Soneh:
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.

please ma is this applicable to all banks or just your bank? Sounds good

truthsayer009:
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.

i will touch the nysc payment because once i leave for service to another state, i will resign from the security work then have only nysc alawee to depend on. That is my fear and why i'm sincerly looking for a solid fund to invest ahead. Hope you understand now?

nkemakonam100:
i will touch the nysc payment because once i leave for service to another state, i will resign from the security work then have only nysc alawee to depend on. That is my fear and why i'm sincerly looking for a solid fund to invest ahead. Hope you understand now?

No you shouldn't. This is what you can do.

Option 1: if you can redeploy to your current state, please do. [ Recommended ]

Option 2: If the state is not too far from where your job is, leave the state. Travel there for General CDS every month by Interstate Bus. There is a card given to which you must sign every week after weekly CDS, you can plan/bribe someone to help you with that.

Option 3: You will be deployed to a school, if the school pays well, then stay. If not, look for a better job around. Then plan/bribe someone in school to help with monthly signings that you actually work for that school.

I actually took Option 1 route 4 years ago & i do not regret it. By all means try to keep your security Job until you find a better job.

Open a savings account with one of these MFBs or Fintechs (e.g. Cowrywise) that pay monthly interests on deposits. This is a better option, way better than a regular savings account with a money deposit bank (First Bank, UBA, GTBank, etc.)

The MFB I use request a minimum deposit of 50k for the first month, and subsequent minimum of 30k monthly, so I wouldn't recommend this. However they compound savings monthly at 14% annual interest rate.

With Cowrywise and other platforms [you can research on], I'm sure you can start with as low as N5000.

It's quite easy to meet up with payment. Simply fill a standing order for a specific period (e.g. 12 months), and submit to your bank. A standing order is an "instruction to a bank by an account holder to make regular fixed payments to a particular person or organization."

Alternatively, you can run a mutual fund with a reputable firm. This also is very good especially if you intend saving up a significant amount for bigger investment like Treasury Bills, Bond or Shares. You would have to read more about this on Investment section (there's a mutual fund thread) as mutual fund consists of different arms (Money Market, Fixed Income and Equity), all constituting varying degrees of risk. Money market is largely risk-free, good for risk averse or anyone on low or high income.

The good news is you're starting early. I started MFunds late, a couple of weeks back to be specific, thanks to the thread.

In essence, you should save to earn more. That's the basis for saving. Inflation is so high, don't deprive yourself for nothing. It's better to eat your 30k today than leave it for 5 years with no interest. Five years from today, 30k won't give you the satisfaction you would gain from same amount today unless some interests are compounded.

Wish you the very best.

Ryan03:
I joined NPF as a recruit, trying to get admission into police academy so i'll attain the rank of ASP After five years

Ok, very good as you are sure of attaining it.

How do you intend to fund yourself in police academy?

ayobarmy:


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...

What about you?

You can also explore her supplying ahnie stuffs for her own business.

What about your wife frying akara, yam, potato, plantain, fish etc. I know there is a lot of money in the business if you get a good location.

nkemakonam100:
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

I think auto-deductions into another account is better because I heard NYSC can probe accounts without activity. (I heard o!)

I forgot to ask:

Can you still do your security with Service?

Modified: I you can't.

What state are you serving?

Acidosis:
Open a savings account with one of these MFBs or Fintechs (e.g. Cowrywise) that pay monthly interests on deposits. This is a better option, way better than a regular savings account with a money deposit bank (First Bank, UBA, GTBank, etc.)

The MFB I use request a minimum deposit of 50k for the first month, and subsequent minimum of 30k monthly, so I wouldn't recommend this. However they compound savings monthly at 14% annual interest rate.

With Cowrywise and other platforms [you can research on], I'm sure you can start with as low as N5000.

It's quite easy to meet up with payment. Simply fill a standing order for a specific period (e.g. 12 months), and submit to your bank. A standing order is an "instruction to a bank by an account holder to make regular fixed payments to a particular person or organization."

Alternatively, you can run a mutual fund with a reputable firm. This also is very good especially if you intend saving up a significant amount for bigger investment like Treasury Bills, Bond or Shares. You would have to read more about this on Investment section (there's a mutual fund thread) as mutual fund consists of different arms (Money Market, Fixed Income and Equity), all constituting varying degree of risks. Money market is largely risk-free, good for risk averse or anyone on low or high income.

The good news is you're starting early. I started MF late, a couple of weeks back to be specific, thanks to the thread.

In essence, you should save to earn more. That's the basis for saving. Inflation is so high, don't deprive yourself for nothing. It's better to eat your 30k today than leave it for 5 years with no interest. Five years from today, 30k won't give you the satisfaction you would gain from same amount today.

Wish you the very best.

14% is good.

What's the MFB?

bukatyne:

14% is good.
What's the MFB?

VFD MFB

Acidosis:


VFD MFB

Thanks

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.

For 20k?

bukatyne:


What about you?

You can also explore her supplying ahnie stuffs for her own business.

What about your wife frying akara, yam, potato, plantain, fish etc. I know there is a lot of money in the business if you get a good location.

Thanks Sis,
We actually intend using her own business as our second source of Income, Just that we haven't raise enough money to be able to supply more than we're currently doing now...

As for the frying business, that may not work ma, based on wifey's health.....

Billy0naire.

Come put mouth for this matter

bukatyne:


I think auto-deductions into another account is better because I heard NYSC can probe accounts without activity. (I heard o!)

I forgot to ask:

Can you still do your security with Service?

Modified: I you can't.

What state are you serving?

Good evening ma. Like i posted earlier, i just registered for service and should be leaving with the current batch B. I went for benue,kano,delta and ogun and serving in any of these states means terminating the security job. I'm kind of being restless and seriously pray for stream 2 so as to gather funds to buy needed things. Just like a brother suggested above, i think i will go with the option of redeployment

@ Acidosis

I really appreciate your input sir. I have been hearing about mutual funds but just like someone without interest then, i will just pass. I think i'm kind of being interested now. Please sir can you help me with any of the mutual fund thread so as to know it's operations. I have checked the business and investment forum but can't find any. Thanks

truthsayer009:


No you shouldn't. This is what you can do.

Option 1: if you can redeploy to your current state, please do. [ Recommended ]

Option 2: If the state is not too far from where your job is, leave the state. Travel there for General CDS every month by Interstate Bus. There is a card given to which you must sign every week after weekly CDS, you can plan/bribe someone to help you with that.

Option 3: You will be deployed to a school, if the school pays well, then stay. If not, look for a better job around. Then plan/bribe someone in school to help with monthly signings that you actually work for that school.

I actually took Option 1 route 4 years ago & i do not regret it. By all means try to keep your security Job until you find a better job.

Thank you so much for this great input. I heard that redeployment can only be achieved in camp and considering the huge cost associated with it, i think i will give up on the secuirty job. That made me choose states i can hustle and get a nice pay. I keep trusting in God

nkemakonam100:
@ Acidosis

I really appreciate your input sir. I have been hearing about mutual funds but just like someone without interest then, i will just pass. I think i'm kind of being interested now. Please sir can you help me with any of the mutual fund thread so as to know it's operations. I have checked the business and investment forum but can't find any. Thanks

Alright sir.



Mutual fund

https://www.nairaland.com/1912965/mutual-funds



Treasury bills [You would need this knowledge some day]

https://www.nairaland.com/878880/treasury-bills-nigeria

How can you save anything from 20k?

Acidosis:
Open a savings account with one of these MFBs or Fintechs (e.g. Cowrywise) that pay monthly interests on deposits. This is a better option, way better than a regular savings account with a money deposit bank (First Bank, UBA, GTBank, etc.)

The MFB I use request a minimum deposit of 50k for the first month, and subsequent minimum of 30k monthly, so I wouldn't recommend this. However they compound savings monthly at 14% annual interest rate.

With Cowrywise and other platforms [you can research on], I'm sure you can start with as low as N5000.

It's quite easy to meet up with payment. Simply fill a standing order for a specific period (e.g. 12 months), and submit to your bank. A standing order is an "instruction to a bank by an account holder to make regular fixed payments to a particular person or organization."

Alternatively, you can run a mutual fund with a reputable firm. This also is very good especially if you intend saving up a significant amount for bigger investment like Treasury Bills, Bond or Shares. You would have to read more about this on Investment section (there's a mutual fund thread) as mutual fund consists of different arms (Money Market, Fixed Income and Equity), all constituting varying degrees of risk. Money market is largely risk-free, good for risk averse or anyone on low or high income.

The good news is you're starting early. I started MFunds late, a couple of weeks back to be specific, thanks to the thread.

In essence, you should save to earn more. That's the basis for saving. Inflation is so high, don't deprive yourself for nothing. It's better to eat your 30k today than leave it for 5 years with no interest. Five years from today, 30k won't give you the satisfaction you would gain from same amount today unless some interests are compounded.

Wish you the very best.

Woah....I wish I knew about this when I started service, op please take this advice and also start planning on what to do along side your service should in case your redeployment doesn't work, you'll have a lot of idle time during your service year ( depends on where you're posted to though) so start planning how to make the best use of it.

elantraceey:


Woah....I wish I knew about this when I started service, op please take this advice and also start planning on what to do along side your service should in case your redeployment doesn't work, you'll have a lot of idle time during your service year ( depends on where you're posted to though) so start planning how to make the best use of it.

Good news dear: It is never too late to start investing.

ayobarmy:


Thanks Sis,
We actually intend using her own business as our second source of Income, Just that we haven't raise enough money to be able to supply more than we're currently doing now...

As for the frying business, that may not work ma, based on wifey's health.....

Your number z in your siggy...mind if I call?
Thank you.

nkemakonam100:
please ma is this applicable to all banks or just your bank? Sounds good

It's applicable to all banks. All you have to do is to get a separate account,but don't collect the ATM card for this account and ensure the account is not in anyway linked to your line. With the above measures you have no means of accessing the money in that account.
What you do IMMEDIATELY you get your salary is, you calculate 30%of your salary and transfer it to the new account. For your 20000 naira salary, 30% would be 6000 Naira. You are left with 14000 which you have to manage till your next salary comes.
..About surviving on 14000, I would advise you endeavour to cook your food yourself.Take 8000 from that money to purchase foodstuffs, this should be able to sustain you till your next salary.








Finally l am Ur fellow hustling guy, not a woman.

ahnie:

Your number z in your siggy...mind if I call?
Thank you.

Feel free Ma'am, it's for WhatsApp too....

bukatyne:


Ok, very good as you are sure of attaining it.

How do you intend to fund yourself in police academy?

Police academy requires no school fees, i only have to concern myself with buying text books and kits of which i have most of my kits. I can take care of my text books, getting into the academy is the major issue

Since you're earning N20K, you should remove N5000K for savings, N8000 feeding, you can't afford any transport beyond N3000 monthly, mercillinous N2000, N2000 reserve. Its doable if you live in a free house or face me I face you with monthly rent of N1000 to N2500.

nkemakonam100:
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

Dear Ranchhoddas,


Irrespective of how much is earned, it is very necessary to utilize understandable ratios for cash management. You must allocate resources based on needs, opportunity cost, money cost, and scale of preference.

Example:
Savings - 50%
Transportation - 10%
Feeding -20%
Etc etc.

So when the payment comes through you allocate the resources based on the scale of preferences and opportunity costs. It does not matter how much you earn, what matters is that you follow the ratios religiously.

You might want to have passive income sources apart from the salary.

Take care.

Oga the truth is what you earn is very low..

To be Frank it's very difficult to save earning 20k as salary.

The best advise is try get another stream of income like dry cleaning for people that work in the company you secure for or other pity things you can do when you are off duty.

20k with family responsibilities is very difficult to save, that it's the truth.

Better still look for another job while still working as a security operative.

If you're really bent on saving, I'll advise you use https://cashboxng.com

It's automated, simple and neat. Plus you get to earn some interest on the amount also.

Very mature responses. Well done guys !

You should check out and use www.sumotrust.com to save, it is secure, easy to use and well automated. Sumotrust can help you save a lot of money without stress and you ca save as little as N100 daily.

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......

How are things with you now?

nkemakonam100:
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

How are you doing now?