Onwura Chioma
Member
Handling your Salary as a wise person
Save First:
Before you spend on anything, save at least 10–30% of your salary. Don’t be unfair to your tomorrow by refusing to save from your salary. Treat your savings as a non-negotiable obligation.
And as you save, give your savings a purpose. Have something you are saving towards, whether it is an investment, landed property, starting a business, buying business tools, furthering your education, acquiring a skill, pursuing a professional course, paying your rent, or getting a new apartment, and so on. Always save first, and save towards a goal.
Create a Budget for the Remaining Salary:
After saving a portion, budget how you are going to spend the rest. Before your salary arrives, sit down and create a spending plan. Decide how you will spend every naira. Leave nothing to chance.
In your budget, prioritise essential needs. After saving, allocate the remaining amount prudently. Prioritise feeding, transportation, utilities, rent, and other necessities. Don’t freestyle your salary. You are not yet one of the Dangotes or Cubana Chief Priests of this world.
Invest a Portion:
This is a must. Let’s say you decide to save 20%. Out of that 20%, you can invest 5–10% in stocks, fixed deposits, mutual funds, or other suitable investments, depending on your goals and risk level. Investment is what can help transform savings into wealth over time. Part of your salary should be working to build you a better tomorrow.
Build an Emergency Fund:
Yes. From your salary, always put something aside for emergencies. It could be 5% of your salary. Set it aside specifically for unexpected situations, such as buying medication, sudden repairs in the house, or other unforeseen expenses. This fund should be separate from your regular savings and easily accessible when needed. An emergency fund can protect you from falling into debt when life happens.
Be Very Prudent With Your Spending:
It doesn’t matter how small or big your salary is: live below your means. Avoid impulse buying. Just because you can afford something does not mean you should buy it. Financial stability is built by controlling your expenses, not by showing off your income.
What you keep from your salary matters more than what you spend.
Give Within Your Means:
Budget your giving, whether to individuals or religious causes. Decide how much you are willing to give to your parents, loved ones, religious causes, and others, and stick to it.
If possible, give everything at once for the month and that is it.
Learn to say “No” politely to requests you cannot afford. You are not the world’s ATM.
If there is no room for additional giving in your budget, postpone every other request until next month. Don’t allow yourself to be pressured into overspending in the name of culture or religion. Give, but give within your means.
Keep Your Salary Away From Betting:
If you place even a single bet with your next salary, then you are not my genuine follower.
I know my people, and my people know where I stand when it comes to betting. Don’t gamble with your salary.
Don’t Take Personal Loans or IOUs:
Yes. Spend within your salary. If your expenses have outgrown your income, find a way to increase your income or create a side hustle. But habitual borrowing is a no-no if you are truly my follower. Don’t borrow for lifestyle or consumption, phones, clothes, parties, or temporary comfort. Loans should generally be considered carefully, especially when they are for productive purposes that can generate income. Avoid loan apps before your next salary.
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Abiodun Olusola
Before you spend on anything, save at least 10–30% of your salary. Don’t be unfair to your tomorrow by refusing to save from your salary. Treat your savings as a non-negotiable obligation.
And as you save, give your savings a purpose. Have something you are saving towards, whether it is an investment, landed property, starting a business, buying business tools, furthering your education, acquiring a skill, pursuing a professional course, paying your rent, or getting a new apartment, and so on. Always save first, and save towards a goal.
After saving a portion, budget how you are going to spend the rest. Before your salary arrives, sit down and create a spending plan. Decide how you will spend every naira. Leave nothing to chance.
In your budget, prioritise essential needs. After saving, allocate the remaining amount prudently. Prioritise feeding, transportation, utilities, rent, and other necessities. Don’t freestyle your salary. You are not yet one of the Dangotes or Cubana Chief Priests of this world.
This is a must. Let’s say you decide to save 20%. Out of that 20%, you can invest 5–10% in stocks, fixed deposits, mutual funds, or other suitable investments, depending on your goals and risk level. Investment is what can help transform savings into wealth over time. Part of your salary should be working to build you a better tomorrow.
Yes. From your salary, always put something aside for emergencies. It could be 5% of your salary. Set it aside specifically for unexpected situations, such as buying medication, sudden repairs in the house, or other unforeseen expenses. This fund should be separate from your regular savings and easily accessible when needed. An emergency fund can protect you from falling into debt when life happens.
It doesn’t matter how small or big your salary is: live below your means. Avoid impulse buying. Just because you can afford something does not mean you should buy it. Financial stability is built by controlling your expenses, not by showing off your income.
What you keep from your salary matters more than what you spend.
Budget your giving, whether to individuals or religious causes. Decide how much you are willing to give to your parents, loved ones, religious causes, and others, and stick to it.
If possible, give everything at once for the month and that is it.
Learn to say “No” politely to requests you cannot afford. You are not the world’s ATM.
If there is no room for additional giving in your budget, postpone every other request until next month. Don’t allow yourself to be pressured into overspending in the name of culture or religion. Give, but give within your means.
If you place even a single bet with your next salary, then you are not my genuine follower.
I know my people, and my people know where I stand when it comes to betting. Don’t gamble with your salary.
Yes. Spend within your salary. If your expenses have outgrown your income, find a way to increase your income or create a side hustle. But habitual borrowing is a no-no if you are truly my follower. Don’t borrow for lifestyle or consumption, phones, clothes, parties, or temporary comfort. Loans should generally be considered carefully, especially when they are for productive purposes that can generate income. Avoid loan apps before your next salary.