Azaland

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 × 12

Annual Savings = N50,000 × 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.

Nice on @Deon

So someone has won?

eBanka wrote: ↑November 10th, 2023, 10:46 am So someone has won?

About 3 people won, they will share the spoil.

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

Thanks

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.

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.

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

I understand

Nice one

33k