Hmmm...
STAND ALONE NARRATIVE
TIPS O HOW TO MANAGE MONEY NEEDED
I'm disturbed, My hubby has earned over N2 million from January to now, and yet we can't boast of 50k ,I don't want this to keep repeating itself:
We don't spend more than 200k on feeding, so where is the rest going? I manage all his money, I know how he earns, he can't spend without involving me, just feeding and sending money go some family members ..
He is expecting another salary now, I want to know what to do in order to save, he's not bothered, he said as far as his secret is covered, he's not owing, he's fine.
I want us to start saving towards running away from Nigeria too, I am tired. I don't buy clothes neither does he, yet no savings, though we feed well with 3 kids. I need help and advice.
I am on the same table with you.
ReplyDeleteHow does one save in this Economy?
I recognised this early in myself as a single and allowed my then boss mentor me. The first rule is SAVE BEFORE SPENDING. There was a time I had issues at work and my salaries were withheld for 4months. My dad sent me 30k each of those months cos I didn't have savings. Guess what?! I did not lack. I was still able to meet my every need so I then began to wonder how I spent over 250k monthly ALONE! So I learnt. Every month, I removed 50k for myself and sent 200k to Money Market and forgot about it. You know what? My standard of living didn't drop!
DeleteI grew up and years later when I met my husband, he was worse than I used to be. He saw how good I was with saving and investment and gave me free hand. Now, my household is not so large, we spend less than 10% of our combined income on food, about another 10% on domestic staff, and like 20% on other things like bills, send to relatives, hangout etc. 50% automatically goes to savings. We move that 50% the moment the alert comes in before 1kobo is spent from it.
If you earn 10m monthly and leave it in your account and spending directly from it and hoping it will remain by the end of the month...you are sitting on a looong thing.
Saving is very possible even if you are earning less but it takes a lot of discipline.
DeleteIt's time you start keeping track of how you spend and where your money goes. Like literally using excel sheet or a notepad to write down your expenses once you make one. My husband does this everyday.
There's this thing about knowing that the money is there. If you are not financially disciplined, you will misuse your money, waste it on frivolities and end up wondering where it went.
As for me once money comes in, I immediately send the designated amount I want to save to my savings account and forget it there. My savings is my savings and I don't touch it no matter what.
I have a designated amount for tithe, charity, miscellaneous etc and I discipline myself to live below my income.
Saving is a must and you can do that poster. You can read this book titled Compound Effect by Darren Hardy. I am currently reading it now. On the page 46-47 of this book tells the story of a woman whose case is similar to yours. It will help you a lot.
Or you can get good books or materials that has to do with financial discipline and assimilate them.
All the best.
Thanks Ms...I will put your advice to practice
DeleteSapphire 🙌🏾 that moving money works like magic
DeleteSapphire, that makes a lot of sense. We can just pretend we earn a certain amount and build our expenses around it and move the rest to savings. I have heard of this money market. I will inquired about it.
DeleteThanks.
First try to invest in the home by buying only the needed food stuffs in bulk, and reserve a part for house keeps. Cut down on how much you spend on things that are not important, reduced amount sent out to family and friends, cut down on trips and try to save at least 10% of his earnings. With this, you will have more to save in the coming months.
ReplyDeleteMadam, you're a reckless spender. Make a list of everything you spend money on and then save what is remaining. But you must be careful with spending money. Don't go for luxurious goods. It's for the rich.
ReplyDeleteOpen a savings account and pay in a quota there. Don't have any ATM card for the account. Let's see how the money will keep disappearing. Make it a monthly habit.
ReplyDeleteAlso know that the economy is quite hard. You will be shocked when you take account and see how the money went.
Get a job to supplement his income, things are expensive. Two million in three months in the present economy with three kids is not that much. You pay school fees, utilities bills, feeding , medicine, recharge cards and others , it is not that much. Get a job!
ReplyDelete2 million in 3 months is much
Delete150k is feeding my family home of 10
A family of 10 feeding on 150k in 3months.. portion control promax.
DeleteEat healthy Sha, don't suffer kwashiorkor coz of management.
150k per month oh
Delete150k monthly for a family of ten?
DeleteYou better eat well before you malnutrition sets in
Prize of things have tripled in this country, we all know that.
ReplyDeleteSince you know how he spends his money, I’m guessing side chic is ruled out.
What secret is that?
Do you work? Any side hustle? If you have one, as the salary comes, invest some of it into your business.
I guess mismanagement of funds is what the issue is cos money don’t fly out the widow like that.
If one can blow 2 Million naira in 3 months and can't account for it, babe no worry side chic dey. There is something you guys are unnecessarily throwing away funds on that you can't spill, both husband and wife. They both need a strict saving culture. What happens when the rainy days come??
DeleteThe money goes into chop chop, food, n more food. Do an expense list, then cut out some things.
ReplyDeleteMe nko? We have just one kid and we have spent up to 1.5 million between January and now.
ReplyDeleteShows indiscipline whether you want to hear it or not. And it's not something one should be proud of. Save!!!!
DeleteIf I talk una go curse una life. Madam manage am like that.
ReplyDeleteYou dey fear curses? Talk na
Delete"As long as his secret is covered?" What is this "secret?" That may hold the key.
ReplyDeleteExactly my question.
DeleteI wonder
DeleteLol it’s just an expression
DeleteIt means as long as you don’t have to go outside to look for food to eat or you don’t have to beg.
Secret is covered in Yorubaland means you don't beg for anything from anyone or you don't lack abeg!
DeleteIf I am not mistaken...the "secret" is him having absolutely nothing in his savings account.
Delete"Run away from Nigeria," to where?
ReplyDeleteIf the whole of UK is brought to Nigeria and the whole of Nigerians are transferred to UK. UK will become like Nigeria and Nigeria will be the UK. People in UK will begin to run away to Nigeria.
The import of this is that a land is made by its people. The people in UK are reaping from the foundation their godly fore fathers laid. Nigerians should repent and pray so that God will heal their land. Change your attitude of corruption and immorality. The culture of impunity has to stop.
See your month. You think Nigeria will be better
DeleteIt's not the people but the system they've chosen to adapt.
Delete*adopt
Delete@16:02
DeleteSo you can actually see her mouth? 🤣
Nigeria will be better when the people become better/repent.
You are managing all the money, yet you are looking for all the money?
ReplyDeleteNne, check yourself ofuma ofuma. If you are a believer in Christ, begin to fast and pray. If not, why not?
I think the money is being used for benevolence. She doesn't just know how to say so, so we won't tag her a wicked wife who doesn't want her hubby to help his people.
DeletePoster, next month move 10 percent of his income to a savings account, preferably the one without an app or debit card.
Start from there
Set up automatic saving with the account. As soon as the income is deposited a portion determined by you automatically moves to a saving account on the pay date. That way you are forced to work with only the amount you see. This does work and simplifies saving.
ReplyDeleteI had an aunt who had the same problem as you, her money just seemed to water away without any logical explanation. You may also want to check the ppl you surround yourself with, negative thoughts do have power. Keep your finances to yourself, nobody needs to know how much is coming into your household.
Get your home blessed. If other ppl have lived there before your family moved it perhaps something energetic is happening in the space.
Open another account without ATM card. You deposit what ever amount you think you can do without.
ReplyDeleteCut down on sending free money if it's not on your budget for the month except it's for health purposes..
You can open a dollar account for this purpose of Japa which is the best option. Keep money aside for emergency in your savings account.
Be prudent!
1) If you can save to buy a land,dont build on it;resell the land when there is urgency and get your capital plus interest..
ReplyDelete2) Open a Dorm account in Nigeria,no matter how dollar is expensive,buy and keep there,its a long term investment so years from that day,resell some(not all) dollars and cash out in Naira..
3) For my own students via mini import,convert your Naira to Dollar using our Chinese coy then leave it there and cash out later
4) Buy Gold and resell later via Black market or to private individual.
5) Buy foodstuff like rice,beans in half or quarter or full bag then preserve,same as condiments,if you use sachets get the roll of each..
6) Check the stock market,invest where appropriate..
In summary,Savings account in naira keeps you poor cos of depreciation,its not your wisest decision currently so invest where there is high ROI..
Get an alternative source of income which is Biz;one income no fit hold family now cos there is more demand than supply(Cash)..
@MARTINS
Don't also forget to make a list of all that is needed for feeding monthly,calculate and remove what you feel isn't necessary then get your budget and work on what you listed..
DeleteSome will say "I can't calculate what I eat" but that is just the issue cos you wont know how much feeding alone takes until you sit and estimate it..
Also petrol,Drugs,Gas,kids miscellaneous etc,put all these together in a note,get a price and send the remaining from the salary to another account where you don't have an Atm or Mobile app access to..
Life for naija na planning else you will think witches are gulping your income whereas na you.
Hope this helps..
@MARTINS
Martins, l don't have an ATM but l can use USSD to transfer. How do l correct this, please?
Delete@17:09;best option is to open another bank account which wont take more than NEPA Bill,means of Identification and Two Passport..
DeleteThen the one which has USSD now will be for your daily expense while the new one will be strictly for savings..
So once you get the bulk salary;you transfer bulk of it to the savings and the remaining will be in that one with USSD access..
Hope this helps..
@MARTINS
The cost of things in this country can be part of why you don't save money but try and write out list of things you need ,make estimate. Also make a habit of throwing any amount of your choice in piggy bank. I know some people will say there's a Spirit taking your money. Don't believe them
ReplyDeleteWhy don't you open a separate bank account and save in a specific amount of money in there,don't operate the account with an ATM so that u are not tempted to touch it. Buy food stuff in bulk so that u may not need to always buy every month and you all should learn to live like your earnings are meagre. Invest in a genuine land property,go over all your expenses monthly and find out where u need to cut down some expenses,tell yourself you all can live without the extravagant expenses. Most importantly,pay your tithe. Even if u and hubby don't believe in it,try it out and see,God's promises concerning it Mal.3,will follow u. He will rebuke the devourer for your sakes and replenish all that the cankerworm and locusts have eaten. Be prayerful. All the best.
ReplyDeleteYou need a separate account that you won’t touch
ReplyDeletePut money there once you receive his salary
Stop blaming him since you sef you’re in charge of the money
Really sit and itemize all your expenses
Like go through your account and track
You’ll be surprised at where the money is going
Get an app to track your spending from an app store. Set your budget for the month covering gas, utilities, groceries, miscellaneous etc. When salary incomes, move the percentage you want to save to a different account and limit your spending to your budget.
ReplyDeleteAs the manager of his money. Kindly advice him to.conciously remove tithe from his salary. Pray over the tithe by inviting God to take over the test money for your own good and watch how his money will work for him and bring positive results.
ReplyDeleteOpen a mutual fund account with Stanbic Ibtc bank and pay a specific amount into it every month .
ReplyDeleteAlternatively, go to First Bank and open an education insurance for each of your 3 children. Tell them to be deducting specific amount from your account every month . If and when you are ready to travel you collect your money .
You could also invest in bonds and treasury bills.
You are in charge of the money, yet you don't know how the money is spent. Someday the secret will be an open book. You should be able to save 15-25% of the money every month
You people should open a separate account for savings and once salary is paid, transfer a decent sum of money into it. Leave enough for ur expenses, bills and miscellaneous then let the rest go into that account for savings.
ReplyDeleteIn addition to all said, especially @ Martin's
ReplyDelete1. What was his last salary? You lived on it. Cut everything he earns now above that Mark and save it. Then try to live on the balance and still save 10-20%. It will be tough. If you survive one month. Sit down to find out how you managed. Revise as necessary.
Or
2. Make a list of every Kobo spent. This is hard. The discipline to do it helps in forming the saving mindset. Then cut out all unnecessary expenses or duplicated expenses. Save the amount cut off. Draw a budget and follow. Still save.
3. Review your giving to family. Is it fixed or ad-hoc. Better to make it fixed as much as you can.
4. Read the "Richest man in Babylon". The major theme of the book is to save first before you spend because money is never enough. There are other sub themes. But be prepared to cry over or for wasted money. The book is that good. It is one of the best if not the best on thrifty living ever written.
Open a separate account and save an amount there monthly.Make sure you remove your savings before spending,if you do it the other way,you might never save.
ReplyDeleteSo many hidden factor, fuel consumption be it car or generator, extra food consumption parfait, small chops, nexflix, recharge card, send money to brother, family. Check your petty petty purchases and calculate.
ReplyDeleteBuy in bulk!
ReplyDeleteBuy in bulk!
Buy in bulk!
There are some items that every household will always use. Buy those things in large/r quantities!
Bathroom (toiletries): toothpaste; toothbrushes; shower gel/bathsoap; deodorant; body lotion; handwash; sanitary pad; shaving stick; toilet roll
Kitchen: washing up liquid; clothes detergent; salt; sugar; rice; gari; spices and seasonings
Even if you buy 500 pcs of each...you and your family will eventually use it all, as long as you store them properly.
Don't be afraid to shop around for the better deal/price.
We don't, unfortunately, have these penny sales/BOGOF/poundland/dollar tree/store coupons/3for2 sales in our part of the world...but take advantage of "back to school"/Easter/Christmas promotions when looking to buy these essential items.
*When buying in bulk, don't forget to check expiry dates and chose the furthest date possible.
For perspective...I still have one 3pk of Colgate toothbrushes that I bought way back in summer 2017.
Until 2 weeks ago, I hadn't bought sanitary pads since January 2018. They were on promo, so I bought as many as my hands could carry.
This buy in bulk ehn
DeleteAs I buy, people come shop for my house
Don't sanitary pads have expiry date?
DeletePoster don't follow this buy in bulk comment o
DeleteBuying in bulk doesn't favour everyone. You buy in bulk, some get spoilt before you get to use them.
You buy in bulk relatives and inlaws turn your house to father Christmas grotto, they come and take foodstuff and other things.
Buy only the essential things like foodstuff in large quantity.
Ahhh!!!
DeleteThose of you that are being "used", probably go and "brag" about your stockpile to your family and friends! Because, how else will they know what you have in your bathrooms and kitchens? If your bathroom isn't ensuite, then keep the items in your bedroom! Please...I also have people in my life, and no one has ever come to use my pantry or toiletries cabinet as Santa's grotto!!
NB. I made a remark about expiry dates.
Poster just learn to plan inugo;all these advice is for your own good..
ReplyDeleteAsk yourself if salary doesn't come in the next six months;can you survive? That's where your savings culture would help you and your family..
Make a list and work with it;the rich invest more while the poor spend more,so the rich remains richer cos there is more income than liabilities..
With the next salary,send at least 60% to your savings,manage the rest..
Bring this,bring that,that's liability..
Can you help me with this and that from extended family;learn to curtail..
You must have a spending limit monthly,needs can never finish so you are the one to plan on the "needs and want" you are to take so you can save..
Check your fuel consumption too;its a silent monster and you wont notice cos "Money Dey" for 5 litres daily,calculate five(5) litres monthly..
Nobody is perfect and we all learn with either our experience or that of others,a wise man learn with people's experience..
@MARTINS
@martins👍
DeleteU need to dicipline yourself
ReplyDeleteFollow Ms Sapphires advice. I have a standing order at the bank and a part of my salary is transferred from my current account to my savings account on a fixed date every month. I also do not use an ATM card for the account - thinking of queueing up at bank puts me out of making random withdrawals.
ReplyDeleteMartins, God bless you, you are always so helpful.
ReplyDeleteAt every point in time I have project that is taking my money I can't keep money in the bank no way I invest money I if I don't family will take it from me. That is how I save.
ReplyDelete