes care of themselves and their kids while the man only comes in to service his Congo at will.

Troll me and see if Ogun will not host emergency meeting on ur matter.