₦airaland Forum

Hello Nairaland!
I'm reaching out for your honest advice:
Today, I woke up feeling overwhelmed by the uncertainties of life as a father,with a 9-5 job that doesn't pay much. I've struggled to make ends meet. I have no savings to fall back on, and the pressure is mounting now that I'm married with a new baby. My salary of 300k is quickly depleted by responsibilities and debt.

Could you offer some guidance on how to improve my financial situation? What skills can I learn or what steps can I take to increase my earnings, considering I don't have any savings to rely on?

Thanks!!!!

Why did you get married if you didn't save up enough money before deciding to settle down?

Does your wife even has a job of her own?

Split ur salary by six...4 goes to feeding that is 200k for feeding per month (5ok per week).
50k for transport
50k for for savings.

The opportunity we had during our time isn't the same thing we have now there fore, parenting 5yrs ago isn't the same especially,in the areas of spending and investing.

Now my advice:
With that remaining 50k...learn crypto,although many will disagree with me on this, but learn it in which ever way u want.
In few yrs to come...u will thank yourself.

He who does the right thing,do well for himself says the legendary singer and song writer...late Sir Worrior of blessed memory

Samantha125:
Why did you get married if you didn't save up enough money before deciding to settle down?

Does your wife even has a job of her own?

You women are evil.
See how you are now blaming him if he did not marry now, you still abuse him.

It's a good thing men are real eyesing that women are evils to be avoided

Jerchance:
Hello Nairaland!
I'm reaching out for your honest advice:
Today, I woke up feeling overwhelmed by the uncertainties of life as a father,with a 9-5 job that doesn't pay much. I've struggled to make ends meet. I have no savings to fall back on, and the pressure is mounting now that I'm married with a new baby. My salary of 300k is quickly depleted by responsibilities and debt.

Could you offer some guidance on how to improve my financial situation? What skills can I learn or what steps can I take to increase my earnings, considering I don't have any savings to rely on?

Thanks!!!!

You even have N300k every month, better go learn from drivers, mechanics, carpenters and low income people how do they do it even though they have 3 children.

And the best one is if you make God your friend. But most people do not want God in their matter, so I have given my silver and gold.

How many people earn 300K per month in around you?

In most cases, it is not how much you earn or have that matters but how you deploy it.

In your case, I guess you are probably living beyond your means! Or you are servicing loan(s) that makes it impossible to have access to greater part of your monthly earnings.

If you are currently not servicing any loans, then it is your life style that is the problem. You are probably living a fake life just to try to measure up to a particular standard.

You need to retrace your steps. First and foremost, know that you must not live your life to please anybody, not even your wife?

So, if your house rent is too expensive, don't renew it, rather go for a smaller one that will still adequately meet the need of your family while you invest and save towards buying a land and build yours. House rent is always the number one source of this kind of financial strain.

Equally look out for other areas of financial drains like clubbing, drinking, womanizing etc and eliminate them.

After the above steps, plan for and work out other sources of income as a side hustle.

Also, don't allow any external factors put any unnecessary pressure on you henceforth.

Stevenbright:
How many people earn 300K per month in around you?

In most cases, it is not how much you earn or have that matters but how you deploy it.

In your case, I guess you are probably living beyond your means! Or you are servicing loan(s) that makes it impossible to have access to greater part of your monthly earnings.

If you are currently not servicing any loans, then it is your life style that is the problem. You are probably living a fake life just to try to measure up to a particular standard.

You need to retrace your steps. First and foremost, know that you must not live your life to please anybody, not even your wife?

So, if your house rent is too expensive, don't renew it, rather go for a smaller one that will still adequately meet the need of your family while you invest and save towards buying a land and build yours. House rent is always the number one source of this kind of financial strain.

Equally look out for other areas of financial drains like clubbing, drinking, womanizing etc and eliminate them.

After the above steps, plan for and work out other sources of income as a side hustle.

Also, don't allow any external factors put any unnecessary pressure on you henceforth.

Thanks for your submission, bro. However, I’m not living beyond my means. I completely understand that some people live and survive on much less than 300k. That said, in one way or another, it’s still a small amount, especially considering how tough things are right now and how life has turned around me

Jerchance:
Hello Nairaland!
I'm reaching out for your honest advice:
Today, I woke up feeling overwhelmed by the uncertainties of life as a father,with a 9-5 job that doesn't pay much. I've struggled to make ends meet. I have no savings to fall back on, and the pressure is mounting now that I'm married with a new baby. My salary of 300k is quickly depleted by responsibilities and debt.

Could you offer some guidance on how to improve my financial situation? What skills can I learn or what steps can I take to increase my earnings, considering I don't have any savings to rely on?

Thanks!!!!

dear brother,

It is not strange as a man along the line of meeting needs in the family, we take loan to sort out som emergency. I hope the loan you took was for a wise course or project.

You said you earn 300k. it is not dt bad. some earn lower Dan dt and still try to stay debt free.

Let me quote you. " the pressure is mounting now that I am.married with a new baby". that means you had an antecedence of not managing your finance well.

I guess, you are spending money the way you were when you were a bachelor now that you are marid.
the way a man spends when he was single shud be different Frm the way he spends when he is marid.

I know times are hard but still you have to be flexible to the changes we all are passing tru.

It is not a must you eat chicken all the tym now dat you are marid . If it is fish, you can afford , go for fish. I had to take a brk frm.meat and be doing fish because meat don dey pass my power.

If you were use to generator 24/7 when you were single . It is not a must you keep maintaining generator usage 24/7 now that you are marid.

Gotv and dstv is not a must. If it is affecting your pocket, pack it one side . you can be getting news updates online Frm your fone.

it is not a must to wnt to be impressing in-law by sending money all the tym to them. Tone it down. Na when you are doing them well , they wil sing your praises. The day you no send, dem go call you stingy. you can't please them

huz rent is now getting expensive. change apartment to the one you can comfortably afford. if it is 2bedroom or room nd parlor you can afford, go for it. No go do 4bedroom when go dey hard you to pay the rent. Moreover, how many hrs you dey spend for the huz in a mnt.

Reduce the times and amount you spend on happy hour. All those regular outing should reduce. you see the little 5k ..10k ...20k you see as small money and blow. It can cook pot of soup or pay light bill.

you are likely doling out huge amount of money to relatives anytime they ask you. while it is good to give . Do it with sense. If you are doing that, reduce it. you can't solve relative or family problems with your salary. do some and leave some for other of your siblings to do.

don't spend ur money like those bizness guys. don't do regular sitting with frnds dt can make your salary in one or two days and be drinking beer with them except you both agreed to meet at the bar for such meeting or such moment wil bring gist dt wil help your finance.

you said you don't have savings..that is not a good thing. it is very possible to have savings even with that your 300k salary.
you are the one that doesn't have a scale of preference on how you spend.

I can recommend a crypto trading platform you can leverage on as side income if you are interested.

All the best!

gerizzim:
dear brother,

It is not strange as a man along the line of meeting needs in the family, we take loan to sort out som emergency. I hope the loan you took was for a wise course or project.

You said you earn 300k. it is not dt bad. some earn lower Dan dt and still try to stay debt free.

Let me quote you. " the pressure is mounting now that I am.married with a new baby". that means you had an antecedence of not managing your finance well.

I guess, you are spending money the way you were when you were a bachelor now that you are marid.
the way a man spends when he was single shud be different Frm the way he spends when he is marid.

I know times are hard but still you have to be flexible to the changes we all are passing tru.

It is not a must you eat chicken all the tym now dat you are marid . If it is fish, you can afford , go for fish. I had to take a brk frm.meat and be doing fish because meat don dey pass my power.

If you were use to generator 24/7 when you were single . It is not a must you keep maintaining generator usage 24/7 now that you are marid.

Gotv and dstv is not a must. If it is affecting your pocket, pack it one side . you can be getting news updates online Frm your fone.

it is not a must to wnt to be impressing in-law by sending money all the tym to them. Tone it down. Na when you are doing them well , they wil sing your praises. The day you no send, dem go call you stingy. you can't please them

huz rent is now getting expensive. change apartment to the one you can comfortably afford. if it is 2bedroom or room nd parlor you can afford, go for it. No go do 4bedroom when go dey hard you to pay the rent. Moreover, how many hrs you dey spend for the huz in a mnt.

Reduce the times and amount you spend on happy hour. All those regular outing should reduce. you see the little 5k ..10k ...20k you see as small money and blow. It can cook pot of soup or pay light bill.

you are likely doling out huge amount of money to relatives anytime they ask you. while it is good to give . Do it with sense. If you are doing that, reduce it. you can't solve relative or family problems with your salary. do some and leave some for other of your siblings to do.

don't spend ur money like those bizness guys. don't do regular sitting with frnds dt can make your salary in one or two days and be drinking beer with them except you both agreed to meet at the bar for such meeting or such moment wil bring gist dt wil help your finance.

you said you don't have savings..that is not a good thing. it is very possible to have savings even with that your 300k salary.
you are the one that doesn't have a scale of preference on how you spend.

I can recommend a crypto trading platform you can leverage on as side income if you are interested.

All the best!

Thank you for reaching out @gerizzim! I’m open to giving Crypto a try. How can I get in touch with you?

Jerchance:
Thank you for reaching out @gerizzim! I’m open to giving Crypto a try. How can I get in touch with you?

drop me an email

gerizzim:
drop me an email

jerchance123@gmail.com

Jerchance:
Hello Nairaland!
I'm reaching out for your honest advice:
Today, I woke up feeling overwhelmed by the uncertainties of life as a father,with a 9-5 job that doesn't pay much. I've struggled to make ends meet. I have no savings to fall back on, and the pressure is mounting now that I'm married with a new baby. My salary of 300k is quickly depleted by responsibilities and debt.

Could you offer some guidance on how to improve my financial situation? What skills can I learn or what steps can I take to increase my earnings, considering I don't have any savings to rely on?

Thanks!!!!

how much is your salary

Jerchance:
Hello Nairaland!
I'm reaching out for your honest advice:
Today, I woke up feeling overwhelmed by the uncertainties of life as a father,with a 9-5 job that doesn't pay much. I've struggled to make ends meet. I have no savings to fall back on, and the pressure is mounting now that I'm married with a new baby. My salary of 300k is quickly depleted by responsibilities and debt.

Could you offer some guidance on how to improve my financial situation? What skills can I learn or what steps can I take to increase my earnings, considering I don't have any savings to rely on?

Thanks!!!!

A family of 3 should do well on 300k/month, bros, despite the present economic meltdown.
What's happening?
Go through your monthly expenses and find out what you're spending wrongly on

Jerchance:
Hello Nairaland!
I'm reaching out for your honest advice:
Today, I woke up feeling overwhelmed by the uncertainties of life as a father,with a 9-5 job that doesn't pay much. I've struggled to make ends meet. I have no savings to fall back on, and the pressure is mounting now that I'm married with a new baby. My salary of 300k is quickly depleted by responsibilities and debt.

Could you offer some guidance on how to improve my financial situation? What skills can I learn or what steps can I take to increase my earnings, considering I don't have any savings to rely on?

Thanks!!!!

Let me advice you as someone who was also in debt for a long time sometime ago. I also got into debt when my net salary was about 300k. I took the loan due to my impatience to sort an issue. I even had to take a few more loans to sustain whats lost in servicing the initial loan. It grew worse months after months as I had to start relying on salary advances and payday loans to survive. It was only my love for cars that made me not to put up my car for sale in a bid to start afresh. Light started shining upon me, when my salary rose to 730k after about two years of financial darkness. It was crazy and I understand how you feel, I was single though, so it helped a bit. I learnt great lessons and experience on how to survive on zero budget no matter what.

My advice:

- Your wife needs to support if she is employed, if she isnt, then she needs to get a job no matter how small (some jobs are underrated but there's a lot of money in them if you know your way, for example: fuel attendant). It will ease the burden a bit. My then Girlfriends did a lot to support me, one was a sales rep in a big pizza eatery (name withheld), her salary was 30k but she made a lot of money on the sides. This girl gave me over 500k in total, fueled my car a lot of times bought me clothes and all from her side hustles on the job.
Your wife can start some petty food business if she cooks really well, it will expand with time

- Start cutting down on payday loans or salary advance, if any

- Look for side hustles, take a leave of absence and register on indrive/bolt/uber if u have a car or there's a car u can hire for a short time (I even had to register my car on indrive at some point)

- Stay away from betting

- If you have skills (electrical/wiring, artistry, interior design (painting, wall paper and panel designs etc), you can learn and put the skill to use. Just build an online portfolio for people to reach out to you...You'd be surprised.

- Jump on sales deals like car sales, gadget sales, apartment sales and rent etc..referrals for sales deals bring cuts and commission. You dont evn neeed to know the buyers or sellers...You hear someone wants to sell or buy a car, connect with car dealers on Jiji and add your commission to it. Same for phones, go to computer village to look for best deals for anyone that wants tobuy a phone. I have made hundreds of thousands this year on referrals. And guess what, they will call you again when they need similar deals and you are already building connections for yourself already. That was how i started my gadget business and now i'm a registered seller.


- Start aggressive job-hunting....if your salary was a bit higher, things wont be this tight. The real liberation came when my salary rose

Please and please...crypto is not for someone like you.

Jerchance:
Thank you for reaching out @gerizzim! I’m open to giving Crypto a try. How can I get in touch with you?

300k in 2024 Nigeria is equivalent to 60k from 2015 Nigeria.

Jerchance:
Hello Nairaland!
I'm reaching out for your honest advice:
Today, I woke up feeling overwhelmed by the uncertainties of life as a father,with a 9-5 job that doesn't pay much. I've struggled to make ends meet. I have no savings to fall back on, and the pressure is mounting now that I'm married with a new baby. My salary of 300k is quickly depleted by responsibilities and debt.

Could you offer some guidance on how to improve my financial situation? What skills can I learn or what steps can I take to increase my earnings, considering I don't have any savings to rely on?

Thanks!!!!

I like to think of my finances as a formation in a football game, and I'm an advocate of the 3-4-3 system (since you have a child), my 'defence' is rent and school fees (30% of salary), 'midfield' is feeding and bills (40% of salary), and attack will comprise savings, investment and pocket money (30%). You can tinker with the formation to suit your purpose, but do the best you can to stick to the plan.
After all, all stress and no spice can quickly kill a man!

Jerchance:
Hello Nairaland!
I'm reaching out for your honest advice:
Today, I woke up feeling overwhelmed by the uncertainties of life as a father,with a 9-5 job that doesn't pay much. I've struggled to make ends meet. I have no savings to fall back on, and the pressure is mounting now that I'm married with a new baby. My salary of 300k is quickly depleted by responsibilities and debt.

You have to suspend childbearing for the next four years until your financial situation improves for the better. Presumably, you have only one child now. At the end of the four-year period, you can go for another. But with all prayers and determination, don't go above two children. Raising children is expensive. However, If your wife is close to menopause as it is, you could aim for another. But going forward, do all you can to prevent having plenty of children. I am saying this because having more children than one can ADEQUATELY take care is one of the major causes of poverty in Nigeria. Don't allow Nairalanders to deceive you with lovey-dovey talks. I have been attacked by many for promoting fewer children as if I am responsible for them having lots of children. This life wey we dey so is brutal to a poor married man. Don't worsen things for yourself and old age.

Do all you can to have only two children regardless of gender.

Could you offer some guidance on how to improve my financial situation? What skills can I learn or what steps can I take to increase my earnings, considering I don't have any savings to rely on?

Thanks!!!!

Let's start with this: what can you do effortlessly with little or no training at all? Something you know you can do so well even if you wake up at night. Another: in your line of work, what tasks and skills are necessary to rise the career ladder (promotions) and earn higher salaries? Alternatively, you could do job hopping. Every two to three years, you move to another firm with a much higher salary.

All in all, take heed to the aspect of having children. As a married man, that would be your greatest expense before rent, clothing, transport, self-development, in-laws etc. If you noticed, I didn't include entertainment as that is because you won't be able to entertain yourself at all.

A lot of people will not be able to give you advice you want because they have never made 300k in a month. Some would be emotional, because why isn't 300k enough for a family of 3?

If you had done your due diligence before marriage and a baby, you would have been in a career path that would enable you increase you pay either by salary increment in your current job or pay bump by switching companies. In that case I would say, don't worry, even Dangote dey feel am.

If that's not the case, then I gat nothing else to say.

It’s tough, but there are ways to improve your financial situation. Consider learning new skills like digital marketing or coding. You can also explore side gigs, like gaming, and even try Fire Kirin on PC for potential earnings. Invest time in building skills for long-term growth. Fire Kirin on PC can offer extra income while learning.

What work are you doing??

Samantha125:
Why did you get married if you didn't save up enough money before deciding to settle down?

Does your wife even has a job of her own?

I'm sorry, but that's a very stupid question. Going by your analogy a lot of people won't get married cause you cannot actually save when you are barely surviving in NIGERIA.

You're calling me stupid on this beautiful new year? Mama weee!!!😭😭😭😭

ecomalchemistt:
I'm sorry, but that's a very stupid question. Going by your analogy a lot of people won't get married cause you cannot actually save when you are barely surviving in NIGERIA.

Jerchance:
➜Hello Nairaland! I'm reaching out for your honest advice:
Today, I woke up feeling overwhelmed by the uncertainties of life as a father,with a 9-5 job that doesn't pay much. I've struggled to make ends meet. I have no savings to fall back on, and the pressure is mounting now that I'm married with a new baby. My salary of 300k is quickly depleted by responsibilities and debt.
Could you offer some guidance on how to improve my financial situation? What skills can I learn or what steps can I take to increase my earnings, considering I don't have any savings to rely on? Thanks!!!!

A new baby after the shege of Buhari?

Talk to your wife. She needs to go out and get a job so she can begin to contribute to the family finances immediately. The shege banza of Tinubu remains in loading.... mode and you do not know what awaits you all in Nigeria in this new year. All indices point to more bad news from inside and outside of Nigeria. So you should both be prepared. 🤔

Day169:
➜I like to think of my finances as a formation in a football game, and I'm an advocate of the 3-4-3 system (since you have a child), my 'defence' is rent and school fees (30% of salary), 'midfield' is feeding and bills (40% of salary), and attack will comprise savings, investment and pocket money (30%). You can tinker with the formation to suit your purpose, but do the best you can to stick to the plan.
After all, all stress and no spice can quickly kill a man!

You don't seem to understand what is in fact happening in the country. The cost of living is rising and will continue to throughout the new year. Unless your salary equally to keep up, how do you think you can keep to this 3-4-3 system of yours?

If you want to live long, don't over stretch yourself ooo abeg

Kobojunkie:
You don't seem to understand what is in fact happening in the country. The cost of living is rising and will continue to throughout the new year. Unless your salary equally to keep up, how do you think you can keep to this 3-4-3 system of yours?

Should we rather throw our hands up in the air and give up hope?
.. I admit that things are utterly bad but to stop hoping is to accept imminent death.
The young man was asking for some financial advice so, I find it quite uncharitable when you mutter that I don't seem to understand what's happening. I'm in the rot too and where are you, by the way?

Day169:
✓ Should we rather throw our hands up in the air and give up hope?.. I admit that things are utterly bad but to stop hoping is to accept imminent death.
✓ The young man was asking for advice so, I find it quite uncharitable when you mutter that I don't seem to understand what's happening. I'm in the rot too and where are you, by the way?

1. Isn't hope part of the major reason why Nigeria and Nigerians are were they are today -- hope the many bad decisions would magically work out somehow?

My friend, Hope is not a solution but a fantastical notion that has so far proven of no real value when bad decisions are thrown in the mix; good decisions are what is needed at this point in time. 🤔

2. Given the economic facts in the country today, what is clear is your formulae which may have worked for you sometime ago would likely fail you pretty soon given continuing rising cost of living so why offer it to him as a viable solution? OP has a family of 3 and starving that child of all it needs should not be an option (we are talking feeding, hospital bills, etc). 🤔

Kobojunkie:
A new baby after the shege of Buhari?

Talk to your wife. She needs to go out and get a job so she can begin to contribute to the family finances immediately. The shege banza of Tinubu remains in loading.... mode and you do not know what awaits you all in Nigeria in this new year. All indices point to more bad news from inside and outside of Nigeria. So you should both be prepared. 🤔

Well, I hope your advice is noted but if they do not have a financial plan at the least, then all income is down the drain.

Day169:
✓Well, I hope your advice is noted but if they do not have a financial plan at the least, then all income is down the drain.

A plan is good for when one has not overstretched oneself. Given the economic situation and the additional mouth he has to feed, his income seems to have been overstretched and what is needed is more income coming in.

300k is not too small for a man with one wife and kid. Cut your cost accordingly. Does your wife have a job? If no, let her get something doing.

Experience has taught me that most women make unreasonable demands from their husbands. If you have a wife on the same frugal page with you, this money should be enough for now.

Open an investment account and deposit 20k monthly into it. I'm not talking of a savings account, an investment account. Let the money sit there and compound from year to year. It's mot money to be touched, just forget it's there.

Whatever your line of work is, Improve on yourself to increase your chances of promotion or getting another job. I don't advice on business ideas, as 90% of people without prior knowledge of the business they go into, end up failing.