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 🙏.

Tealcrestmedia:
There are basic rules that help someone avoid financial pressure. Firstly, everything you do must be in percentages of your salary, the main one being not spending more than 30% of your annual income on rent. Your annual income is 4.8m assuming that is all you earn. Your rent must not exceed 1.2m.

Next, tailor your spending to allow 20% saving monthly which will be your investment funds. The rest will be dependent on your lifestyle choices and the cost of living for where you stay.

I noticed you mentioned forex, because you didn't follow financial management principles, you used almost 40% annual income to invest in something you're not knowledgeable in, you should test the waters with no more than 5% monthly per time.

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 🙏.

Skyfornia:
Honestly...400k a month with two kids and a wife..even expecting another baby? That money won't be anywhere enough to carter for 4 people. If your wife is not working, I suggest you look for fund and set up a business for her to argument your present income.

Jking20:
Start up something for your wife if she doesn't have anything doin. The little things at home are the ones that takes most of the money, but with her doin something that she can frequently settle some bills you will definitely be able to save.
Also, you must set a target of what you want to achieve and work hard for it, otherwise, you will still end up the same way.

GODWINLOWSKI:
I Will be helping you with 2 odds anytime dem pay you salary.
You go use am double the money and save 300k, and use 500k run things
What are friends for

DavidEsq:

That your wife friend na coded omila, she no know. For you to even believe this thing sef, e show say na akamu head u get

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 🙏.

obailala:
In what kind of world does someone who earns N60k monthly buy a land and build a house? A married man at that... Even if he saves 50% of his salary, how do you build a house with N60k salary?

callmevirus:
Nothing concern me but E dey mind

You dey try

Relixy2k:
400k is huge. 89% of families both husband and wife in Nigeria combined, don't earn up to that amount doing legal jobs not referring to yahoo guys and other illegal guys ohh. You ought to be a millionaire even in this economy after 2 yrs plus of earning 400k monthly if well managed. Rent a place not more than 300k a year. Put your children in a school not more than 80k a term. Run from forex, betting etc. I assure you in just a year, you will have huge savings. No mind stories here telling you 400k is small. I can assure you someone on 80k who dream to earn 150k will come here to tell you 400k is small.

adecz:





Your wife could be part of the problem☝️☝️☝️

obumsway:
Oga you are simply extravagant and wasteful. I believe it's your type that wants to wear and do what politicians wear or do

It's better you work on your spending and have the consciousness that ure earning 300k while saving at least 100k.

Let your wife know and cut cost. Get a target savings either to get a house or buy land or an investment.

Most times these money and time don't come as often and don't last for long except ure the owner of the business at least.

Cut on your rent and children school fees even expenditure of the family. Baba the journey is still far

Make we no hear, there was a time my daddy was very rich .... Toh !!!!!

Tealcrestmedia:
There are basic rules that help someone avoid financial pressure. Firstly, everything you do must be in percentages of your salary, the main one being not spending more than 30% of your annual income on rent. Your annual income is 4.8m assuming that is all you earn. Your rent must not exceed 1.2m.

Next, tailor your spending to allow 20% saving monthly which will be your investment funds. The rest will be dependent on your lifestyle choices and the cost of living for where you stay.

I noticed you mentioned forex, because you didn't follow financial management principles, you used almost 40% annual income to invest in something you're not knowledgeable in, you should test the waters with no more than 5% monthly per time.

OZIOGU1:


My brother check your lifestyle

I am married with four kids, My current net is around that amount, I do adashe (contribution) of 150k monthly, give my wife 80k, set aside another 20k monthly for end of the year celebration, give my kids 5,4,3&2k each from senior to junior, 60k for my fuel for the month, the remaining amount goes for unforeseen circumstances that may arise, mind you I don't smoke, drink, but once a while i hangout with colleagues.

going to work, from my shirt, to trouser, shoes and wristwatch is less than 20k, I dey go bend down select well okrika, na my wife way of changing my wardrobe be that...with all these , I was able to erect a 3bed in 3yrs.

yetmao:
Don't know what to say honestly. The 400k money is not enough, If you re not stealing from the company.

Forget the advices of people saving and buying land from 60k and 30k salary. They are thieves, stealing from company. It's just practically impossible, with feeding, school fees, transport and extended family wahala.

Relixy2k:
[b]400k is huge. [/b]89% of families both husband and wife in Nigeria combined, don't earn up to that amount doing legal jobs not referring to yahoo guys and other illegal guys ohh. You ought to be a millionaire even in this economy after 2 yrs plus of earning 400k monthly if well managed. Rent a place not more than 300k a year. Put your children in a school not more than 80k a term. Run from forex, betting etc. I assure you in just a year, you will have huge savings. No mind stories here telling you 400k is small. I can assure you someone on 80k who dream to earn 150k will come here to tell you 400k is small.

astonished:
No one is talking legal betting called forex that gulp his 2 million Naira.

Forex is like betting, and sports betting still better than forex, but people will like to defend nonsense.

So many advert here and there regarding FOREX which the government should ban.

Baba Ijebu is far reliable than.forex

Kam2021:
400k and no savings,..you are extravagant..
People that earn less than 100k still save and live well.
You no need make person waste time begin advice you.

Tealcrestmedia:
There are basic rules that help someone avoid financial pressure. Firstly, everything you do must be in percentages of your salary, the main one being not spending more than 30% of your annual income on rent. Your annual income is 4.8m assuming that is all you earn. Your rent must not exceed 1.2m.

Next, tailor your spending to allow 20% saving monthly which will be your investment funds. The rest will be dependent on your lifestyle choices and the cost of living for where you stay.

I noticed you mentioned forex, because you didn't follow financial management principles, you used almost 40% annual income to invest in something you're not knowledgeable in, you should test the waters with no more than 5% monthly per time.