One fact about money is that it hard to make and very easy to spend. This saying might not be for everyone because some others stay in their home while making that money others spend 9hour outside their home to make but one thing remain certain
In other to make any amount of money, a set amount of effort is required either great or little.
By Fash.
That amount of effort invested in the money making process is enough for one to sit down and think about how to save and spend. Although, in the present day inflation has made savings impossible for many individuals but so long you’re doing something to earn money, I will be sharing some basic techniques needed to save money for a year especially those who pay their bills themselves and stay alone.
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If you’re staying alone {Rented Apartments} and you’re finding it difficult to save money. This is the best saving plan for you. I will be sharing my knowledge with the value of my country currency, so you can apply it to your country currency.
The first thing to note before savings is to take account of the basic things about your life. What are the basic human needs
- Shelter
- Clothings
- Food
- Job security
You can read more about the Basic human need by Maslow
So long you have a job that earns you monthly salary, you have to be calculative to live a life free of debt. If you’re living in a rented apartment that cost 150 thousand Naira yearly (Shelter) what you would do is divide 150 by 12 since we have 12 month in a year
Shelter
Shelter 150/12 is 12.5 which means in a month you have to save up to 12,500 monthly for your shelter.
Food
This will depend mostly on how you eat and how expensive food is in the vicinity you live. You really don’t have to save for food. You just need to set out a particular amount for food that you will spend month. For me, I make it 30,000
Clothings
It good to look good because the way you’re dressed is the way you will be addressed but that doesn’t mean you should buy clothes every month. Value attract value, if you don’t appear to be someone with value, people with actual value won’t come close to you. You can set aside an amount of month monthly so when the need comes to get clothes, you won’t be stranded in that aspect. I set aside 10,000 monthly for clothing
Personal savings
You wouldn’t want to earn month and not having a set aside amount you save monthly, “The month you save today will save you tomorrow” Even with all the basic expenses removed from the salary, you still need to have your personal saving which can be made 10,000 monthly
The remaining part is now left to you to be very calculative, how much do spend on transportation to your work place monthly, set it aside too. After you have done this, you add it all together and you would know the amount you should earn in a month and how to spend it
Shelter is 12,500 Naira
Food is 30,000 Naira
Clothings is 10,000 Naira
Transport is 6500 Naira
Monthly savings is 10,000 Naira
Total is 68,000 Naira
This is a saving plan for a person living and spending this amount of money, for such a person, their salary or monthly income might be 80,000 to 100,000. If you’re earning 100 thousand and you use this plan, you would definitely have some extra funds to spend for yourself and probably send to loved ones, but you still need to be calculative in doing all of those things. If you are disciplined and determined, this plan will work for anyone around the world and little by little they can change their life’s. There can be increase in the future and you would still know how to manage your expenditure, even if there is a decrease in earning, you will still know how to manage your expenses.
Thanks for reading