Tuesday, January 31, 2023
  • Login
No Result
View All Result
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
No Result
View All Result
The News Beam
Home News Business & Economy

How to Survive on N50,000 Monthly Salary

December 23, 2020
in Business & Economy, Youthprenuers
Reading Time: 6 mins read
0
A A
0
How to Survive on N50,000 Monthly Salary
Share on FacebookShare on Twitter
  • Your pay does not determine your wealth, you can get a high pay yet be broke
  • Making a budget is the first step to financial freedom

I came across a brain teaser while strolling through social media; “Can you marry someone that earns N50,000 salary?”

Mixed reactions welcomed this question and I couldn’t but ask myself too, if it’s really possible to survive on N50,000 monthly in today’s Nigeria not too talk of raising a family.

Worthy of note is the inflation rate that keeps skyrocketing (rising to 13.7% in the last three months).

Let’s digress a little, do you know there are people who earn below N50,000 today, married with kids? That could be your definition of poverty. However, poverty is the financial state of your mind.

In his book titled “Rich Dad, Poor Dad,” Robert Kiyosaki distinguished the difference between being broke and being poor, being broke is temporary while being poor (poverty) is eternal.

With that distinction, you should begin to ask yourself, if you are broke or poor. Gladly, a N50,000 earner can be broke but may not be poor if he/she does his/her assignment accurately.

READ ALSO; How to Prepare Chicken and Cheese Salad in less than 25 mins

I will do more of Kiyosaki’s book review in the course of this discussion, kindly open your mind as I take you on a trip to financial education on how to manage your hard-earned salary.

Is Fifty Thousand Naira a Small Pay?

Sincerely, NO is the answer.

Basically, at a devastating moment where artificial intelligence (AI) is gradually taking over many jobs and rendering employees useless. In a nation where government is still debating on N30,000 minimum wage.

Therefore, N50,000 is not a little pay for those who differentiate needs from wants and satisfy their needs before wants.

You can read my previous post where I briefly distinguished between wants and needs.

READ ALSO; How to Anchor a Wedding in A Nigerian Setting – MC SACO

How to Survive with N50,000 in a Month

The only way to make N50,000 enough for you in a month is by “BUDGETING.”

Budgeting simply means financial planning. It shows the income (revenue) and projected expenditures.

READ ALSO; 9 Christmas Myths That Are Not True

The best and rewarding way to make your N50,000 enough for you, is by making a budget before the income arrives. I have explained some cogent steps you need to make a budget in the subsequent section.

How to make a personal budget

Identify your source of income: You need to know your source of income and the amount you are earning before you start spending the income.

Classify your Expenses: You need to classify your expenses to these four (4) categories: Savings, bare bones, financial goals, and fun expenses.

The first thing you do as soon as you receive your pay is deduct the savings. Bare bones are your needs (most important items you must have). Financial goals are your visions that could be achieved with fund. Fun expenses on the other hand are your wants (you may or may not satisfy them).

Kiyosaki wrote that “rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.” This implies that you become a poor man the moment you begin to garner liabilities instead of assets.

Liability is anything that takes from your pocket without replacement, while assets takes from your pocket and replaces in multitude.

This suffices to say that, with that little you get, deducting 10% as investment/savings monthly is a step to financial freedom.

Your bare bones are those things that are essential to you. I call them my need. I need food, I need shelter/rent, I need to transport myself, I need to pay the utility bills etc.

As a N50,000 salary-earner you should know that living in a 5-8k rent per month apartment is wise compared to 15-20k/month apartment, eating out in expensive restaurant is not also a wise idea, buying a car is also out of it.

Spending according to what you earn is ideal for you.

Note as your income increases, let your savings feel it first before any other expenses.

Financial goals is what you project to achieve with your fund. It could be to stay out of debt for the month, to increase your emergency fund vault.

Fun expenses are your wants, if you do not satisfy them; it won’t affect you. Some examples are eating in expensive restaurants, clubbing and other activities that you do.

Now that you are aware of the important things to note about making budget; let’s design a budget for a N50k guy working in Lagos.

Sample Budget for the month of January:
Income: N50,000
Expenses
Savings: N5,000
Bare Bones:
Rent: N7,000
Food: N10,000
Utility bills (power, sanitation, security, others): N2,000
Transport: 15,000

Financial Goal:
Emergency Fund: N2,000 monthly
Fun Expenses
Clothing(A top, pair of trousers and slipper): N6,000
Airtime & Data Subscription: N3,000
Pocket Money: N3,000

This is just a sample Budget for a N50,000 salary-earner. Though, the guy might be interested in increasing his expenses, he has to cut the expense, extend it to the next month or multiply his source of income to achieve that.

With this discussion, do you think marriage is ideal for this guy earning N50,000 monthly, the answer is: if he is ready to seek other financial opportunities that would cover his rising expenses.

Marriage should give you a sense of responsibility that would motivate you to search for viable and legalize financial opportunity.

However, Marriage is an adventure for the brave.

Don’t ask me if I would be getting married soon though 🤣😂, I still want to enjoy my bachelor stage to the brim😂😂.

Did you find this impactful, share! Do you have a thought you want to share about this, use the comment box below to share with us.

READ ALSO; How to Stay Out of Debt This New Year

Tags: Salary
ShareTweetSend
Previous Post

Covid-19: “The Possiblity of New Variant Present in Nigeria is High” – Expert

Next Post

Dino Melaye attacks Yahaya Bello for Condemning Politicians Use Of Thugs

Related Posts

Inflation in December 2022
News

What you need to know: December inflation rate at   21.34%

January 16, 2023
18
Business Risks Forecasts
Business & Economy

How to Protect Your Business from Top Risks in 2023

November 15, 2022
50
eNaira: CBN lists 7 benefits to Nigerians, economy
Business & Economy

eNaira: CBN lists 7 benefits to Nigerians, economy

November 10, 2022
25
NDIC Logo
Business & Economy

NDIC To Bank Customers: “Come and Collect Your Remaining Funds in 20 Closed Banks”

November 8, 2022
11
CBN Head Office
Business & Economy

CBN to withdraw 200, 500 and 1000 bank notes from January 2023. Circulate New Notes From December 2022

October 26, 2022
287
Mohammad Mahmood Abubakar, Minister of Agriculture and Rural Development
News

N18bn Bush Clearing saga: Agric ministry refutes allegation, says N2.5bn spent for land preparation

August 18, 2022
14
Next Post
Dino Melaye attacks Yahaya Bello for Condemning Politicians Use Of Thugs

Dino Melaye attacks Yahaya Bello for Condemning Politicians Use Of Thugs

Naira Appreciates by N2.67 in the I&E Window

Naira Appreciates by N2.67 in the I&E Window

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

  • Trending
  • Comments
  • Latest
How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

October 16, 2020
Covid-19: See List of Vaccination Centers in Lagos State

Covid-19: See List of Vaccination Centers in Lagos State

August 19, 2021
Banks suffer 11% reduction in new loans as customers resist interest rate hike

CBN reveals 9 Business Categories that recorded Increased Activity This Month

9
BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from 'Anonymous' hack

BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from ‘Anonymous’ hack

7
Inflation in December 2022

What you need to know: December inflation rate at   21.34%

January 16, 2023
Business Risks Forecasts

How to Protect Your Business from Top Risks in 2023

November 15, 2022

Categories

  • Agriprenuers (12)
  • Books & Arts (7)
  • Business & Economy (434)
  • Capacity Building (25)
  • CDAs (2)
  • Community Champions (1)
  • Crime (196)
  • DEVELOPMENT (74)
  • Development Agencies (109)
  • Economy (317)
  • Education (192)
  • Entertainment (405)
  • Faith (55)
  • Finance (335)
  • Global (103)
  • Guest Columnists (17)
  • Health (56)
  • Health (242)
  • Industry (149)
  • LGAs (1)
  • Lifestyle (98)
  • MGDs (10)
  • News (2,292)
  • Politics (373)
  • Projects (2)
  • Relationships (70)
  • Security (164)
  • SMEs (15)
  • SPECIALS (87)
  • Sports (311)
  • Street Money (9)
  • Tech (138)
  • Teens World (3)
  • The Entrepreneur (26)
  • Uncategorized (70)
  • Your Community (33)
  • Youthprenuers (14)
No Result
View All Result
News
Politics
Business & Economy
Sports
Entertainment
Global

Development

Health
Education
MGDs
Development Agencies

Your Community

CDAs
LGAs
Projects
Community Champions

The Entrepreneur

Street Money
SMEs
Youthprenuers
Agriprenuers
Capacity Building

Specials

Lifestyle
Relationships
Books & Arts
Faith
Teens World
Guest Columnists

Follow Us

  • About Us
  • Contact Us
  • Terms of Usage
  • Privacy Policy
  • Advert Rates
  • Newsletters
  • Resources
  • Submit a Story
No Result
View All Result
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
  • Login

© 2020 The News Beam is the highest circulated and most read newspaper in Nigeria. The online portal of The News Beam is the most visited website in the world.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Subscribe With The News Beam