Good afternoon great people of nairaland. I have been really sad with myself or should i say my current state. Early this year (january) after my graduation and completion of my project defence, I got a security job that pays 20k/month to help keep body and soul together while i await service.
Now the problem i'm facing is since january i started the work, i can't boast of 1kobo as savings. Once the salary comes (which comes very late) and after like basic expenses, everything is gone leaving me depressed and angry for another 1month cycle. Salary alert do come with joy but mine is the opposite as the whole process gets me angry. I have many business options like domaining and importation of hot products but funds is really setting me back and my business plan is left hanging.
I have a mapped out plan during my service that comes in few days because i will be leaving very soon with current batch B. I plan on venturing fully into importation of choice items that would sale well as a part time hustle but my problem now is how to raise the fund my salary. May salary will be paid nextweek and i have already removed my mind from there because it's been mapped for clearance of debt that covered my clearance and nysc registration.
My major concern lies on june salary that i'm currently working for. How can i save please as i can't just forgone some certain needs especially family needs. Or if there is any reputable credit facility that can grant me loan that would cover a 2months salary while i pay back gradually, it's okay. some salary just be like cage. Thanks people and sorry for the long post please

Truth z only can help yourself... cut down all unnecessary expenses..be firm with your decisions.or on the other hand may I suggest you join osusu(monthly thrift)it would help you actualised your intent for your suppose business.

At some point in my life, I almost believed that my problem was spiritual, because I have tried all I could to do something meaningful with my Salary, but as each month passes by, I just discovered that I have just been moving in a circle..... Salary can be very frustrating, expecialy when it comes late and in bits like mine......

If you can't cultivate a saving culture now that you were earning a little , I'm afraid to say that when the big fat salaries starts rolling out, it might still be the same story because when you earn more, u spend more all things being equal.

Sit down on a beautiful evening, and draw your budget.. After making your budget, Rank it from the topmost important to the least.. (scale of preferences if u remember your high school Economics class)
Tell yourself how much you will save each month.. try and religiously stick to it ..

If I was to be in your position, and have #20,000 coming into my account every month , I will be saving #7000 every month... I will assume/ have it @the back of my mind that I got paid 13k every month...
For it to be a little bit effective try and keep it in a separate account..not in the everydayspending one where you will be looking at it day in day out..

[quote author=ahnie post=79134958]Truth z only can help yourself... cut down all unnecessary expenses..be firm with your decisions....

I have heard this line, over and over again, but my own salary is just for Family upkeep, House Rent and School Fees, So I really can't figure out which one is Unnecessary Expenses in all this..... I am just tired

ayobarmy:
At some point in my life, I almost believed that my problem was spiritual, because I have tried all I could to do something meaningful with my Salary, but as each month passes by, I just discovered that I have just been moving in a circle..... Salary can be very frustrating, expecialy when it comes late and in bits like mine......

Op z not married...he has every chances of savings.but as a married man it would be lots more easier if your better half assist in some areas so the whole burdens won't give room for you to save.if I can do it....anyone can.

ayobarmy:
At some point in my life, I almost believed that my problem was spiritual, because I have tried all I could to do something meaningful with my Salary, but as each month passes by, I just discovered that I have just been moving in a circle..... Salary can be very frustrating, expecialy when it comes late and in bits like mine......

Budget is the solution to your problem man... Assuming you got a good financial planner.. he/she will point out the unnecessary spending you find quite difficult to figure out.. for example some people pay for DSTV or cable network that they can't afford and when you question them, they said the kids or themselves cannot do without it... That the house will be boring on Saturdays.. soccer game, cartoons etc

Ask yourself What are some of the luxurious life style u got and couldn't figure out on how to let go.. it could be drinking, massage parlour; smoking(if u calculate how much smoker spends in a month hmm!!!)

How many rooms were u renting? Don't you think of downsizing? What about the suburbs... Some people pay so much just only for the name of a suburbs alone.. just because the name of the place is catchy.. the money they should have used to pay 2 months else where, they use it for a month..

Those where part of the unnecessary expenses... though there are many examples that Might be applicable to your situation that I can't remember to mention here..

ahnie:

Op z not married...he has every chances of savings.but as a married man it would be lots more easier if your better half assist in some areas so the whole burdens won't give room for you to save.if I can do it....anyone can.

I understand you perfectly Sis, I have tried all I could to get my better half to do something tangible, so she could be able to assist, but she so much believe in buying and selling which I don't have enough Capital to run.... She's doing her best though with the little she's selling for now, but it's just not enough as the family upkeep continue to rise........

Abi na because say na Onitsha we dey

Sometimes, there is no evil and the salary is not just enough.

@OP:

You do not have a problem.

Since you have found a way to survive on the N20k, save all your allowee and at the end of your service year, you would have gotten enough capital to start your mini importation business.

You can tell your bank to do auto-deduction into another investment account or join mutual benefit/low risk investment plans so the money is not lying fallow else you would be tempted to spend/expenses rise to meet your income.

Goodluck.

Richy4:


Budget is the solution to your problem man... Assuming you got a good financial planner.. he/she will point out the unnecessary spending you find quite difficult to figure out.. for example some people pay for DSTV or cable network that they can't afford and when you question them, they said the kids or themselves cannot do without it... That the house will be boring on Saturdays.. soccer game, cartoons etc

Ask yourself What are some of the luxurious life style u got and couldn't figure out on how to let go.. it could be drinking, massage parlour; smoking(if u calculate how much smoker spends in a month hmm!!!)

How many rooms were u renting? Don't you think of downsizing? What about the suburbs... Some people pay so much just only for the name of a suburbs alone.. just because the name of the place is catchy.. the money they should have used to pay 2 months else where, they use it for a month..

Those where part of the unnecessary expenses... though there are many examples that Might be applicable to your situation that I can't remember to mention here..

Thanks So much for your advice Boss, I swear to God I don't have any other thing taking money from me aside those that i have mentioned, I am a very quiet life kinda person, Infact 2yrs ago we moved out from A Room and Parlour self Contain, to a single room in a face me I face you compound with public toilet, just so we can cut our expenses, but I must confess this move affected my kids in ways I can't even be saying here..... I just don't know what else to do....

ayobarmy:


Thanks So much for your advice Boss, I swear to God I don't have any other thing taking money from me aside those that i have mentioned, I am a very quiet life kinda person, Infact 2yrs ago we moved out from A Room and Parlour self Contain, to a single room in a face me I face you compound with public toilet, just so we can cut our expenses, but I must confess this move affected my kids in ways I can't even be saying here..... I just don't know what else to do....

What are you & wife doing to increase your income?

ayobarmy:


I understand you perfectly Sis, I have tried all I could to get my better half to do something tangible, so she could be able to assist, but she so much believe in buying and selling which I don't have enough Capital to run.... She's doing her best though with the little she's selling for now, but it's just not enough as the family upkeep continue to rise........

Abi na because say na Onitsha we dey

life in onitsha z relatively cheaper in onitsha compared to asaba nau.if you can't hustle the raba in onitsha....you can't hustle the raba anywhere.

You say your wife z into buying and selling..please would it be possible if I indulge her to buy bags of beans n groundnut oil in coca cola market for me then send to me in asaba?

Please let's exchange digits.

I cannot advise you o, i earn 45k, feeding money nor dey there cause i get money daily from work (500-1500 daily), i Dont transport to work yet i'm not finding it easy o. I can barely save 10k monthly, some months i wont be able to save a dime. This country is hard, if you are not earning a good six figure salary, just Forget it

Ryan03:
I cannot advise you o, i earn 45k, feeding money nor dey there cause i get money daily from work (500-1500 daily), i Dont transport to work yet i'm not finding it easy o. I can barely save 10k monthly, some months i wont be able to save a dime. This country is hard, if you are not earning a good six figure salary, just Forget it

What are you doing to improve your earnings?

Ryan03:
I cannot advise you o, i earn 45k, feeding money nor dey there cause i get money daily from work (500-1500 daily), i Dont transport to work yet i'm not finding it easy o. I can barely save 10k monthly, some months i wont be able to save a dime. This country is hard, if you are not earning a good six figure salary, just Forget it

Sorry to asked....are you married?Cox you could still save like 10k monthly from that money.except you spend on frivolities!

ahnie:

Sorry to asked....are you married?Cox you could still save like 10k monthly from that money.except you spend on frivolities!

It depends on where he is staying and if he has dependants.

bukatyne:


What are you doing to improve your earnings?

I'm trying to apply for a five year course in my job that will fix me with a 6 digit salary thats why i'm writing waec and Jamb again cause i've crossed the age limit. I Dont know how to trade, i would have tried it but have no talent there

Ryan03:
I'm trying to apply for a five year course in my job that will fix me with a 6 digit salary thats why i'm writing waec and Jamb again cause i've crossed the age limit. I Dont know how to trade, i would have tried it but have no talent there

Care to elaborate?

bukatyne:


It depends on where he is staying and if he has dependants.

I concur

Giftedhands101 looooong time where have you been?

ahnie:

Sorry to asked....are you married?Cox you could still save like 10k monthly from that money.except you spend on frivolities!

Nop, not married. My mom got involved in one monthly contribution that she couldnt keep up with. I'm paying 10k for that monthly, my elder sisters will still call and at least 10k will go there, i stay on my own so my rent and other compound dues is on me. I also like to buy one new shirt monthly, thats how my salary goes

bukatyne:


Care to elaborate?

I joined NPF as a recruit, trying to get admission into police academy so i'll attain the rank of ASP After five years

I have this other account which I have no ATM card for, and I also contacted my bank to discontinue all mobile transactions linking my SIM to that ccount. What I always do is, I transfer 30% of my earnings to that account irrespective of whether it comes late or in bits. What I have left to spend at this stage is 70% of my earning. No matter what I am not touching the money in the other account till I have saved enough for something tangible.

[quote author=ahnie post=79138563]life in onitsha z relatively cheaper in onitsha compared to asaba nau.if you can't hustle the raba in onitsha....you can't hustle the raba anywhere.

You say your wife z into buying and selling..please would it be possible if I indulge her to buy bags of beans n groundnut oil in coca cola market for me then send to me in asaba?

Please let's exchange digits.

[/quot

She deals with eggs, but am positive she should be able to get that for you....

bukatyne:


What are you & wife doing to increase your income?

The only thing we're looking at is my wife's egg business, but space(We only mange One room for now) and Capital has been the only reason we've not expand the business... but if you have any that you think can help Us, Pls kindly share.....
We shall be more than greatfull...

ayobarmy:


Thanks So much for your advice Boss, I swear to God I don't have any other thing taking money from me aside those that i have mentioned, I am a very quiet life kinda person, Infact 2yrs ago we moved out from A Room and Parlour self Contain, to a single room in a face me I face you compound with public toilet, just so we can cut our expenses, but I must confess this move affected my kids in ways I can't even be saying here..... I just don't know what else to do....

I understand man.. I just want to assure you that it's gonna be okay someday.
As a salaried man, I just want to let you know that though u consider it as working, I see it as selling your time.. Maybe u should consider looking else where once in a while on companies whom will be willing to offer a better price for the time and productive hours you were willing to offer... Do not dwell so much on your comfort zone for companies who were not willing to pay better...

As for your kids reassure them that things will be better and instill good and moral value in them... Just use rose flowers as a yardstick... see how beautiful Roses are but u can't believe how ugly the stems and body parts are... they might come from not so good neighbourhood but could be different.. U can't shoulder all the responsibility alone try and get your wife involved...

ahnie:
Truth z only can help yourself... cut down all unnecessary expenses..be firm with your decisions.or on the other hand may I suggest you join osusu(monthly thrift)it would help you actualised your intent for your suppose business.

Good evening. Thanks for the contribution but all my expenses are just necessary when the money comes. I go cut down list tire still everything go finish. About the contribution stuff, yes we had such a plan where i work like donating 10k to each other monthly but everyone was in need and fighting to collect first. The idea just died naturally. I just tire

ayobarmy:
At some point in my life, I almost believed that my problem was spiritual, because I have tried all I could to do something meaningful with my Salary, but as each month passes by, I just discovered that I have just been moving in a circle..... Salary can be very frustrating, expecialy when it comes late and in bits like mine......

my brother i tire. Na vex i dey carry sleep after a payday

Richy4:


I understand man.. I just want to assure you that it's gonna be okay someday.
As a salaried man, I just want to let you know that though u consider it as working, I see it as selling your time.. Maybe u should consider looking else where once in a while on companies whom will be willing to offer a better price for the time and productive hours you were willing to offer... Do not dwell so much on your comfort zone for companies who were not willing to pay better...

As for your kids reassure them that things will be better and instill good and moral value in them... Just use rose flowers as a yardstick... see how beautiful Roses are but u can't believe how ugly the stems and body parts are... they might come from not so good neighbourhood but could be different.. U can't shoulder all the responsibility alone try and get your wife involved...

Thank you very much Sir, I promise you that this advice will not end with this thread..... God bless you

Richy4:
If you can't cultivate a saving culture now that you were earning a little , I'm afraid to say that when the big fat salaries starts rolling out, it might still be the same story because when you earn more, u spend more all things being equal.

Sit down on a beautiful evening, and draw your budget.. After making your budget, Rank it from the topmost important to the least.. (scale of preferences if u remember your high school Economics class)
Tell yourself how much you will save each month.. try and religiously stick to it ..

If I was to be in your position, and have #20,000 coming into my account every month , I will be saving #7000 every month... I will assume/ have it @the back of my mind that I got paid 13k every month...
For it to be a little bit effective try and keep it in a separate account..not in the everydayspending one where you will be looking at it day in day out..

thank you sir. You gave a nice analysis. Not that i spend on irrelevant things, the truth is that family expenses take much of the salary. If i tell you that i downloaded piggybank and wema alat to be saving 5k monthly you won't believe. I think this is the time to take a strong stance in this direction because i will just continue moving in circles

bukatyne:
Sometimes, there is no evil and the salary is not just enough.

@OP:

You do not have a problem.

Since you have found a way to survive on the N20k, save all your allowee and at the end of your service year, you would have gotten enough capital to start your mini importation business.

You can tell your bank to do auto-deduction into another investment account or join mutual benefit/low risk investment plans so the money is not lying fallow else you would be tempted to spend/expenses rise to meet your income.

Goodluck.

Thank you ma. I appreciate this. I been think say na spiritual issue. I will check and know if diamond bank can do the auto deductions and not allow withdrawal. Thanks

Best way to save money is to make more money. Your expenses for a low income earner will remain the same, no matter how much you try to reduce them. Except its Garri you want to drink from Morning till Night. Monday to Friday. Even Ijebu Garri is now expensive lol.

Don't touch your NYSC 19,800 for 1 year and you will be fine. Save it and then invest it next year.

Warning: During this 1 year, Make sure you DO NOT engage any lady in relationship whatsoever, relationship is the easiest way to lose your money BRO. Please forget women for now.

A word is enough for the wise.