southniyikaye:
100k doing what sir?

socialmediaman:


100K includes your rent. So if you pay 600K annually, you’re spending 50K monthly on rent. Your internet data, your food, your transportation, your cable subscription, phone bills, other things are all bills, electricity, water etc

jeffizy:
In addition to a practical and reality based advise from the op, I will advice anyone with means to save in dollars.
Yes, it's on the high side but , news flash! It's not going to drop but climb higher still.
Hold your money value and it may likely go higher and give you a good return.
Like I said .... TRY! It's not easy.

skayT:
So you won't buy stuffs like chairs, television, fridge/deep freezer, washing machine, generator in the apartment abi? No matress, no gas cooker too? At least every quarter or so, you will want to buy an appliance now, and where did you think the money will come from? Na still part of your earnings of course! Seriously Naija & the Naira don cast tey tey. He con be like say he even make sense to just dey spend your money as you earn, even if you earn 400-500k monthly. For example person bin dey save to buy Toyota corolla 05 which was around 1.5m-1.7m at that time before lock down 2020, by the time he reach January 2021, the same Corolla don dey enter 2.2m-2.4m, where will the person see the remaining balance to buy the car after saving with the mindset that the price should be between 1.5m-1.7m? I just dey weep for Naija I swear. We dunno what is coming!

socialmediaman:


I understand the challenges, and it's going to get tougher.

back to your example, if you earn 400 - 500K monthly and want to buy a car of about 2M, you should wait for about 5 years. The general rule is not to spend more than 10% of your annual income on a car. I understand this may sound ridiculous especially for us in Nigeria, but that's why many of us have lots of problems with our financial management and easily go broke especially when there are emergencies.

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

Damidave1124:
Saving in a High-Interest Savings Account

Is there anything like high interest savings account in Nigeria? They are all after our money, and there is little or no interest after saving.

Being frugal is very important, but we need to stay alive to invest or spend the money that is being saved

obembet:


What if dollor come down?

Sirjendon:



How can one save in dollar?

I need enlightenment

okewumi:



Is better you study the conversion rate first. If you have an established business, try to grow it.
As if today, if you want to buy a dollar, it is #495. but if you want to sell, it is #480. It means you have loose #15 on $1. Be wise

Damidave1124:
Saving in a High-Interest Savings Account

Is there anything like high interest savings account in Nigeria? They are all after our money, and there is little or no interest after saving.

Being frugal is very important, but we need to stay alive to invest or spend the money that is being saved

Volkswagen90:
buy my oppoA12 ,3gram/64gig rom ,

jwax:



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.