QUIZ: How do you save N1m from N250K salary, monthly expense of N200K in 1 year?

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QUIZ: In 1 year, to save N1m from N250K salary & N200K expenses, how much must be cut down?

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Deon
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Answers: 2

#21

 

Let's break down the calculation:

1. Annual Savings Goal: N1,000,000
2. Monthly Salary: N250,000
3. Monthly Expenses: N200,000

To find the monthly savings needed, subtract your monthly expenses from your monthly salary:

Monthly Savings = Monthly Salary - Monthly Expenses

Monthly Savings = N250,000 - N200,000 = N50,000

Now, multiply this monthly savings by 12 to find the annual savings:

Annual Savings = Monthly Savings Ă— 12

Annual Savings = N50,000 Ă— 12 = N600,000

So, to reach your goal of saving N1,000,000 in a year, you would need to cut back an additional:

Additional Savings Needed = Annual Savings Goal - Annual Savings

Additional Savings Needed = N1,000,000 - N600,000 = N400,000

You would need to cut back an additional N400,000 from your annual expenses to meet your savings goal.

Or you cut back your monthly expenses by approximately N33,333.33 to meet your savings goal of N1 million in one year.
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Loru
Answers: 0

#22

 

Nice on @Deon
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ebanka
Answers: 0

#23

 

So someone has won? :thinking:
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Jared
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Answers: 5
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#24

 

eBanka wrote: ↑November 10th, 2023, 10:46 am So someone has won? :thinking:
About 3 people won, they will share the spoil.
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. đź’°
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Deon
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Answers: 2

#25

 

Loru wrote: ↑November 10th, 2023, 10:23 am Nice on @Deon

Thanks 🤗
An eye for an eye left thousands blind,
Remember that.........
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Greatness
Answers: 2

#26

 

Greatness wrote: ↑November 8th, 2023, 10:53 am
Jared wrote: ↑November 8th, 2023, 9:25 am how much would you need to cut back in expenses?
N33,333.333333 or approximately N34,000 monthly.
:thinking:
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Jared
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#27

 

Greatness wrote: ↑November 10th, 2023, 6:34 pm N33,333.333333 or approximately N34,000 monthly.
Did you know that 33.33 is not approximately 34k? Going by approximation rule.
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. đź’°
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Greatness
Answers: 2

#28

 

Jared wrote: ↑November 10th, 2023, 6:35 pm
Greatness wrote: ↑November 10th, 2023, 6:34 pm N33,333.333333 or approximately N34,000 monthly.
Did you know that 33.33 is not approximately 34k? Going by approximation rule.
*OR*, not *IS*
You know it's a trivia question :shade:
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Jared
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#29

 

:winks: I understand
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. đź’°
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B7
Answers: 0

#30

 

:thumbup!
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Ernest
Answers: 0

#31

 

Nice one
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Ernest
Answers: 0

#32

 

33k
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