Let's say you're working and earn N150,000 monthly. As a quick and simple rule of thumb, how much money is recommended you allocate for your savings, needs, and wants respectively?
a. 0k, 50k, 100k
b. 40k, 90k, 10k
c. 75k, 75k, 0k
d. 30k, 75k, 45k
e. I don't know
Share your opinions and reasons freely in the polls and comments.
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰
I recommend option b: 40k for savings, 90k for needs, and 10k for wants.
This allocation strikes a balance between saving for the future, covering essential expenses, and allowing for some discretionary spending. Prioritizing savings at 40k ensures you're building a financial safety net over time. Allocating 90k for needs covers your essential living expenses, providing a stable foundation. The remaining 10k for wants allows for some personal enjoyment without jeopardizing your financial stability.
This choice is based on the principle of financial prudence, ensuring you're saving for the future while still enjoying the present. It's a practical approach that reflects a commitment to both fiscal responsibility and personal well-being.
BTW 40k + 90k + 10k ain't equal to the monthly salary.
10k is missing somewhere 😏
An eye for an eye left thousands blind,
Remember that.........
10k is missing somewhere
Maybe for the girls urgent 2k. :laughs:
Can someone please xray each option and point out the strengths and pitfalls? :winks:
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰
10k is missing somewhere
Maybe for the girls urgent 2k. :laughs:
😂😂😂😂
An eye for an eye left thousands blind,
Remember that.........
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