Good day my People

I am trying to find a way to save money from my monthly salary. I earn N400,000 after statutory deductions, married with two kids . My wife is not yet working as she just finished her final degree exams before ASUU started their strike. At the end of the month, I only have between 40 to 50k left as savings. I have been trying to find way of adjusting this monthly expenses so I can save more. I know the high cost of things in Nigeria is terribly crazy
Rent: 50,000
Feeding: 90,000 (for five)
Security and sanitation: 3,000
Electricity and water: 9,000
DSTV: 6,000
Gas: 12,000
Wife Allowance: 20,000
Family and church contribution: 20,000
Myself: 20,000
School fees: 30,000
Transportation: 35,000
Fuel and car maintenance: 30,000
House Maintenance: 15,000
Total: 340,000

Moderate spending is the key of you need a higher paying job

At this stage, you need daily income. Your wife should help out in doing some daily income business.

incandescentena:
Moderate spending is the key of you need a higher paying job

moderate spending?, which of the list deserved to be removed or reduced. thanks

Hope4Naja:
Good day my People
I am trying to find a way to save money from my monthly salary. I earn N400,000 after statutory deductions, married with two kids . My wife is not yet working as she just finished her final degree exams before ASUU started their strike. At the end of the month, I only have between 40 to 50k left as savings . I have been trying to find way of adjusting this monthly expenses so I can save more. I know the high cost of things in Nigeria is terribly

It's time to change your savings culture. Stop saving the remnant or leftover. Whenever you receive your salary (N400,000), remove N100,000 (or any other amount you intend to save) and invest it in your preferred account/platform.

You and your wife can then sit down and draw a new budget with the remainder (N300,000). That's how to improve your savings. You won't die and your kids won't go hungry.

Hope4Naja:
Good day my People

I am trying to find a way to save money from my monthly salary. I earn N400,000 after statutory deductions, married with two kids . My wife is not yet working as she just finished her final degree exams before ASUU started their strike. At the end of the month, I only have between 40 to 50k left as savings. I have been trying to find way of adjusting this monthly expenses so I can save more. I know the high cost of things in Nigeria is terribly crazy
Rent: 50,000
Feeding: 90,000 (for five)
Security and sanitation: 3,000
Electricity and water: 9,000
DSTV: 6,000
Gas: 12,000
Wife Allowance: 20,000
Family and church contribution: 20,000
Myself: 20,000
School fees: 30,000
Transportation: 35,000
Fuel and car maintenance: 30,000
House Maintenance: 15,000
Total: 340,000

you spend 30k for car and fuel, then spend another 35k on transportation, I believe you can tweak this area and save more

Wow. It's simple. I see this as a blessing. Just find a good means of saving your 50,000 Naira monthly. Come and tell me what you notice after 12 months

You need to cut down

Acidosis:


It's time to change your savings culture. Stop saving the remnant or leftover. Whenever you receive your salary (N400,000), remove N100,000 (or any other amount you intend to save) and invest it in your preferred account/platform.

You and your wife can then sit down and draw a new budget with the remainder (N300,000). That's how to improve your savings. You won't die and your kids won't go hungry.

I love you... Nothing to say again

Stop feeding your pastor and his wife.



Family yes

Remove church from there.





.

U are trying but u need to do more especially in the area of additional income.

One income is never been enough although it used to be more than enough in the past and with the invisible hands at work, no more.


Good luck to u.
U are a good family man. I love seeing a progressive family.

Do u pay school fees every month?

Acidosis above don finish talk. There's a huge difference between saving and investing. With the over 20% inflation presently, saving does not really make sense. Apart from emergency funds, don't keep cash lying around.
Also, take out what you want to invest FIRST, then work expenses around what is left.

No touch feeding, I no joke with food.

Downgrade from dstv to gotv 3k package
house maintenance na DIY dy reign now
Downgrade church allowance.

is the fuel for generator or car or both?
if for gen, 600k/year, light no dy, pack comot and downgrade to 2bdrm max (you shd save at least 50k here if it's in South or Western states)

if for car, it should subsidise 35k transportation.

You shd be able to save 100k min with ease for a year. Then invest.

Think of soft side hustle. Engage Madam ASAP.

You're not doing bad Sir.

What every family needs in this regime is a daily income, you can open a pos business and put someone, open a barbershop and put someone then you will both decide how much his to balance you everyday or weekly ,what about laundry shop, sorry to say this I blame your wife for not giving you good ideas on how to invest to make more profit, if she can’t be a helper she should be good at bringing good ideas and suggestions

Acidosis:


It's time to change your savings culture. Stop saving the remnant or leftover. Whenever you receive your salary (N400,000), remove N100,000 (or any other amount you intend to save) and [b]invest it in your preferred account/platform.[/b]

You and your wife can then sit down and draw a new budget with the remainder (N300,000). That's how to improve your savings. You won't die and your kids won't go hungry.

Wise advise, please follow this and see how you will grow....

Once I collect my 200k salary, first is my corporative savings of 70k monthly and 10k into mutual benefit for my daughter.


The rest I share it at home, though I see some little change upto 50k monthly where I work, so I add that to what I have left and me and wify are good to go with her own salary joined.....

God go help men in this country

you should think about picking a savings plan you won't touch to raise capital for yourselves or better still, start an edu savings with any good insurance company. It should served 3 purpose at ones

you can adjust some items on the list to cater for this.

pstemma1990:
Do u pay school fees every month?

That's just d monthly breakdown,
Op ehhhh, u uv to sit down wit ur woman and discuss this whole thing out. Monthly income of 400k and u are able to save 40-50k monthly?
From d break down, it shows that u only save %10 of ur monthly income. Oga u hv to do a thorough work on ur savings bcs its not encouraging at alllll. Whatever u are doing in dis life, always factor emergency. Emergency can come in different forms, e. G. Health, family or associate