₦airaland Forum

Your house rent and food is eating up the money. You may need to downgrade and restrategies because even, if you earn 2 million, it would still be the same story.

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.

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.

This is the reality of living in any major city in Nigeria today, when I say living, I mean living with minimum comfort and conveniences of a modern society. N1million naira is adequate for a family of 3 with a toddler, but with no extended family obligations. It will be hardly enough for an average family with 3 or 4 grown up children. They will barely survive on N1m per month. Rent is crazy nowadays, a standard 3 bedroom flat in a decent areas of lagos will gulp a minimum of N2million a year, school fees, lesson and educational materials for the children (not university) will gulp nothing less than N800,000 every 3 months. Decent Food alone will gulp at least N500,000 per months (breakfast alone will cost at least N6,000 per meal). There are service and utility bills - NEPA (Band A), cooking gas, drinking water, airtime and data. Then there are personal care and hygiene - soaps, creams, clothes, hair grooming, etc for the whole family.
Petrol and transportation nko. If the man drives to work instead of taking public transport, he easily expend N200,000 a month on petrol alone. We have not even mention cost of servicing and maintaining a vehicle.
The problem with Nigeria today is that our psyche and mentality has been so degraded. We don't know what fairly decent standard of living means anymore. A family of 5 living in a room and parlour, eating very poor quality food, sleeping without power for weeks, with the children attending poor quality schools is now seen as normal.

dbanjj1629:
Its so difficult doing business in present day Nigeria.

Yes, but one has no choice

LordBiden:
What kind of bullshit post is this?

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

It's not bullshit bro. If you are earning 1M and living a decent life in current Nigeria, you cannot have any savings

anonimi:
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?

Exactly, your write up is the reason we will never get it right but claiming or blaming leaders. You forgot that leaders came to the top from bottom and they do why the society teaches them.
Mind u, this guy earning 1M and complaining has someone in same job with him taken 300k or less with 3 children. So if he gets to leadership level at the top definitely he will spend more and loot more since he can't be prudent with 1M at basic level.

Research shows that every problems in Nigeria from top to bottom are the consequences of our actions. Everyone wanted to make money anyway anyhow because people at the top are stealing Thier own. Kidnappers target innocent citizens so as to collect ransom from government pockets. And since EFCC can not investigate ransom, then the government inflates the amount said to be paid and shares the balance. The youths nowadays are more corrupt minded that the older leaders.

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 investment na..maybe if I probe further ,u have other investments like this.if u have investments like these then what do u need cash for. Most traders I know don't even have upto 1m in savings. I mean ppl with goods worth over 300m

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.

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.

Those earning less than #300 000 with family, are they dead? Stop trying to explain nonsense.

BucketHat:
Im nor talk say above 1 milli

But he said he alone is making #1million with just a wife and child.

How much are you making in a month?

Rmace:
It's bullshit to you cos you are seeing what's happening to OP on just a surface level , you talk as if you have no idea how the economic landscape of naija be or you just choose to appear wise , well , people tend to be wise when it's not their stories...lol

And as to the Op , I cannt give any advise cos information provided is limited . Everyone is getting hit harder most expecially business owner not to talk of employees of a coy.. Stay bless.

Everyone speaks from their perspective. Some people earn lower than that and yet just doing fine. But he recently open a business for his wife so I wonder the reason for complaining. That means he has around 7-8 millionaire before opening the business.
As long as he is a salary earner he cannot have the life of real business men. Let him begin building his savers again and invest them in some banking schemes. Treasury bonds. Whatever.

Engrr:
It's not bullshit bro. If you are earning 1M and living a decent life in current Nigeria, you cannot have any savings

Define decent.

Bro truly 1m is actually 200k in this economy...rent is high, fuel is high.. everything is high.

But I learnt something in the last few years... you must respect money. Not love it, respect it.

Once you do that, frugality becomes easy..

With your and a child, 600k must be enough for the home, save 400k.

400k in 3ys is 12m.

Before tinubu I spent 400k monthly and it was just me. But after I suffered some loses, I was forced to keep my monthly expenses under 200k.

Mind you during the 400k spending, it was nothing special. I didn't club, I didn't womaniser. I didn't even buy cloths monthly. But I feed well and I gave out significant amount for charity.

Look at the things that will drain your income; food, electricity and fuel.

When my babe comes around she likes leaving the ac 24hrs...she sees it as normal but when I noticed just 10hrs of my ac on was 2k per day (I am in band c, imagine what that will be in band a or b).

Then food. I am not saying you shouldn't eat. But to be very honest with you your family of 3 can't feel so well with all that 1m. Yes, of you really want to eat quality food you will see that food alone can take all that 1m. So, you must reduce the food. Fewer proteins more carbs, and eat only twice a day (its better for your health)

You can save 400k from that 1m but you must be disciplined otherwise even if you earn 2m you will still struggle.

First change your housing/ accommodation to a lower one, and use the difference to make savings. Then change or, reduce car use style to cut expenses on fuel, maintenance, et al. Then check ur lifestyle.

U may even have to move out to cheap living places lk in Ogun state or, Ibadan in Oyo state......

Inosky:
Your house rent and food is eating up the money. You may need to downgrade and restrategies because even, if you earn 2 million, it would still be the same story.

Which food?

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.

to be worth over 10m annually?

How about those who earn let’s say 100k monthly what should be the topic for discussion if yours is a problem already…? That people are dying somewhere as a result of 100k salary per month feeding their (small) family.? When we all know minimum wage is within 70k estimate.!

You were obviously brought from a wealthy background. Where Luxury seems normal life.

Baba, cut cost, example-: your 2 months earnings (max.) should be able to cover for a year’s rent.

The thing is that nobody is even mentioning the wife's contribution to the family.


Marriage is the union between a functional man and woman to become husband and wife. Man and woman are adults.

Nobody said man and girl.

So far everyone seems to be skipping past the real issue the guy has. It is not numbers problem it's a psychological one it seems.

First thing I notice and that I will like to ask the guy is he over doing something, over compensating for something in some ways because he seems like the type of person that is prone to helping people, is he addicted to any vice or habits? What is his conscious connection with money like.. is it a tool, a resources, or just means of gratification.. all these he needs to know first. And like I said, even a philanthropic kind of person can be drained if not properly managed.

He most definitely have a hole that drains him.. the way I see this, it's not about maths and the numbers. You can set budget and all that.. open business and all that. Until he is willing to come out and talk about the real problem, any other solution will just be a a bandaid and only temporal before the wound opens up again.. I say these out of experience. 1 million naira might seem like much to a lot of people, but to some, especially when you know it will surely come, you just do as you wish , and that's the first thing he might need to address.

Second is I can't say for sure but probably sometimes there may be arguments between him and his partner, he should pay attention to this sides as well, what he himself is complaining about, what the wife is also complaining about. There are just so many aspect of life that contributes to however he is feeling at the moment. While there is a proper solution.. I can't offer the solutions without knowing the problem, so far all he has said is just symptoms of a problem.

phemray:
Exactly, your write up is the reason we will never get it right but claiming or blaming leaders. You forgot that leaders came to the top from bottom and they do why the society teaches them.
Mind u, this guy earning 1M and complaining has someone in same job with him taken 300k or less with 3 children. So if he gets to leadership level at the top definitely he will spend more and loot more since he can't be prudent with 1M at basic level.

Research shows that every problems in Nigeria from top to bottom are the consequences of our actions. Everyone wanted to make money anyway anyhow because people at the top are stealing Thier own. Kidnappers target innocent citizens so as to collect ransom from government pockets. And since EFCC can not investigate ransom, then the government inflates the amount said to be paid and shares the balance. The youths nowadays are more corrupt minded that the older leaders.

You said we should not blame the leaders, but are these leaders living on N1million a month with their families? These leaders pay Nigerian workers who toil and risk their lives to keep the Nigerian state working peanuts, but reward themselves with huge salaries and bonuses. They then turn around and blame the poor masses whom they pauperised and oppressed. People like you buy their propaganda and blame the ordinary Nigerian for doing all he can to survive. Should an ordinary local government councillor be earning more than a university professor, a medical doctor or even an inspector in the police? Did you not see the frustrations on the face of the policeman who went on social media and threatened to shoot civilian if they record him?
So you think a family man with 3 children and living on N300k per mother month is normal in a sane society? Do you expect his children to get sufficient education at all?

You started with N5 2m shop for a woman, and you earn less than N12m per annum.

And you want to have savings throwing about 50% of your annual on such....... That's when you should have put half of that on landed property, and use half of the half on her, and leave the rest quarter part to start building on the land. Maybe you always have a jackpot every 3months..... Or, smartly in the worldly way job is yours......

Please re-think

LordBiden:
What kind of bullshit post is this?

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

The question you should ask is his location and partners job, only these 2 is enough to rake you

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.

You are living above your means. People on 500k monthly have savings. I am sure your rent is above 2M

You have to work on yourself first on the culture of not living above your means

BucketHat:
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?

Did he delete some things in his write-up?

If he actually used 5.5 million to establish business for the wife, questions are:

1 What was the wife doing before he married her?
2 From the 5.5 million invested, what are the monthly profits like?
3 Truth be told, the wife might be the problem; I mean a liability.
4 You will be surprised that despite the 5.5 million invested, the wife is still demanding for more without any profits to show for 5.5 million invested.
5 She's probably lavish; demanding for Brazilian hairs etc without any consideration to the man.

I said it earlier; op is not completely honest.

LordBiden:
What kind of bullshit post is this?

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

like honestly it’s annoying

Afolue:
to be worth over 10m annually?

How about those who earn let’s say 100k monthly what should be the topic for discussion if yours is a problem already…? That people are dying somewhere as a result of 100k salary per month feeding their (small) family.? When we all know minimum wage is within 70k estimate.!

You were obviously brought from a wealthy background. Where Luxury seems normal life.

Baba, cut cost, example-: your 2 months earnings (max.) should be able to cover for a year’s rent.

Wealthy ke? You know what wealthy mean? You no even talk rich family, you went all the way to wealthy family.
Now, let's get practical. List all expenses you feel a family man with one child should be spending monthly. Break it down item by item - rent, food, drinking water, transportation to work, utilities, service charges, phone and data fees, medical fees, etc.
Remember, their child also present a whole new level of expenses - from conception to birth. Antenatal alone is quite expensive nowadays. Normal delivery costs up to N200k, even in general hospital. If CS, you can pay between N500k to N1 million. Then there are baby items thar needs to be bought before the baby is delivered. We are not talking about diapers yet.

Mamaafrik1:
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

I don't think he has anything to check

He saved 1m yearly (3m in his savings)
He saved 5.2m for wifey business
He bought a car of atleast 10m
Plus other things not mentioned

I think he did better than u that just saved 750 from 500k monthly

From the few things ge stated,for 3 yrs he saved or invested atleast 18.2m from 36m received in 3yrs
U for 3 yrs saved 2.250m from salary total of 18m

Abeg check urself. U be gamble addict?

LordBiden:
What kind of bullshit post is this?

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

Imagine the joker oo...

He even claimed that he's a careful spender; doesn't waste money!And he has only a wife and one child...yet 1m salary finishes monthly without savings!!

It's truly a bullshit post bro.

This is where your money is going

1. You did saved to buy that sleek car that matched your status, let's say 15m (above). That's one year + of your salary

2. Your kids are in a school that uses Malaysian curriculum (more than half a million)

3. You must power your ACs and the rest to be productive at home. If you invested in solar, at least 5 months salary gone, if not diesel or petrol will take 8 months

4. You must always be connected, cable, Internet, airtime. Check your data cost

5. If wifey is not working then you are the sole Provider-General. Goodluck Sir.

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.

Oga, you don't earn close to a million naira so rest

An 8-month-old baby hasn't begun schooling yet, so aside from milk and baby food, I don't see many expenses from his/her end.

Set aside 400k every month and try to run the home with 600k and see how feasible it is.

Or run the home with your wife's business and see what it can do. Ensure every person purchase from her business is paid for so it doesn't run down. Only spend from income made by the business.

If we are honest, not so many Nigerians earn this much and some how, they survive

Rmace:
It's bullshit to you cos you are seeing what's happening to OP on just a surface level , you talk as if you have no idea how the economic landscape of naija be or you just choose to appear wise , well , people tend to be wise when it's not their stories...lol

And as to the Op , I cannt give any advise cos information provided is limited . Everyone is getting hit harder most expecially business owner not to talk of employees of a coy.. Stay bless.

team online dangote dangote AKA nothing is enough

Many of una no get reach 5k for account but no money is ever enough

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.

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.

if we check well now, u no get 50k for account

1m per month with my management skills, Tinubu go jealous me o.

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.

How much is your rent? How many cars do you have? Do you drive to work daily? What does your wife do?
Do you save in a bank account or in an investment?

Do you shop groceries in bulk? Where do you shop from?