₦airaland Forum

[please how can someone access it?
On which bank? I really need this kind of savings to
Use cowrywise to lock your money, u will not able to access it until the said date, even customer care will not help you unlock until the day you set for it[/quote]

yemmit90:
May be you are the type thet buys baby food 20k twice per week, unnecessary weekly shopping, use 50k to cook soup, use 150k for power units to enjoy 24/7 AC and other wastefulness at home. Sometimes, those who are clubbing or carrying women are even spending wisely than some men who don't

How can you be earning 1m naira per month and still be complaining with a family of 3. You better cut your expenses now before it too late for you. On

I find it really hard to believe this types of cock and bull story.

But then I still know that people that complain like this have a highly inflated lifestyle.

I have seen family men earn well below that and their family was doing very okay.

Lifestyles like this never leads to financial libration.

To the OP read the following book :
1. Psychology of Money (1st Read)
2. Richest Man in Babylon
3. Rich Dad Poor Dad

I feel once you are financially enlightened you won't complain like this.

In present day Nigeria, if you earn 750thousand plus monthly and you don't have a decent returning cash flow after 1 year on that salary, you are not financially literate.

Take that to the bank, cause salaries can never make you rich, and I'm not saying you should quite your job, but you need to financially position yourself to have a decent cash flow or even multiple cash flows.

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Incognito403:
‎Stop giving blanket statements.
‎1M isn't serious money at all especially if you have a car or need to use public transport frequently.
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‎Moreover, you'll need to work for.at least two years before you can save up emergency funds.
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‎That money has no room for vacations oo.
‎That money only gives basic life nothing extra.

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‎Sincerely at the bolded that is a fax pas, a lot of people will literally worship you if you hand them a 1million one time payout. Now imagine a recurring 1million payout
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‎Now you mentioned owning a car, I don't know if I'm the only Nigerian that sees owning a car not as an asset but a liability, I see car as a comfort accessory not an everyday lifestyle need.
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‎Really I have nothing to tell the OP cause I know at the core, it's a lifestyle problem.

NewMayor2026:
It's not bullshit post. It's not easy to save 3M from 1M salary.

‎I am just laughing this Sunday morning, normally I read and move on, but the comments I'm seeing here are amazing.
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‎Now in 3 years 1million salary gross is 36million, now after statutory deduction let's imagine his total net is 34.5million. I am factoring tax deduction, HMO deduction, penalty deduction from work, etc.
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‎Now 3million is just 8.33333333% of 36million(I factored in decimal precision)
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‎Even at 34.5million, 3 million will still be in the 8 point something range percentage.
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‎So in three years 3 million savings is really little compared to his main salary even after deductions are factored in.
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‎So bro, this is clearly one of the three likelihood.
‎1. it's either this is show off or notice me
‎2. he has an inflated lifestyle
‎3. he is servicing huge debt and his financial life is a mess
‎

BucketHat:
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‎Bro,for this hurricane Tinubu regime, you be king ooo.
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‎You use 5.5 milli open shop for your wife .......
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‎You're blessed oooooooooo
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‎Your wife sabi business wella before you invest over 5 metre?

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‎The last question is really important cause left to me if the wife is not business oriented, or a strategist, that money is a waste
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‎If money too dey OP hand look at the following areas to safely invest in
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‎1. mutual funds, government bonds, Treasury accounts
‎2. lock the money in stable currency
‎3. Commodity market like sales of rice, beans, palm oil, sugar, salt.
‎4. Liason and strategic partnership with political figures already in power in your local government or state level (the ROI on this is almost instant lol)
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‎Some have food but cannot eat, some can eat but have no food
‎
‎

LordBiden:
What kind of bullshit post is this?

You earn 1m monthly and still don't have up to 3m in savings?

.....my brother the thing weak me, ₦1 million and you say you are struggling

xauwarrior:
How much does your wife make? How is your typical monthly expenditure like?

If 1 million is not enough for you, wife and just 1 child then you need to check inwards. You're your own problem.

How? You're living above your means. Don't tell me you're not a lavish person because an in-depth search would tell you, you're lying to yourself.

Stop giving blanket statements.
1M isn't serious money at all especially if you have a car or need to use public transport frequently.

Moreover, you'll need to work for.at least two years before you can save up emergency funds.

That money has no room for vacations oo.
That money only gives basic life nothing extra.

It's not bullshit post. It's not easy to save 3M from 1M salary.

LordBiden:
What kind of bullshit post is this?

You earn 1m monthly and still don't have up to 3m in savings?

Something tells me you are lying or showing off.

anonimi:
If you are living in the rural areas, you can live a good life with less than the minimum wage of N70,000.

If 10,000 is enough for food, then the rest is more than enough to flex as a big boy in the small town.

For where be dat naw🤔

You just come from Pluto?

Slizzords:
Good afternoon everyone, I know that nairaland is filled with a lot of reasonable and experienced people, am a young man and I need guidance please.

So am married with a 8 month old baby, and make about 1M naira monthly for the past 3years now , it's not been easy from a financial aspect because we live in lagos and I discover that as I write this, I don't have up to 3M naira to my name, I don't know how money disappears, please note that am not a lavish spender, I don't party or go clubbing.

Please how do I save more money, because God forbid something happens now I don't have any money to fall back on. No landed property or anything. Please I need help thanks.

/
N1 million per month is a decent salary. Learn not to be wasteful bc a million today is not what it used to be five years ago.

/

Slizzords:
Had to open a shop for her, with like 5.2m so that I can reduce expenses on myself. Just normal things, nothing out of the ordinary.

If you just opened a biz for your wife with 5.2m, that's almost your salary for 6 months.

And asides that, you will still be giving ur wife monies for household expenses and her general expenses.

So I think u need to sit down with her and streamline ur expenses together. Perhaps you are pouring water into the basket from her side.

Once u have achieved that, try and force yourself into daily, weekly or monthly savings into platform like cowrywise or put it in ur savings account in No-debit-Status and save it there.

If your income is salaried, it's important that you create a side biz for yourself.

Slizzords:
Good afternoon everyone, I know that nairaland is filled with a lot of reasonable and experienced people, am a young man and I need guidance please.

So am married with a 8 month old baby, and make about 1M naira monthly for the past 3years now , it's not been easy from a financial aspect because we live in lagos and I discover that as I write this, I don't have up to 3M naira to my name, I don't know how money disappears, please note that am not a lavish spender, I don't party or go clubbing.

Please how do I save more money, because God forbid something happens now I don't have any money to fall back on. No landed property or anything. Please I need help thanks.

Bro,for this hurricane Tinubu regime, you be king ooo.

You use 5.5 milli open shop for your wife .......

You're blessed oooooooooo

Your wife sabi business wella before you invest over 5 metre?

If I may ask, what type of work are you doing that is earning you 1m monthly?

I am married with three kids and earning 100k, though no savings at all and would like to get a better job like yours if not even 1m but at least 400k.

Slizzords:
Good afternoon everyone, I know that nairaland is filled with a lot of reasonable and experienced people, am a young man and I need guidance please.

So am married with a 8 month old baby, and make about 1M naira monthly for the past 3years now , it's not been easy from a financial aspect because we live in lagos and I discover that as I write this, I don't have up to 3M naira to my name, I don't know how money disappears, please note that am not a lavish spender, I don't party or go clubbing.

Please how do I save more money, because God forbid something happens now I don't have any money to fall back on. No landed property or anything. Please I need help thanks.

BucketHat:
For where be dat naw🤔

You just come from Pluto?

No o, oga sir.

I just got the idea from Tinubu’s adviser, who was quoted in the post you replied. Cheers bro.

Slizzords:
Good afternoon everyone, I know that nairaland is filled with a lot of reasonable and experienced people, am a young man and I need guidance please.

So am married with a 8 month old baby, and make about 1M naira monthly for the past 3years now , it's not been easy from a financial aspect because we live in lagos and I discover that as I write this, I don't have up to 3M naira to my name, I don't know how money disappears, please note that am not a lavish spender, I don't party or go clubbing.

Please how do I save more money, because God forbid something happens now I don't have any money to fall back on. No landed property or anything. Please I need help thanks.

I think you are doing well but you have not realized it yet.
First of all you were able to save over 5 million to establish business for your wife. You bought a car from your income, you are paying rent and probably you may have siblings and parents you are caring for.
People tend to forget that the OP has been earning 1 million for only three years now. Those of us earning more than that amount how much can we boast of in our account?

Step 1. Budget your monthly expenses in advance by setting a spending limit e.g All household expenses (including feeding, dstv, light bill etc) must stop at 300k.

Step 2. Set a monthly savings target e.g 300k and make sure you put that money where it is hard for you to reach. E.g cowrywise or put it in an account that you don't use app for not have an ATM card for it.

Step 3. Set 200k for contingency/emergency. If heaven wants to fall let it fall, this money is only for emergency purposes only. E.g baby falls sick, mumsy falls sick, this money should be in a separate account you can't easily touch except you go physically to the bank to withdraw it.

Step 4. Set 200k for other expenses including your transportation, data and other personal work related expenses.

You should be able to save 3.6 million per year like this and put it in fixed deposit or treasury bills so it doesn't become idle funds that depreciate with inflation.

The emergency funds too can grow overtime as you won't likely use up all of it every month.

if you have opened business with 5.2 million and have about 3 million in savings that is around 8 million. that is not too bad. The best way I know how to save more money is deduction from source.
Either join your company cooperative and save through direct deduction to the cooperative or schedule direct deduction to a fixed savings account once your salary is paid.

Slizzords:
My transport fare go and come is 4k daily, I have a car but I only drive occasionally, and I reside in lagos.

Then you either live lavishly or you are wasteful. How much is your rent?

We wey dey earn less than 500k self dey save at least 750k per year
Check yourself and your wife.
Una two need financial discipline

No salary is okay
As long as you are wasteful and living extravagantly....
The more you earn the more your taste increases.

Slizzords:
Good afternoon everyone, I know that nairaland is filled with a lot of reasonable and experienced people, am a young man and I need guidance please.

So am married with a 8 month old baby, and make about 1M naira monthly for the past 3years now , it's not been easy from a financial aspect because we live in lagos and I discover that as I write this, I don't have up to 3M naira to my name, I don't know how money disappears, please note that am not a lavish spender, I don't party or go clubbing.

Please how do I save more money, because God forbid something happens now I don't have any money to fall back on. No landed property or anything. Please I need help thanks.

Do you play bet?

You are unnecessarily putting yourself under pressure.

Let do the statistics;
In three years-
You set up your wife -5.2m
You have less than 3m in your account, assuming ~ 2.8m
Total is 8m
How much could you have saved over three years to generate 8m?
That is 8m divided by 36 months and that means you have been saving ~N222,222 every month.

I am also assuming you got married after you started the job, that means you expended money on wedding.

OP you are on the right track.

All you need to do is do an appraisal of your investment.
Whatever you can save in five months try and invest it in a side hustle that won't take your time and can grow organically over time.

And most importantly when ones revenue is less than their expenses it is advise that they don't cut their expenses rather they should find way to increase their revenue legitimately.
Shalom

Oga, it could be spiritual you know. Talk to God about it.

You are still very good to go.. As long as u dont have heavy outstanding debts and still receiving the salary. You just need amendments here and there then taking savings seriously like a priority

1 million should be more than enough if you have a prudent partner,after buying food in bulk for the month and putting aside 100k atleast for next year rent monthly you should have a hefty amount to invest in and still have emergency funds.

Slizzords:
Good afternoon everyone, I know that nairaland is filled with a lot of reasonable and experienced people, am a young man and I need guidance please.

So am married with a 8 month old baby, and make about 1M naira monthly for the past 3years now , it's not been easy from a financial aspect because we live in lagos and I discover that as I write this, I don't have up to 3M naira to my name, I don't know how money disappears, please note that am not a lavish spender, I don't party or go clubbing.

Please how do I save more money, because God forbid something happens now I don't have any money to fall back on. No landed property or anything. Please I need help thanks.

Save at least 400k to 500k monthly via monthly insurance savings for a 3 year plan. You can do two plans. If you are driving 🚘in Lagos and it's taking over 200k a month, consider entering public transport. 3. When you have small money buy cheap land elsewhere maybe Ogun state. 4. Open a shop for business. 5. Make extra money like 400k a month to augment that salary. Stop depending on salary. Even when salary is paid, give yourself 2 or more days to plan how to spend that salary before touching anything. In essence, survive without salary.

xauwarrior:
How much does your wife make? How is your typical monthly expenditure like?


If 1 million is not enough for you, wife and just 1 child then you need to check inwards. You're your own problem.

How? You're living above your means. Don't tell me you're not a lavish person because an in-depth search would tell you, you're lying to yourself.

Don't mind the guy. He is the only one that know the truth of his life style and should not paint an image of a worsen Nigeria economy. A lot of family has combined (man and wife( salary or monthly income of 200 to 500k and doing not bad even with 2 or 3 children. It's simply lifestyle nothing to say. With this economy, anyone will brake even at a monthly income of >=600k

The issue is that due to cultural values, we solve 3rd party problems too much every month or all the time

Having a working wife is also a blessing, so opening the shop was a good move, hopefully it would prosper. Analysis so far from the info I gather you spend 80k a month on transport. Which isnt bad, then let's add 150k on fuel for the car, buy food stuff for 200k and bring out 100k for miscellaneous. Save the rest and be disciplined with it. Also not 1m isnt sufficient in lagos. If your office have another branch in another state move fast and you see your expenses reduces by half

Slizzords:
Had to open a shop for her, with like 5.2m so that I can reduce expenses on myself. Just normal things, nothing out of the ordinary.

This is huge mistake people make because it will drain you as the shop cannot pay the monthly rent if calculated daily. It becomes worse if you take public transport and worst if you drive to and fro.

Most fully beautiful shops out there are living beyond their means all in the name of " I must go out to do sth".

Probably you are still the same person funding the rent, tfare, food, etc of same shop and house rent.

To recover 5.2m after some years in this present economy is almost impossible.

Na the shop go go dey suck your money without knowing. Sit and calculate your expenses. The shop is likely the guzzler.

Most Lagos shop cannot fund its transportation to and fro.

anonimi:
What work is your wife doing, and how much does she earn

Let leave wife out of this, the guy spends without planning. Assuming the wife salary is 400k and his is 600k total 1M, is that not far above reasonable with only 8month child?

U see the reason corruption will never end in Nigeria. I said it that even if u pay the least person 1M weekly, they will still complain take side cut.

If u check, maybe the guy is staying in a 4 bed bungalow instead of a mini flat, eating a bag of rice per month instead of 2 months.

Funny enough, if this same person gets 500k per month instead of 1M, he will still survive well ok

phemray:
Let leave wife out of this, the guy spends without planning. Assuming the wife salary is 400k and his is 600k total 1M, is that not far above reasonable with only 8month child?

U see the reason corruption will never end in Nigeria. I said it that even if u pay the least person 1M weekly, they will still complain take side cut.

If u check, maybe the guy is staying in a 4 bed bungalow instead of a mini flat, eating a bag of rice per month instead of 2 months.

Funny enough, if this same person gets 500k per month instead of 1M, he will still survive well ok

What level of income should live in a proper flat in Lagos and how much is the rent for such a place?

What of the transport costs for the man and his wife with their baby, based on their N1 million household income?

Why are you focused on the petty corruption of the masses instead of the massive corruption of the leaders looters? The ones who use tribalistic zoning and rotation to share the national cake, thereby depriving us of basic services and utilities as well as the public sector jobs that provide them?

LordBiden:
What kind of bullshit post is this?

You earn 1m monthly and still don't have up to 3m in savings?

No mind the content creator

People are earning 70k minimum wage and surviving and you are crying. Check yourself well.

If your wife deos not work, sorry there's no magic you can do to save money.