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 🙏.

Believe me, by now, you and your family must have been used to a particular lifestyle and spending level that will be difficult to change. However, 400k is still a big money that should at least remain a solid 50k savings if you can take the painful advice that helped me manage my 180k salary, 3 kids and wife not working.
1. Ensure you join a cooperative that you can monthly safe your money. i want to suggest you save 50k monthly, remove this saving first before spending the rest program your understanding and assume your salary is not even 400k in the first instance.
2. Cut you expenses big time, in your family feeding cost monthly is above 100k, then you are wrong, if your monthly transportation is more than 60k, you are also wrong, if your house rent is more than 20k monthly, you are also wrong. if children school fees is more than 15k monthly, you are wrong.
You should be doing well with 400k if you plan your self well.

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 🙏.

It's would be nice if you give a break down of your monthly expenses to know how the 400k is spent . I was earning 400k till last year and I save minimum 150k monthly

The story is incomplete

LagBlogger:
Cost of living plus family responsibilities will make your 400k per month feel like 30k per month.

I don't know what your plans are but if you can find a way to reduce house rent and school fees cost you might be able to save something.

My wife had a friend whose husband was on 60k per month salary in 2015, somehow he managed to save and buy land, started doing uber part time then later resigned his job and faced Uber fully and was able to save to build the house they are living in now.

He moved to Canada in 2022 and she joined him last year with their daughter.

I think their game plan was to set a target e.g buy land, build house, travel abroad, start side hustle and save as if their life depends on it to achieve that target.

Try and set goals then work on those goals as if your life depends on achieving it. It may work, it may not. Just my 2 cents.

If 400k is too small then start your own business employ people and pay them 400k. In a country where millions of people still dey earn 50k you say 400k too small. Na this type dey enter power and become greedy thieves

Well, if you ask me, 400k isn't as big as it seems. However, if you are financially disciplined, I see no reason why you can't save at least 150k every month.
First, quit forex. You see, any business that looks like a swinging pendulum like forex is never a good one because you obviously can't win all the time. Forex to me is gambling. Less than 5% of people who invested in forex have good stories to tell.
Second, once you get your salary, put away the 150k before spending the rest, buy food stuff in bulk, set a business up for your wife to augment what you earn and take care of petty bills etc.
Believe me if you can follow this, you'll have close to a million saved in six months.

123papas:
The story is incomplete

It doesn't need to be complete, only the relevant details is needed to drive home the point.

100k savings cannot do much in today Nigeria. In a year that would be 1.2m.

He cannot buy a land or anything with such money. That's why before the 3rd or 4th months he might have been pressured to go and spent it.

We are Nigerians and how culture is different from that of White. If immediate family don't ask for that saved money extended family will ask for it. Just yesterday my jenior ones was asking for rent in school. .

You can't escape not spending it.

MajorOvakporaye:
You are just extravagant. There are many people receiving far less than you but they coordinate pass you sef

Am telling you... People and party and enjoy enjoy Everytime like billionaires... People saying 400k not enough for family of four in this country ... Chei! ...

Izuchukwu70:



You're not serious. You have 2 kids with another one on the way and a wife on 400k Salary?? How much do you pay for accommodation annually? How much is the school fees annually? You can't have savings on that money.

With 3m salary people like you won't still save...

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.

I guess people with families saving on less than 400k a month are all thieves.

OP if you like belief this and don't work to reduce your spending, then let me see the magic that will improve your life. Shey you want to improve your situation, unless you earn more the other option is to spend less.

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 🙏.

We cannot build on nothing..
We start from known to unknown.

How are you spending at the moment?
Then we can modify it for you.

Or else,, whatever you would be getting here would be generic responses.
Or some other people telling you their own expenses,, which definitely is totally different from yours, and you cannot be like them.

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 😉

Golden rule.

My own rule one is to pay myself 50% first and then be stringent with rest. My wife done dey look me say she need bigger house. I just dey look her with bombastic side-eye

My own rule 2 is rent shouldn't be more than 2 months salary. Do this and half of your financial problems are solved.

Izuchukwu70:



You're not serious. You have 2 kids with another one on the way and a wife on 400k Salary?? How much do you pay for accommodation annually? How much is the school fees annually? You can't have savings on that money.

Bitter truth

Cut down on your expenses. Move to a cheaper house, drive a cheaper vehicle like Corrola. Look for great affordable schools for kids. lastly, start my kind of business for $300.

You are not comfortable with what you earn yet you are making more babies.

Join monthly contributions of about 100k per month. When it's your turn to pack, ensure you have a goal for the money (maybe investment). You won't want to just spend 1m carelessly.

You can equally join a reliable cooperative society and contribute like 20k per month minimum. That makes it easy for you do some capital projects

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!!

Was your father one?

Your story is both touchy and intriguing.
How can you say you didn't save?
You saved but lost it to fox(A.K.A DISGUISED GAMBLING) driven by scam rings misleading people and selling fruitless forex trading courses.
THANK GOD YOU HAVE NOT GONE BANKRUPT,ATLEAST YOU STILL HAVE YOUR 400K JOB.
YOU NEED REALISTIC MULTIPLE INCOME STREAM.
ALL YOU NEED TO DO IS START SAVING IN A BANK THAT CAN GIVE YOU LOAN IN SIX MONTHS TIME.SO THATYOU SETUP AN ECOMMERCE TRADING BUSINESS YOU CAN RUN WHILE YOU RETAIN YOUR JOB.
MARRIAGE IS STILL A BLESSING NO MATTER YOUR TEMPORARY CHALLENGE,OUR MAKER MADE IT SO,TO MAINTAIN ORDER IN THE WORLD.
SO,GOD HELP YOU.

MeezPat:
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

I don't actually see this happening because, we have a system im place that ensures you don't run away without paying others.
It's a control measure.

And yes, the land no dey block awa water ways. They are far far far away from the waterways. We dey try do charting as we buy them.

Thanks

Do contribution.... Simple

See it this way, if the company you work for ask you to take a pay cut for 100k monthly or leave, I bet you will take it and I bet you will survive with the new salary of 300k.

So tell yourself you are now earning 300k monthly and save 100k monthly . Whatever you can’t afford with 300k should go and heaven will not fall.

Vijuchoco:
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

128kas a single lady not bad

Sadly your problem is spending..

In reality of present naija society, things truly cost.

But 400k if well spent can STILL sustain you.

1. Deal with your impulse spending habit
2. Set a financial or investment goal
3. Live below your means (rents, food, school etc )
4. Start savings and join a reliable cooperative
5. Set up your woman for business but never depend on it...

Set a goal and work to achieve

Good morning sir,
When I see #400k and you said u don't have a savings, I get confuse if the whole thing.

Firstly, identify what consume more of ur money and cut it of. If you are into betting, pls kindly stop it. Secondly if you are a clubbing type and drinking type, pls kindly stop it.
Set up a target that is in a month,
Feeding money to madam should be #100k
Fueling for car monthly should not exceed 80k
Look for 4 guys of ur friends and start up contributions of 100k
Then, the balance #120k will be for miscellaneous. But make sure u buy things from market in wholesale in large quantities.


Chat me up sir 08148191785.
Many talk dey to Yan u

LagBlogger:
Cost of living plus family responsibilities will make your 400k per month feel like 30k per month.

I don't know what your plans are but if you can find a way to reduce house rent and school fees cost you might be able to save something.

My wife had a friend whose husband was on 60k per month salary in 2015, somehow he managed to save and buy land, started doing uber part time then later resigned his job and faced Uber fully and was able to save to build the house they are living in now.

He moved to Canada in 2022 and she joined him last year with their daughter.

I think their game plan was to set a target e.g buy land, build house, travel abroad, start side hustle and save as if their life depends on it to achieve that target.

Try and set goals then work on those goals as if your life depends on achieving it. It may work, it may not. Just my 2 cents.

The person you are talking about definitely had income from elsewhere. Using Uber to build a house in Nigeria with our bad roads and regular car breakdowns is unrealistic.

Babawee:
nah that thing dey fear me pass...
I earn 50% of what's he his earning and I have 3kids
my children attend the school her mother teach...I paid 50% on school fees

my yearly rent is 150k and I keep saving every month...
with 400k u can do better just see yourself as someone earning 250k, are you saying u won't survive in this Lagos...I live on the island

you can achieve it if u spend less

Pls were on the island do you pay 150k annually for rent ? even getting a self contain for that amount is almost impossible.

LagBlogger:


I guess people with families saving on less than 400k a month are all thieves.

OP if you like belief this and don't work to reduce your spending, then let me see the magic that will improve your life. Shey you want to improve your situation, unless you earn more the other option is to spend less.

Advice him how he can spend less. The only companies that can pay such salary should located in Victoria Island or phase 1.

That's means he own a car. And his place of residence should be Island or somewhere close. And children school fee will be high and feeding will also be high.

He is only option is to collect staff loan and process his japa runs. Why do you think everyone is running away from Nigeria?

Nigeria is messed up, with 1m in your account, you are still a poor man

NaughtyBrainiac:
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

Ride on Daddy as you " minister" on Nairaland.

Googledrive12:
I have one advice for you, buy this book, The Richest man in Babylon. After you read it come back here in 6 months and give your testimony. Remember you must be disciplined to practice what it teaches. That is the solution to your financial problem, That book changed my life for good, If you don't have the time or don't fancy reading books, get the audio from sportify I think it is about 4 hours long.

The same book, my wife came into my home with it after we married. I did not read it.
Over 15 years later, I read it and came to the conclusion that, it could have changed my life in more wonderful ways if I had read it earlier.
Your suggestion is good but trust me, Nigerians do not read.

astonished:
No one is talking legal betting called forex that gulp his 2 million Naira.

Forex is like betting, and sports betting still better than forex, but people will like to defend nonsense.

So many advert here and there regarding FOREX which the government should ban.

Baba Ijebu is far reliable than.forex

Baba off light, dem no go hear, forex and crypto is like the visual version of bet9ja

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 🙏.

Two ways to do it
A vault account or contribution group (a.k.a meeting) where you forcefully put the equivalent of weekly 20k or above. Gather it 1 or 2yrs at once and purchase one investment
A loan to the tune of a particular asset or investment purchase. Of course you'd forcefully paying back from salary account within 1-2 yrs.

Well it ripens in the future when the asset/investment appreciates or start bringing returns so you have to first "suffer a little" to enjoy forever.

Meanwhile, you're most likely living above means. Consider things like your rent, kids school etc. Are there really no liveable options that save you at least 100-200k yearly which can be repurposed into feeding, healthcare or savings/investment abi you just wanted to be dragging shoulder within the neighborhood?
How's your betting, partying lifestyle costing you? Forex etc nko??

Tealcrestmedia:
There are basic rules that help someone avoid financial pressure. Firstly, everything you do must be in percentages of your salary, the main one being not spending more than 30% of your annual income on rent. Your annual income is 4.8m assuming that is all you earn. Your rent must not exceed 1.2m.

Next, tailor your spending to allow 20% saving monthly which will be your investment funds. The rest will be dependent on your lifestyle choices and the cost of living for where you stay.
.

This right here. Personally I make it an aim not to spend more than10%-15% of annual income on rent.