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I based my decision on where I am and what I want to accomplish in life.

How much will I need to invest or save to meet set goals?

You may want to ask "Don't you save up for your investments?"

I grow my business little by little.

There are hypotheses put forward by authorities on this issue. I know you will quickly object to the theory that 'the more money you have, the less you spend'. This is one of the tenents of Relative Income Hypothesis by James Dusenberry. Less professionally speaking, let's assume you earn N50,000 per month and you save N20,000 (40%) out of it,you will agree with me that when your monthly income increases to say N200,000 per month, you will be saving more and consuming less proportionally. So the issue of what proportion of an individual's monthly salary that is saved is relative since it is majorly a function of income and consumption behaviour viz-a-avis the environment.

If u are single and u don't save at least 80% of ur salary then u are in for big trouble, specially if u earn less than 200k. That just means u are signing up for a life time of poverty and mediocrity.

Very interesting thread. I have learnt alot. I truely believe with financial discipline, you can save any amount you truely wish to save, it all depends on the level of recurrent expenditure you are willing to cope with. I have denied myself beer with the guys,women and expensive foods just to save abt 80-90% of my monthly income although I still give room for these on an occasional basis.

My strategy is that I first break my expenses into 2 expense heads namely CAPITAL PROJECTS/INVESTMENTS and RECCURENT EXPENDITURE. Then I make a list of all my posible monthly expenses and group similar expenses into categories under these expense heads

For example, the reccurent expenditure head would have expenditure subheads such as Feeding, Transport, Phone Bills, Academics (cos I do alot of professional courses), Philanthropy, etc....while the Capital Project/Investment head contains items such as Building/Landing projects, Stocks, Fixed Deposits, Precious stones, etc all showing my cash outflow to investments and capital expenditures.

I then set a reasonable maximum amount that I am willing to allow for each expense category and try as much as possible to live my daily life not exceeding this limit.

This technique I developed during my NYSC and over time I have mastered it. I developed a suitable excel program to help me keep track of this and to check my expenses and where am falling short of plans.

This is just a sketch of what the entire program looks like but With it, I am able to limit my recurrent expenditure to about 20% of my income, my capital expenditure and investments to about 60% and the remaining 20% I leave in my bank account for contigencies. Regularly, after a few months, I withdraw from my contigeny account the excess accumulated and divert it into investments. I hate having excess cash..anyways...I hope someone gains a thing or two from this.

Thanks y'all for reading.

I actually save two-thirds but my car and my Landlord share it in due time
I hope all these stops when I start earning more

brazzimola: Very interesting thread. I have learnt alot. I truely believe with financial discipline, you can save any amount you truely wish to save, it all depends on the level of recurrent expenditure you are willing to cope with. I have denied myself beer with the guys,women and expensive foods just to save abt 80-90% of my monthly income although I still give room for these on an occasional basis.

My strategy is that I first break my expenses into 2 expense heads namely CAPITAL PROJECTS/INVESTMENTS and RECCURENT EXPENDITURE. Then I make a list of all my posible monthly expenses and group similar expenses into categories under these expense heads

For example, the reccurent expenditure head would have expenditure subheads such as Feeding, Transport, Phone Bills, Academics (cos I do alot of professional courses), Philanthropy, etc....while the Capital Project/Investment head contains items such as Building/Landing projects, Stocks, Fixed Deposits, Precious stones, etc all showing my cash outflow to investments and capital expenditures.

I then set a reasonable maximum amount that I am willing to allow for each expense category and try as much as possible to live my daily life not exceeding this limit.

This technique I developed during my NYSC and over time I have mastered it. I developed a suitable excel program to help me keep track of this and to check my expenses and where am falling short of plans.

This is just a sketch of what the entire program looks like but With it, I am able to limit my recurrent expenditure to about 20% of my income, my capital expenditure and investments to about 60% and the remaining 20% I leave in my bank account for contigencies. Regularly, after a few months, I withdraw from my contigeny account the excess accumulated and divert it into investments. I hate having excess cash..anyways...I hope someone gains a thing or two from this.

Thanks y'all for reading.

Nice one Brazzimola...I covet your grace bro

Will definitely learn from dis thread. bt hav managed to save 30% of what I earned in my small job

frankly, speaking i used to belief in the idea of saving particular percentage of my income. lately i realised that money not invested is a waste of efforts. presently i ensure i give myself a yrly investment target.this way i take care of myself better

.

meaning don't just save money and empower bank managers, invest ur saving to make them give you extra income: this is the way to go.abi you wan die saying YES SIRRR

10 -30 % monthly and i think this is okay.

ekt_bear: I bought mine brand new in 2007, and strongly regret it. I should have bought used. So much better value for money to buy used

Oh well, you live and learn.

Point taken thought about Nigeria aging cars prematurely

slightly offtopic

i bought my first mobile workstation precision m90 brand new off dell's website n320gs for compromise in choice

by the time i was buying my next system, i'd found out about manufacturer refurbs

i got a far better deal from lenovos' refurb outlet thinkpad w700

my next workstation will have to be dell tho - m6600 refurb from an ebay top rated seller

most of the stuff i order on ebay/amazon is used

brazzimola: Very interesting thread. I have learnt alot. I truely believe with financial discipline, you can save any amount you truely wish to save, it all depends on the level of recurrent expenditure you are willing to cope with. I have denied myself beer with the guys,women and expensive foods just to save abt 80-90% of my monthly income although I still give room for these on an occasional basis.

My strategy is that I first break my expenses into 2 expense heads namely CAPITAL PROJECTS/INVESTMENTS and RECCURENT EXPENDITURE. Then I make a list of all my posible monthly expenses and group similar expenses into categories under these expense heads

For example, the reccurent expenditure head would have expenditure subheads such as Feeding, Transport, Phone Bills, Academics (cos I do alot of professional courses), Philanthropy, etc....while the Capital Project/Investment head contains items such as Building/Landing projects, Stocks, Fixed Deposits, Precious stones, etc all showing my cash outflow to investments and capital expenditures.

I then set a reasonable maximum amount that I am willing to allow for each expense category and try as much as possible to live my daily life not exceeding this limit.

This technique I developed during my NYSC and over time I have mastered it. I developed a suitable excel program to help me keep track of this and to check my expenses and where am falling short of plans.

This is just a sketch of what the entire program looks like but With it, I am able to limit my recurrent expenditure to about 20% of my income, my capital expenditure and investments to about 60% and the remaining 20% I leave in my bank account for contigencies. Regularly, after a few months, I withdraw from my contigeny account the excess accumulated and divert it into investments. I hate having excess cash..anyways...I hope someone gains a thing or two from this.

Thanks y'all for reading.

u don marry?

was far easier to save before i got married

and the mo money more problems mantra holds true

every other day something dey happen wey go enter money

generator no dey work, no light for 5 days so extra fuel, nail enter tire so na replacement, computer hard disk don fail , kids excursion

i understand what rich dad said about the rat race - once you have kids you're in it

oyb:

u don marry?

was far easier to save before i got married

and the mo money more problems mantra holds true

every other day something dey happen wey go enter money

generator no dey work, no light for 5 days so extra fuel, nail enter tire so na replacement, computer hard disk don fail , kids excursion

i understand what rich dad said about the rat race - once you have kids you're in it

i am not married yet and that's why it's a little easy. But upon marriage, all i would need do it to increase my recurrent expenditure, increase my savings/contigency account and reduce my capital expenditure a little while returns from my existing investments assist too. Its not easy o, but its all about planning sha give or take 80% level of confidence.

Tobiegal:

80%

HOW DO U MANAGE D REMAINING 20%?

I save 100 percent of my little salary,thanks to the thank u sir I receive in my office on a daily basis.‎​A̶̲̥̅♏ single sha.I live very close to my branch and that help as well,luckily for me me family is not the the asking type,at worst my elder brother always prove him self as brother.‎​A̶̲̥̅♏ saving towards an important project next year,last year I invested close to 300'k on barbing saloon busines but it didn't workout,so I don't even think of any yeye investment in this country.
To make sure that my money is safe and not for me to play with,I open a fixed deposit in a bank with all the money atleat,all my provision money for that month come from the fixed dep,aroud 3,500 everymonth.fine it may not b a viable option,but my money is safe and ‎​A̶̲̥̅♏ eaning something.

futurewise11: I save 100 percent of my little salary,thanks to the thank u sir I receive in my office on a daily basis.‎​A̶̲̥̅♏ single sha.I live very close to my branch and that help as well,luckily for me me family is not the the asking type,at worst my elder brother always prove him self as brother.‎​A̶̲̥̅♏ saving towards an important project next year,last year I invested close to 300'k on barbing saloon busines but it didn't workout,so I don't even think of any yeye investment in this country.
To make sure that my money is safe and not for me to play with,I open a fixed deposit in a bank with all the money atleat,all my provision money for that month come from the fixed dep,aroud 3,500 everymonth.fine it may not b a viable option,but my money is safe and ‎​A̶̲̥̅♏ eaning something.

How much did you fix and what is the interest rate ?

Oyb,

I am impressed. Exactly what I have always known but hardly practise.

Thanks for proving it is workable.

This is a very impotant thread dt shud nt b over, i av tried ob several occasion to save but could nt. I realy thank d poster of this
Of this thread coz its luk a eye opener for me, @least i can ave sm % of earnings nw @ least 30%.

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I love this topic! am a shopaholic mum and a career lady, to God be the glory i earn ok! I play my part in the home and save then go back to withdraw again! I need help!!!!

@op,thanks for this topic. I found out I don't make a conscious effort to save,though I'm not a spendthrift. I only save towards projects but when I don't have any,I don't know how d money disappears. From now on,I will make a conscious effort to save. Thanks everyone for ur contributions.

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coolfunke: I love this topic! am a shopaholic mum and a career lady, to God be the glory i earn ok! I play my part in the home and save then go back to withdraw again! I need help!!!!

90 percent

I recently set up a standing order transferring a certain amount from my corporate account with GTB to my personal savings account every single day. Want to see how that plays out, its been up for 3 weeks nw.

I need to increase my saving

I need to increase my saving

I pay myself 60% of my income while I try saving/ine

I Classify my expenses thus:


Fixed Expenses:------------------Living expenses--------Car Expenses-------Other Expenses
Rent-----------------------------Feeding----------------Fuelling-----------Gift to families
Phone/Internet-------------------Clothing---------------Insurance----------younger bro (Edu)
Utility (quarterly)--------------Check up(occatnally)---Repairs------------yearly bills
Insurance------------------------xxxxxxxx---------------xxxxxxxx-----------Contingencies (repairs, unplanned expences)
Church/benevolence---------------xxxxxxxx---------------xxxxxxxx-----------xxxxxxxxx

So I pay all the monthly expenses out of the 60% and try to save from it too.
I dont save on feeding but I don't buy clothes every time. My car expenses are quite moderate except when I have to repair something. the only recurrent part of the other expenses is younger brother monthly and parent get quarterly of course they also have contingencies but I delay them till it is convenient. If at anytime these expenses are more than the 60% I push some of it to Credit account since I have a 3 month interest free period, i can pay at convenience.

Good Day Peeps,
Are these figures calculated from your gross annual earnings before deductions (health insurance, retirement & taxes) or after net because I'm MEGA impressed by these 50 - 90% values i'm seeing here. You guys must be making bank. 90% sha?? That paycheck must be some really juicy one.

Ma people. I am impressed o! All these savings...70,80 some even 90%. Do you guys live in naiaj at all? Me I dey save small sha. I save about 10% cash for rainy days. I save 15% for investments. I pay 10% of my gross as tithe. so I guess its only 25% I save. But then I also put 18% into a joint saving with my wife (is that savings? Lol). expenses dey chop plenty o! I've tried my possible best to reduce my expenses and would welcome ideas if possible. I don't party or drink or chase women. Nepa doesn't help, office is far from home so plenty fuel,9% of my pay is spent on family/dependants,Salary is just there...nothing spectacular. In short I don tire for this rat race o! I may join politics soon....more money there. Lol