₦airaland Forum

socialmediaman:
If you have the means, activate your Plan B while you still can. The tyrant and his goons have f***d this country, and it will get worse. If not, do your best to live within your means. How much is your means? Don't spend more than 50% of your net income monthly. Which means, if you earn 200k monthly, you should not spend more than 100k monthly, else you're living above your means.

how can this work for one who earns 16k monthly

Ospic2014:
Pls don't come and talk about stock market here again

who ever talked about stock market may thunder fire them,,I bought first Bank share in 2007 at the rate of 33naira per unit, dividend I no see, market value worst than ever before in short am still crying

While it is good to save for future or rainy days or whatever, please do not forget to enjoy your money. Spend money on yourself. Don't just work, take vacations once in a while and invest in things that give you satisfaction. My people used to day ' your work or job has a longer lifespan than the worker'.You will not live forever!

Remember, that future you are desperately saving for while you neglect yourself in the now and deprive yourself of the good things of life, you might not live long enough to see it.

AnonPoet:
In this video, YouTube creator Fisayo Fosudo discuss strategies about saving and growing money.


https://www.youtube.com/watch?v=8kOCvgGZ8Dk

It’s not a little known fact that Nigeria’s 30,000 Naira minimum wage sits at less than $100 (50,000 Naira) per month. Acccording to Nairametrics, it was revealed that due to the global pandemic, many many Nigerians have no emergency savings. The savings Deposit rate has dropped from 4% to 1.6% in the span of a few years. 40.1 percent of population in Nigeria lives in poverty. 4 out of every 10 people in Nigeria live in poverty (less than $1 (500 Naira) per day) and that’s roughly around 85 million people. This statistics was even before the global pandemic and things have become worse. Narrowed down by states, we have Sokoto and Taraba as the highest rate of poor people in the country where it’s almost at 90% or 9 out of 10 people in poverty there…but I could go on and on and on. This video seeks to help shine the light on already existing principles and how to use them in day to day life and save while keeping costs down. I think you might find value in this. Here are some tips mentioned in the video:

1 - Cut Back on Unnecessary Spending

Adjusting your relationship to money and stop spending frivolously can really help. It really pays to be frugal and it doesn’t mean that you’ll deprive yourself of something valuable. Think of it like you’re paying your future self. You’re not looking to spend tomorrow’s money today because you can’t work forever. There’s a reason why we retire and that’s because we can’t keep doing the same thing till we’re 50, so it’s better to take advantage of that now and when it comes to the time where you can’t work anymore.

2 - Budgeting and Expense Tracking

Budgeting and expense tracking can reveal serious holes and leakages in people’s earnings. For many people, it’s difficult to account for their monthly income. Expense tracking at the end of the month right after you receive your account statement can be highly effective in helping you discover the things that you’re unnecessarily spending on and that you can cut back on.

3 - Saving in a High-Interest Savings Account

One way to stay happy with your finances is to save a very significant portion of your income. Most high savers save as high as 50% of their salary, for some, 30% is tolerable. However, saving can really help people out of a rut and have people set up for emergency purposes or even better, retirement in the long term.

4 - Investing in the Stock Market / Securities

A more advanced way of saving while growing one's money is investing in the stock market or buying shares of publicly traded companies. It can be highly risky but value investing has proven to yield successful results over the long run. This is a great way to hedge against inflation and also make passive income with consistency.

5 - Hack your Rent and Transportation

One of the advantages and also disadvantages of living in Nigeria is the fact that we have to pay the rent yearly, instead of monthly. It’s good because now you don’t have to worry about a monthly bill coming your way for where you live, you only need to worry about things like electricity and charges for services. You don’t have to worry about someone kicking you out. However, that’s also another very bad thing because it’s become so expensive now. You have to cough up almost 500,000 to millions of Naira all at once because you want to rent somewhere. This kind of makes the barrier to living by yourself high.

Anyway, another way to even save way more is by living with a roommate or housemate. If you’re living on your own you should consider a smaller real estate if you need more space, consider living with someone you can trust.

Transportation too is another thing. If you can, you should carpool with your friends on your way to work or school and split uber fares. Again, if you’re young no one cares with your mode of transportation is. As far as you can get to where you’re going, that’s really what matters.

6 - Investing in yourself

It doesn’t directly correlate to saving money but investing money in things that would build up your knowledge base and your skill is unrivalled in creating true wealth.

What are your tips for saving, growing and investing money as a Nigerian?

pls, enlighten me on NO 4 with relevant examples of company one can buy shares. Thanks

I couldn't agree more.

Open a USdollar account and start saving.
Fisayo Fosudo will not tell us this.
No Nigerian man will want to share the secret of his success

234GT:
It is not even sensible to save again in Nigeria.

Just buy and invest.

If you wanna build a house, buy 50 blocks per month rather than saving the money monthly to buy 600 blocks at the end of the year. By year end, your cash may not be able to buy more than 500 blocks, you you have lost 100 blocks while saving.

If it is possible you buy your car in parts, engine today, windscreen tomorrow etc, do it.

The inflation is crazy. The value of your savings keep decreasing everyday. Naira is finished!

Ma guy...

Misleading - saved $20k in six months because he earns mostly from social media influencing gigs and not as a salaried worker though.

AnonPoet:
In this video, YouTube creator Fisayo Fosudo discuss strategies about saving and growing money.


https://www.youtube.com/watch?v=8kOCvgGZ8Dk

It’s not a little known fact that Nigeria’s 30,000 Naira minimum wage sits at less than $100 (50,000 Naira) per month. Acccording to Nairametrics, it was revealed that due to the global pandemic, many many Nigerians have no emergency savings. The savings Deposit rate has dropped from 4% to 1.6% in the span of a few years. 40.1 percent of population in Nigeria lives in poverty. 4 out of every 10 people in Nigeria live in poverty (less than $1 (500 Naira) per day) and that’s roughly around 85 million people. This statistics was even before the global pandemic and things have become worse. Narrowed down by states, we have Sokoto and Taraba as the highest rate of poor people in the country where it’s almost at 90% or 9 out of 10 people in poverty there…but I could go on and on and on. This video seeks to help shine the light on already existing principles and how to use them in day to day life and save while keeping costs down. I think you might find value in this. Here are some tips mentioned in the video:

1 - Cut Back on Unnecessary Spending

Adjusting your relationship to money and stop spending frivolously can really help. It really pays to be frugal and it doesn’t mean that you’ll deprive yourself of something valuable. Think of it like you’re paying your future self. You’re not looking to spend tomorrow’s money today because you can’t work forever. There’s a reason why we retire and that’s because we can’t keep doing the same thing till we’re 50, so it’s better to take advantage of that now and when it comes to the time where you can’t work anymore.

2 - Budgeting and Expense Tracking

Budgeting and expense tracking can reveal serious holes and leakages in people’s earnings. For many people, it’s difficult to account for their monthly income. Expense tracking at the end of the month right after you receive your account statement can be highly effective in helping you discover the things that you’re unnecessarily spending on and that you can cut back on.

3 - Saving in a High-Interest Savings Account

One way to stay happy with your finances is to save a very significant portion of your income. Most high savers save as high as 50% of their salary, for some, 30% is tolerable. However, saving can really help people out of a rut and have people set up for emergency purposes or even better, retirement in the long term.

4 - Investing in the Stock Market / Securities

A more advanced way of saving while growing one's money is investing in the stock market or buying shares of publicly traded companies. It can be highly risky but value investing has proven to yield successful results over the long run. This is a great way to hedge against inflation and also make passive income with consistency.

5 - Hack your Rent and Transportation

One of the advantages and also disadvantages of living in Nigeria is the fact that we have to pay the rent yearly, instead of monthly. It’s good because now you don’t have to worry about a monthly bill coming your way for where you live, you only need to worry about things like electricity and charges for services. You don’t have to worry about someone kicking you out. However, that’s also another very bad thing because it’s become so expensive now. You have to cough up almost 500,000 to millions of Naira all at once because you want to rent somewhere. This kind of makes the barrier to living by yourself high.

Anyway, another way to even save way more is by living with a roommate or housemate. If you’re living on your own you should consider a smaller real estate if you need more space, consider living with someone you can trust.

Transportation too is another thing. If you can, you should carpool with your friends on your way to work or school and split uber fares. Again, if you’re young no one cares with your mode of transportation is. As far as you can get to where you’re going, that’s really what matters.

6 - Investing in yourself

It doesn’t directly correlate to saving money but investing money in things that would build up your knowledge base and your skill is unrivalled in creating true wealth.

What are your tips for saving, growing and investing money as a Nigerian?

If you truly want to save money just avoid women...

Divoc19:
I couldn't agree more.

Open a USdollar account and start saving.
Fisayo Fosudo will not tell us this.
No Nigerian man will want to share the secret of his success

Fisayo Fosudo said this exact thing in this video �:
https://www.youtube.com/watch?v=7xIM7ylslik

Grace001:
He even said “save MORE money” in Nigeria where people live from hand to mouth, where 8hrs minimum wage of most Nigeria isn’t up to N1,250 I guess they won’t eat, or even transport themselves to their work place. Nonsense strategy

All these small boys writer born yesterday turned strategist overnight will be giving tips that is workable in a saner country like the US, UK, Germany etc to Nigerians.

What magic do you want someone who earn N50k Naira monthly “N1,250 8hrs ” to do, to save MORE money.

Savings is a mentality, a culture. It's not about how much you earn. I know people who earn multiple of the amount you put there that don't save. They are not disciplined. And there are people earning less than that that save.

socialmediaman:
Don't spend more than 50% of your net income monthly. Which means, if you earn 200k monthly, you should not spend more than 100k monthly, else you're living above your means.

Agree ��

I want to open a fixed deposit account... please, someone with experience should educate me on this...

I don’t think it’s misleading though. The tips are valid regardless of how much income is earned.

bigtt76:
Misleading - saved $20k in six months because he earns mostly from social media influencing gigs and not as a salaried worker though.

How long is it fixed and what’s the interest rate?

inverseparanoia:
I want to open a fixed deposit account... please, someone with experience should educate me on this...

Grace001:
He even said “save MORE money” in Nigeria where people live from hand to mouth, where 8hrs minimum wage of most Nigeria isn’t up to N1,250 I guess they won’t eat, or even transport themselves to their work place. Nonsense strategy

All these small boys writer born yesterday turned strategist overnight will be giving tips that is workable in a saner country like the US, UK, Germany etc to Nigerians.

What magic do you want someone who earn N50k Naira monthly “N1,250 8hrs ” to do, to save MORE money.

How about someone that doesn't even earn up to 50k monthly? Nigeria isn't easy yet the OP is advising *Save More* make I starve myself cuz I wan save then end up dying and leave the savings behind

Wambiz:
How about someone that doesn't even earn up to 50k monthly? Nigeria isn't easy yet the OP is advising *Save More* make I starve myself cuz I wan save then end up dying and leave the savings behind

Haha LoL

stop giving money any how
tight hand tithe none offering only

inverseparanoia:
I want to open a fixed deposit account... please, someone with experience should educate me on this...

don’t waste your time. At best you’d get 3% yearly

I get you and we are driving at the same thing. Misleading to those who may not understand at the first glance that he has multiple sources of income and not for those who are not creative enough or have multiple sources.

tfortony:
I don’t think it’s misleading though. The tips are valid regardless of how much income is earned.

socialmediaman:
If you have the means, activate your Plan B while you still can. The tyrant and his goons have f***d this country, and it will get worse. If not, do your best to live within your means. How much is your means? Don't spend more than 50% of your net income monthly. Which means, if you earn 200k monthly, you should not spend more than 100k monthly, else you're living above your means.

Oga this does not applies to a family man with kids.

Honestly. In a country where you think more of survival than saving. How can an average worker who cut costs by living 2-3 commute hrs away from place of work, without enough money for data, sit down and begin to check out investment options?

Grace001:
He even said “save MORE money” in Nigeria where people live from hand to mouth, where 8hrs minimum wage of most Nigeria isn’t up to N1,250 I guess they won’t eat, or even transport themselves to their work place. Nonsense strategy

All these small boys writer born yesterday turned strategist overnight will be giving tips that is workable in a saner country like the US, UK, Germany etc to Nigerians.

What magic do you want someone who earn N50k Naira monthly “N1,250 8hrs ” to do, to save MORE money.

AnonPoet:
In this video, YouTube creator Fisayo Fosudo discuss strategies about saving and growing money.


https://www.youtube.com/watch?v=8kOCvgGZ8Dk

It’s not a little known fact that Nigeria’s 30,000 Naira minimum wage sits at less than $100 (50,000 Naira) per month. Acccording to Nairametrics, it was revealed that due to the global pandemic, many many Nigerians have no emergency savings. The savings Deposit rate has dropped from 4% to 1.6% in the span of a few years. 40.1 percent of population in Nigeria lives in poverty. 4 out of every 10 people in Nigeria live in poverty (less than $1 (500 Naira) per day) and that’s roughly around 85 million people. This statistics was even before the global pandemic and things have become worse. Narrowed down by states, we have Sokoto and Taraba as the highest rate of poor people in the country where it’s almost at 90% or 9 out of 10 people in poverty there…but I could go on and on and on. This video seeks to help shine the light on already existing principles and how to use them in day to day life and save while keeping costs down. I think you might find value in this. Here are some tips mentioned in the video:

1 - Cut Back on Unnecessary Spending

Adjusting your relationship to money and stop spending frivolously can really help. It really pays to be frugal and it doesn’t mean that you’ll deprive yourself of something valuable. Think of it like you’re paying your future self. You’re not looking to spend tomorrow’s money today because you can’t work forever. There’s a reason why we retire and that’s because we can’t keep doing the same thing till we’re 50, so it’s better to take advantage of that now and when it comes to the time where you can’t work anymore.

2 - Budgeting and Expense Tracking

Budgeting and expense tracking can reveal serious holes and leakages in people’s earnings. For many people, it’s difficult to account for their monthly income. Expense tracking at the end of the month right after you receive your account statement can be highly effective in helping you discover the things that you’re unnecessarily spending on and that you can cut back on.

3 - Saving in a High-Interest Savings Account

One way to stay happy with your finances is to save a very significant portion of your income. Most high savers save as high as 50% of their salary, for some, 30% is tolerable. However, saving can really help people out of a rut and have people set up for emergency purposes or even better, retirement in the long term.

4 - Investing in the Stock Market / Securities

A more advanced way of saving while growing one's money is investing in the stock market or buying shares of publicly traded companies. It can be highly risky but value investing has proven to yield successful results over the long run. This is a great way to hedge against inflation and also make passive income with consistency.

5 - Hack your Rent and Transportation

One of the advantages and also disadvantages of living in Nigeria is the fact that we have to pay the rent yearly, instead of monthly. It’s good because now you don’t have to worry about a monthly bill coming your way for where you live, you only need to worry about things like electricity and charges for services. You don’t have to worry about someone kicking you out. However, that’s also another very bad thing because it’s become so expensive now. You have to cough up almost 500,000 to millions of Naira all at once because you want to rent somewhere. This kind of makes the barrier to living by yourself high.

Anyway, another way to even save way more is by living with a roommate or housemate. If you’re living on your own you should consider a smaller real estate if you need more space, consider living with someone you can trust.

Transportation too is another thing. If you can, you should carpool with your friends on your way to work or school and split uber fares. Again, if you’re young no one cares with your mode of transportation is. As far as you can get to where you’re going, that’s really what matters.

6 - Investing in yourself

It doesn’t directly correlate to saving money but investing money in things that would build up your knowledge base and your skill is unrivalled in creating true wealth.

What are your tips for saving, growing and investing money as a Nigerian?

Nice one.... Since I discovered Piggyvest in 2018, saving has been a critical part of me.

They make it seamless and once a target is met, I convert to dollar asap still on the app to avoid inflation eating it up. One needs to save to invest.

idanone:
pls, enlighten me on NO 4 with relevant examples of company one can buy shares. Thanks

I hope this may help; https://www.nairaland.com/1131485/nigerian-stock-exchange-market-pick

Map1:
who ever talked about stock market may thunder fire them,,I bought first Bank share in 2007 at the rate of 33naira per unit, dividend I no see, market value worst than ever before in short am still crying

I hope this will help; https://www.nairaland.com/6362317/how-retrieve-unclaimed-dividends

conuel213:
This is educative. Nice one �

IF UR EARNING 50K MONTHLY, N UR A FAMILY MAN, TELL ME HOW MUCH DO U THINK U CAN SAVE

inverseparanoia:
I want to open a fixed deposit account... please, someone with experience should educate me on this...

Check out these two threads, hope it helps; https://www.nairaland.com/1912965/mutual-funds and https://www.nairaland.com/878880/treasury-bills-nigeria

buchilino:
IF UR EARNING 50K MONTHLY, N UR A FAMILY MAN, TELL ME HOW MUCH DO U THINK U CAN SAVE

10%

Hold your savings in USD $ or EURO to hedge it against the free failing Naira.

SlahJoe:
10%

R U MARRIED WITH KIDS

even while u try to save something from nowhere comes up, if u fail to apply wisdom resolving those issues might end up spending excessively is not really easy I must say many have given up on savings

Stop alcohol habits ...it takes money away fast.

The question is not 'where is the money to save'? The real question to ask yourself is 'Do I believe in prosperity and abundance? Do I have prosperity consciousness to attract prosperity and abundance'?

allanphash7:
Where’s even the money to save sef