If in 1 year you want to save N1m from a salary of N250K but with monthly expense of N200K, how much would you need to cut back in expenses?
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QUIZ: How do you save N1m from N250K salary, monthly expense of N200K in 1 year?
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Jared
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Answered
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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.
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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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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Jared
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This requires some maths 
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. đź’°
I don't think the
I don't think the correct answer is stated among the options, please check again
I don't think the correct answer is stated among the options, please check again
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Jared
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Feel free to state your answer. Its a trick.
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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Jared
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Hi guys, some options in the poll have been updated. Please review your answers 
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. đź’°
The answer is 33k 
When money realizes that it is in good hands, it wants to stay and multiply in those hands 🤲💸💵💰
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Jared
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You are entitled to your opinionnnnnnnnnnnnnnnnn
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. đź’°
33k cut down won't make up to a million in 12 months. 35k will make a million and some thousands extra.The exact value is 33.4k
When money realizes that it is in good hands, it wants to stay and multiply in those hands 🤲💸💵💰
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Jared
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