A lot of salary earners in Nigeria are often worried about what to do with their money in Nigeria especially if their salaries are less than 150,000 naira. The complaint is that they aren’t paid well enough. However, in this post, we’ll be presenting practical steps and guides of how to save money and invest with your 50K, 60K, 70K, 80K, and 100K naira salary in Nigeria.
This post solves the question of what can I do with my 50K, 60K, 70K, 80K, and 100K naira salary in Nigeria?
With this guide, you should know what to do with your salary and how you can save a substantial amount from the salary. This guide is a good one. You should stick to it; it should be able to lead you right and increase your level of money and worth. This is more especially for unmarried ladies and gentlemen.
Now, let’s go into the main details of the post.
Practical Steps and Guides of How to Save Money and Invest with your 50K, 60K, 70K, 80K, and 100K Naira Salary in Nigeria
1. Have no Iota of Overspending
You shouldn’t overspend in anyway. You should leave according to your means. This means that you should make a budget of what amount of the salary you’ll be spending. You should buy foodstuffs, get gas, pay for electricity, buy few clothings, and a little other expenses. You have no business living large or exotic life on this type of salary.
2. Get a Cheap Accommodation close to Work
If you take transportation to work, consider getting a place to stay close to your workplace even if the house isn’t decent. You should be trekking to your workplace or taking only a drop to work. You have no business spending more than 400 naira daily on transport if you are paid this type of amount.
3. Buy Good and Affordable Thrift Wears
Being paid 50K, 60K, 80K, and 100K, isn’t enough to start living large or buying expensive pieces of clothings. At this level, you can get good thrift wears to make you look decent. Ensure they are always properly washed and ironed.
4. Cook your own Meals and Buy Foodstuff in Bulk
We don’t encourage buying of food for someone on this scale. You should have your gas or electric cooker. You buy foodstuffs and make your own meals. In fact, you take your own meals to work in a flask to eat as lunch.
5. Save 10%, 20%, or more of Salary Monthly
Doing all that we have mentioned, you can then save up some of your salary like 10% and above monthly. You should be strict and regular with your savings. If you are the type who can’t save due to need to always purchase something, then send your monthly savings to a fixed account.
6. Invest in Treasury Bills or Lands or Buy and Resell Gold
After saving, the next step is finding the perfect and safe way to invest the savings. You can wait for a year or two for the money to be enough before investing. There are 3 options you should consider for your investment with your little savings:
Buying and Reselling Original Gold
You can buy land in a remote but developing area. Or you can buy and resell gold when it must have increased in value. In addition, and the last option, you can invest in treasury bills in a good and profitable bank.
7. Avoid Gambling and Investing in Ponzi Schemes Totally
To be able to save, and also to be able to not lavish your money after saving, stay far away from gambling or investing in ponzi schemes totally. These two things ruin people’s lives and depletes people’s savings a lot.
8. Put Aside a Percentage of your Salary for Relations
As a Nigerian, you ought to know that your family, friends, or lovers would need some of your money, so ensure to put aside a percentage of your salary for them in case of billings or issues. You can put aside 5% to 15% of your salary. However, do not do more than you can carry.
This post has fully examined the topic of the practical steps and guides of how to save money and invest with your 50K, 60K, 70K, 80K, and 100K naira salary in Nigeria. This should be able to guide you well on how to save and invest with your little salary, especially for unmarried people. For married people, of course, the responsibilities of the family might be to huge to make you save much but save as little as you can.