Azaland

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.

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

Deon wrote: ↑November 11th, 2023, 11:06 am 10k is missing somewhere

Maybe for the girls urgent 2k.

Can someone please xray each option and point out the strengths and pitfalls?

eBanka wrote: ↑November 11th, 2023, 11:08 am

Deon wrote: ↑November 11th, 2023, 11:06 am 10k is missing somewhere

Maybe for the girls urgent 2k.

Go for your need not want

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