₦airaland Forum

Paramount01:
You base where?

PaulH07:
I spend 100k on foodstuffs in a month, as a single guy.

That's 200k for only me.

I wonder how this same 200k go reach family of 4 for same period

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 though it may be expensive to install at first but trust me, it will save you a lot of money at the long run. Abeg night don do, make I go sleep.

Rinoxy:
With a salary of 150k sef in the north you're a baller.

Rinoxy:
Guy, cut down on ur appetite. That u feed with 100k doesn't make those who feed on less malnourished. Eat easy.

PaulH07:
See this one, 100k to feed monthly is nothing bro.

Check am well yourself

tetralogyfallot:
exactly bro, life is very sweet n easy here mehn.

solochris:
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.

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.

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 🙏.

yak:
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

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.

Rinoxy:
How promising is blogging in supporting one's income? I've tried that before.

Rinoxy:
Pls can you do a breakdown for a 180k earner? At your convenience. Thanks.

yak:
Good evening...

I think that aside from your income, your other financial commitments and age play a role. For instance, if you are from a rich home where no one is expecting anything from you, your case may be different from another colleague who's a bread winner for the entire extended family.
That said, some people advise 50-30-20 (50% of income for need- food, transportation, accomodation and other essentials.
30% for wants -that is other necessities that aren't very compulsory for your existence including helping people and contributing to association/ religious groups while 20% goes into compulsory savings) you may decide to switch the 30 and 20 based on your personality and age. But my rule of thumb is to save atleast 20% of income monthly.
Mutual fund has been very helpful to me because aside from being an investment, you don't have it readily available like using your bank ATM to withdraw at the slightest need (takes about 48 hours to get your fund if you opt to withdraw.)

40- 45k investment won't be bad

chiboycue:
Blogging Is promising if the contents of your blog is authentic.

fineboynl:
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.

greypencils:
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.

Fx5Deriv:
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.

skultrick:
Whatever you believe is okay, I rest my case.

Rinoxy:
Thanks a lot.

maasoap:
Lol. On how much salary can he actually have saving?
Did you ask him how he got 2m naira he lost and he said it wasn't through saving?
How many average family men in Nigeria are on salary of 200k monthly?
All what he needs to be able to save money is making adjustment, spending wise

yak:
Good evening...

I think that aside from your income, your other financial commitments and age play a role. For instance, if you are from a rich home where no one is expecting anything from you, your case may be different from another colleague who's a bread winner for the entire extended family.
That said, some people advise 50-30-20 (50% of income for need- food, transportation, accomodation and other essentials.
30% for wants -that is other necessities that aren't very compulsory for your existence including helping people and contributing to association/ religious groups while 20% goes into compulsory savings) you may decide to switch the 30 and 20 based on your personality and age. But my rule of thumb is to save atleast 20% of income monthly.
Mutual fund has been very helpful to me because aside from being an investment, you don't have it readily available like using your bank ATM to withdraw at the slightest need (takes about 48 hours to get your fund if you opt to withdraw.)

40- 45k investment won't be bad