0%. Whats the use when one will die someday

code9: Just checked. I save about 71% monthly.

Are you starving your kids and your wife ?

Babzilla: 0%. Whats the use when one will die someday

But b4 u die 'nkor' don't you think emergency can arise ?

Mavor: This thread makes sense. Maybe you guys can expand it further by giving some money saving tips. Let me start. I only leave the house with N800-N1000 every day. And I leave my ATM behind. I dont own a car and dont plan on gettin one since I intend leaving the country next yr. I get a lift to my work,so basically the money covers lunch and t-fare back. Sometimes I skip lunch.

What if u run into an emergency on your way from work and need 2 pay 4 something? E.g, police "arrests" you and demand N5,000 bail on the street or N20,000 if u reach the station? Some other kind of emergency?

I invest 60pct on the NSE monthly if there're no other contingencies.......

life_style:

Are you starving your kids and your wife ?

lol @lyfe_style. i am still single. I try to tighten my budget in order to accommodate future projects and unforeseen expenses. I don't drink, i don't smoke, and i don't frolic with random chicks (see where my savings come from??). it's not easy at times sha most especially when i get my eyes on new gadgets

life_style:

Are you kidding me ?

Why are you surprised?

I get to spend all my monthly allowance na...

So, considering i get that same monthly allowance plus qtrly pay... u get the picture better now, right!

cool.

Normally i saved a little bit above 50%, am single anyway which may not be possible when family issues comes in. For whatever reasons you should not spend 20%, come to think of it: the savings is still yours, but not for immediate consumption. GOODLUCK

From books I hav read n my personal xperience, 40% shud b d least u shud save in a year, though it is tuff bt it is do-able. God forbid u loose ur job or u fall on hard times, it will come in real handy but also take note 2 save d cash in assets u can easily liquidate or call up wen in need of cash fast. Hope dis helps.

code9:

lol @lyfe_style. i am still single. I try to tighten my budget in order to accommodate future projects and unforeseen expenses. I don't drink, i don't smoke, and i don't frolic with random chicks (see where my savings come from??). it's not easy at times sha most especially when i get my eyes on new gadgets

Oh i see, i tot you are a family man, fear don catch me...

It all depends!. I hardly spend 30% of my monthly income, even after sending momsy cash, movies, fueling cars and gen, paying security and even phocking fresh punnie*. When you earn big and have a working class lady as a wife in nigeria, you would understand where am coming from.

life_style:

Are you starving your kids and your wife ?

None because too much loads on my head

Whats the point of saving in this country, when inflation will take everything soon. Unless one is saving towards a project/investment. I make sure there is always a viable project/investment at hand to take loose income. the needs in this country are endless. Even if you don't spend on yourself, somebody will ask for it. And will you really insist on saving when there is a relation that really needs

blank:

What if u run into an emergency on your way from work and need 2 pay 4 something? E.g, police "arrests" you and demand N5,000 bail on the street or N20,000 if u reach the station? Some other kind of emergency?

All this every-day police wahala mostly happens to car owners. Me I no send ooo!!! I dont go lookin for trouble and I dey humble.

Not that much unfortunately. 10-15%. Expenses are high relative to my income right now. But my monthly savings will increase a lot in the near term.

ZERO

realghy: I really love this Thread very sensible.

Seconded, devoid of attacks and enlightening too.

by savings, do you mean bank deposit?...

I clear my account soon as salary hits it monthly. I belong in the group Co-operative and that has been my only saving, presently i have loan repayment and once i settle it by God's Grace, i will increase my savings

@ Mavor, read the thread on oppressed by police in Nigeria, you will see that it is mostly those who are walking on the road minding their own business. However, there may be other things that come up. It was the day that i was stramded that i knew that it was not beans at all.

@ Post, when i was single, over 60%. Now, its a variable with max at 5%. There has to be a project at hand to save for if not, the money go just dey enter voicemail.

blank: @ Mavor, read the thread on oppressed by police in Nigeria, you will see that it is mostly those who are walking on the road minding their own business. However, there may be other things that come up. It was the day that i was stramded that i knew that it was not beans at all.

@ Post, when i was single, over 60%. Now, its a variable with max at 5%. There has to be a project at hand to save for if not, the money go just dey enter voicemail.

Well av been fortunate and blessed by God neva to enter police wahala. And yes, I have a project am saving towards for nxt yr. By his Grace, I will get there and be triumphant.

UP to now, more than 20 years of working I can say I have saved MORE THAN 100% OF ALL THE SALARY I HAVE RECEIVED!
Sounds impossible? Well, my assets has been growing so much. I had the stupid habit of jotting down all my pay slips and the amount paid, then at the end of the year, make sure I beat my pay total with my yearly net worth, mostly stored in lands and houses, chalking up more rooms and self contained flats every month, reaping rents and re investing them.
Not very easy but I am happy I did this since 1992. I can retire and sleep all day now, but wait, I am still enjoying myself, waking up and smiling to the office, knowing you are richer than your boss

SOME PEOPLE ARE BLESSED WITH FAT PAY. FOR THOSE ON MEAGRE SALARY, I PITY THEIR CONDITIONS. SOME EVEN RUN INTO RED BEFORE THE NEXT PAY DAY AND STRUGGLE TO MAKE ENDS MEET.
MY ADVICE FOR SALARY EARNERS IS TO TRY TO LIVE WITHIN THEIR MEANS AND NEVER BORROW. FOR THOSE WHO HAVE ENOUGH TO SPARE, I RECOMMEND BTW 20-40% FOR SAVING OR AT LEAST THE EQUIVALENT OF A FOUR MONTH SALARY TO KEEP YOU THROUGH EMERGENCY MOMENTS.
THOSE WHO HAVE PLENTY AND DON'T FEEL LIKE SAVING ARE ALSO RIGHT IN THEIR OWN THINKING. THESE DAYS THAT DEATH COMES HANDY... FOR THOSE WHO BUILD UP WEALTH TO GAIN THE WHOLE WORLD, REMEMBER LUKE 12:20

Over 80%

i save 50%!
30% in an "untouchable" account, 20% in a "contingency" account. If i run out of money, i access the latter account and replace the monies taken when i get my paycheck. Also maintained for other such little emergencies.
My "untouchable" account will be touched at the year end tho, at least to indulge myself for all the hard work, will buffer it immediately they pay us annual bonuses + 13th month salary. The cycle will continue next year.
However, I still need to access loan to start business sha, that account will serve the dual purpose of standing as my collateral, and to stylishly show female bankers the balance so that when they see it they will ask for my number to toast me!

omodapson: SOME PEOPLE ARE BLESSED WITH FAT PAY. FOR THOSE ON MEAGRE SALARY, I PITY THEIR CONDITIONS. SOME EVEN RUN INTO RED BEFORE THE NEXT PAY DAY AND STRUGGLE TO MAKE ENDS MEET.
MY ADVICE FOR SALARY EARNERS IS TO TRY TO LIVE WITHIN THEIR MEANS AND NEVER BORROW. FOR THOSE WHO HAVE ENOUGH TO SPARE, I RECOMMEND BTW 20-40% FOR SAVING OR AT LEAST THE EQUIVALENT OF A FOUR MONTH SALARY TO KEEP YOU THROUGH EMERGENCY MOMENTS.
THOSE WHO HAVE PLENTY AND DON'T FEEL LIKE SAVING ARE ALSO RIGHT IN THEIR OWN THINKING. THESE DAYS THAT DEATH COMES HANDY...

No matter how low your salary is, you can save something, let not your excuse be that your pay is small, save small and start doing something on the side, no matter how small.

Thanks to my distant relationship.makes me live the single's life even dou am married.
I know how much i spend,when wifey comes home for just 2 weeks
its being ranging 50-60%

Used to save 60% comfortably.. but recently embarked on a project that involved renting and furnishing an apartment so i can move out of my parents house. This project has almost wiped out my 1 year 6months savings. My bank balance is presently very lean and i cant stop dreaming of making it as fat as it used to be.

E no easy men

Its really not easy saving for unforseen contigencies u mite end up uusing the cash to solve someone else's problem especially relaatives. it is always better to tie savings down with projects or other near cash assets that are likely to appreciate with time..I used save 50% of my salary but I noticed I wld stil find myself spending about 20% of it b4 d end of d month...but since I started a project wit wit I noticed I now save abt 60% which I uuse directly on d project as salary drops..yes I am single I don't aav a car aand my gf comes ova to cook during weekends so I don't buy food..its wise to start a project instead of just kkeeping cash considering d time valuue of money..!

D percentage of ur income u save is a function of hw much u earn and ur state of resident to an extent.
If 2 persons earn same amount nd live in ph & kwara state or enugu, do u think they wl hv same savings even if they spend equaly?
My savings fluctuates btwn 40-60%. Bt for 2mnths now l hv nt saved upto 10% cuz of elda bros weding nd mums buss. U c? They ar needs sooo impotant 2me more than savings. There cnt b saving wit pressing needs. Wat ar u then saving 4?

spyder880:

No matter how low your salary is, you can save something, let not your excuse be that your pay is small, save small and start doing something on the side, no matter how small.

Spyder880, I ain't disputing that. no matter how low,if you have the mind to save, you will save. But just pray you don't fall into the category of these people.

davidylan: will be upping this to 20% in stocks starting from Sept

stock ke? Hope not in d nigerian stock exchange? Else u r sure to reap much less than u invested!

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