• About
  • Privacy & Policy
  • Terms
  • Contact
Breaking News Nigeria, Latest Nigerian News
Advertisement
ADVERTISEMENT
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

    Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

    dangote's girlfriend

    BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

    fidelity bank board appointment

    Fidelity Bank announces retirement of 4 directors, appoints 3 new others

    primate elijah ayodele

    2021 PROPHECY: Tinubu will be rubbished, North will retain the presidency – Primate Ayodele

    unizik graduate

    UNIZIK graduate emerges overall winner of Unity Bank Corpreneurship Challenge

    Amaechi's suspension

    “Amaechi’s suspension a joke taken too far”

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    taxmingo

    Taxmingo launches to make tax filing easy for Nigerian small businesses

    paystack

    Stripe buys Paystack for over $200M in Nigeria’s biggest startup acquisition deal

    jack dorsey

    Twitter boss, Jack Dorsey throws weight behind Nigeria’s #EndSARS protest

    nigeria's active mobile subscribers

    Nigeria’s active mobile subscribers hit 199.3 million

    irokotv

    Africa’s pioneer VoD platform, iROKOtv to cut 150 jobs

    ulesson

    uLesson App introduces Live Lessons for learners

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    King of Boys filming completed

    Kemi Adetiba says that filming for “King of Boys 2” has officially ended

    Olamide releases new album

    Watch the official video for “Triumphant” by Olamide featuring Bella Shmurda here

    Wizkid drops new video

    Wizkid drops official video for “No Stress”

    wizkid made in lagos

    LISTEN: Wizkid’s ‘#MadeInLagos’ album has finally dropped

    Ajebo Hustlers drop remix of "Barawo"

    Davido features on “Barawo” remix by Ajebo Hustlers

    Simi drops new track

    Simi features Ms Banks on new track “There For You”

  • Lifestyle
    • All
    • Food
    • Health
    food visionaries

    Top 10 visionaries earn the Rockefeller Foundation recognition for transforming future of food systems across 8 countries

    dangote's girlfriend

    BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

    detox at home

    #WeekendFitness: 6 simple ways to detox at home

    Toke Makinwa celebrates 36th birthday

    See pictures from online personality Toke Makinwa’s 36th birthday

    Mercy allegedly dumps Ike

    Mercy Eke confirms break up with BBNaija lover Ike Onyema

    salvation ministries

    SCANDAL: Pastor David Ibiyeomie’s Salvation Ministries distances self from alleged gay pastor

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    jobs

    #SmartKobo: 4 unlikely jobs that can fetch you millions

    bank fees

    #SmartKobo: 5 bank fees we all hate and how to avoid them

    auto insurance

    #SmartKobo: 4 things you need to know before taking comprehensive auto insurance

    budgeting

    #SmartKobo: A complete beginner guide to budgeting

    property

    #SmartKobo: Read this before buying any property in Lagos

    wedding

    #SmartKobo: If only you got this 5 money advice before your wedding

No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

    Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

    dangote's girlfriend

    BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

    fidelity bank board appointment

    Fidelity Bank announces retirement of 4 directors, appoints 3 new others

    primate elijah ayodele

    2021 PROPHECY: Tinubu will be rubbished, North will retain the presidency – Primate Ayodele

    unizik graduate

    UNIZIK graduate emerges overall winner of Unity Bank Corpreneurship Challenge

    Amaechi's suspension

    “Amaechi’s suspension a joke taken too far”

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    taxmingo

    Taxmingo launches to make tax filing easy for Nigerian small businesses

    paystack

    Stripe buys Paystack for over $200M in Nigeria’s biggest startup acquisition deal

    jack dorsey

    Twitter boss, Jack Dorsey throws weight behind Nigeria’s #EndSARS protest

    nigeria's active mobile subscribers

    Nigeria’s active mobile subscribers hit 199.3 million

    irokotv

    Africa’s pioneer VoD platform, iROKOtv to cut 150 jobs

    ulesson

    uLesson App introduces Live Lessons for learners

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    King of Boys filming completed

    Kemi Adetiba says that filming for “King of Boys 2” has officially ended

    Olamide releases new album

    Watch the official video for “Triumphant” by Olamide featuring Bella Shmurda here

    Wizkid drops new video

    Wizkid drops official video for “No Stress”

    wizkid made in lagos

    LISTEN: Wizkid’s ‘#MadeInLagos’ album has finally dropped

    Ajebo Hustlers drop remix of "Barawo"

    Davido features on “Barawo” remix by Ajebo Hustlers

    Simi drops new track

    Simi features Ms Banks on new track “There For You”

  • Lifestyle
    • All
    • Food
    • Health
    food visionaries

    Top 10 visionaries earn the Rockefeller Foundation recognition for transforming future of food systems across 8 countries

    dangote's girlfriend

    BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

    detox at home

    #WeekendFitness: 6 simple ways to detox at home

    Toke Makinwa celebrates 36th birthday

    See pictures from online personality Toke Makinwa’s 36th birthday

    Mercy allegedly dumps Ike

    Mercy Eke confirms break up with BBNaija lover Ike Onyema

    salvation ministries

    SCANDAL: Pastor David Ibiyeomie’s Salvation Ministries distances self from alleged gay pastor

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    jobs

    #SmartKobo: 4 unlikely jobs that can fetch you millions

    bank fees

    #SmartKobo: 5 bank fees we all hate and how to avoid them

    auto insurance

    #SmartKobo: 4 things you need to know before taking comprehensive auto insurance

    budgeting

    #SmartKobo: A complete beginner guide to budgeting

    property

    #SmartKobo: Read this before buying any property in Lagos

    wedding

    #SmartKobo: If only you got this 5 money advice before your wedding

No Result
View All Result
No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
Home SmartKobo

#SmartKobo: How I spent my first salary and 5 lessons learned

Biodun Busari by Biodun Busari
August 19, 2020
in SmartKobo
0
A A
0
salary
Share on FacebookShare on Twitter

Salary provides a reasonable anchor for your financial freedom journey

When I saw the message that my first salary has been credited into my account, I was extremely happy. It was the kind of exceptional and satisfying feeling anyone who just started earning for the first time would have. Getting to this point has been a challenging one for me, with months of interviews, patient, and prayer. I was jumping in joy and planning earnestly how I was going to spend & and manage my fund wisely.

During my job hunting, I came across interesting books on personal finance and I also deemed it fit to follow some personal finance experts on social media. The likes of Arese Ugwu and Nancy Iloh were my muse. They have a way of breaking down everything you need to know about gaining financial freedom. I was determined to imbibe all that I have learned once I start earning.

How I learnt the Hard Way

I completed (NYSC) 2019 and during the course of my service, I was a spendthrift. I spent all my NYSC allowances on irrelevant things without any plan for the future. It got to a point that I plan what I will spend my allowance on before the money comes. I didn’t know the significance of saving. Even when I was posted to a private sector for my primary place of the assignment were, I was paid N15,000, I was still not able to save, the reason being that I have no basic idea of financial literacy. I spent all allowance on irrelevant things which I later regretted.

Some of my friends during the course of our service was able to save up 100-150 thousand naira. Some said they invested the money while others were able to start a small-scale business immediately we ended our service. I was really perplexed and ashamed when they told me their stories. 

After that experience, I was forced to learn, unlearn, relearn. I told myself that I am going to take charge of my finances if I am opportune to get a job after my service. However, after a series of interviews, I was hired by a financial institution.  I told myself that instead of making impulsive decisions and doing things that provide monetary satisfactions, I was going to strategise on how to make this new beginning worthwhile.

Here are the few things I did when I first received my first salary

1. I CREATED A BUDGET

Having learned the hard way, immediately I received my appointed letter, I sat down and calculated how I was going to be spending my Net Income henceforth. So, when my first salary came, I made it imperative to create a budget sheet with an exercise book, where I noted how I was going to spend my salary.  And it was achievable with the help of everything I have learned from personal finance experts, which says don’t save what is left after spending rather, save before spending.

Read also: #SmartKobo: 7 money mistakes every newly married couple should avoid

After creating a budget/goals that will aid me on managing my finances, I told myself that before I can achieve all that I have planned for, all I need is self-determination and discipline.   Following the budget plan that I created, I was able to put aside funds for my savings and I decided to follow suite every month.

Simple illustration below:

My Net income was N150,000. I decided to open a Save For Me account with Zenith Bank, where I put aside N50,000 monthly. I have decided to make it consistent to remove N50,000 once I received my paycheque, to make it easy for me, I automated my account in such a way that I get instant debit once I received my salary.

2. I CREATED AN EMERGENCY FUND

Another way I spent my salary was by making sure I put aside funds for emergency purposes, reason being that life is unpredictable. This was also to help me not to dip my hands into my savings, since I had decided that once I start earning, I would try my possible best to put aside funds as this will enable me to cover for an unforeseen event.

Having read a lot about emergency funds and how helpful it can be, I made plans to set aside funds for unforeseen circumstances immediately my first salary comes. So, having removed N 50,000 for my savings, I decided to remove N20,000 for emergency funds.

3. PAYING MY PARENT

Another way I spent my first salary was by paying my parent. It was a way for me to show gratitude. I have always told myself that immediately I get my first salary, I was definitely going to structure it in a way that I can give them something every month. So, I fulfilled my aim by giving them N20, 000 to appreciate all they have done for me, promising them that more will still come in future.  Watching their reaction made me so happy. And it made me feel that I have indeed come of age where I can give my parent something no matter how small. 

4. CLEARED MY DEBT

Another way I spent my salary was by using part of the money to clear my debt, after I extravagantly spent all my NYSC allowance hoping that I will get a job immediately after my service.

You see, I had planned that I was going to go for my Masters immediately after service, and had started the process of getting my transcript from my school. The process cost me N 20,000. I sourced for fund everywhere but help didn’t come as everyone felt that I had saved enough during the course of my service.

I decided to go for a loan, to repay in a space of one month. Unfortunately, when it was time to repay, I was unable to and the interest kept mounting. 

So, immediately my first salary came, I removed N30,000 from salary and cleared the debt. After that incident. And being debt-free never felt so good. It is the most rewarding and effective way to live a peaceful life. That was why I made it imperative to clear my debt immediately I received my first salary.

Assuming I didn’t do that, it will make me pay much more on my loan because the interest will keep mounting thereby reducing my ability to accumulate wealth.

5. I PAID MYSELF

Lastly, when my first salary came, I decided to pay myself. Though the desire to splurge was there, I had to be smart about it. Immediately I got my first paycheque, I had to remove N30,000 for my personal use. This budget will account for my clothing, fixing a new hair, transportation fee/ feeding & miscellaneous, since I already have a roof over my head.

In conclusion, Money management remains a major issue some people are facing, especially those just entering the labour market and are struggling with planning their finances. Once an inflow comes it will just take some 2 – 3 days to spend their paycheque and they are broke again as was my case during my NYSC.

But financially planning must be deliberate. And no one is responsible for it but yourself.

Did you find this article useful? Share it.

Tags: BanksfundsMoneyTransactions

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

GTB slashes international transactions spending limit to $100 per month as forex scarcity bites harder

Next Post

Naira Marley signs Lyta into Marlian music

Next Post
Naira Marley signs Lyta

Naira Marley signs Lyta into Marlian music

Leave a Reply Cancel reply

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

Stay Connected

  • 1.4k Followers
  • 5 Followers
  • Trending
  • Comments
  • Latest
food visionaries

Top 10 visionaries earn the Rockefeller Foundation recognition for transforming future of food systems across 8 countries

January 11, 2021
taxmingo

Taxmingo launches to make tax filing easy for Nigerian small businesses

January 11, 2021
Jimoh Aliu has passed on

SAD! Popular actor Chief Jimoh Aliu is dead

September 17, 2020
Genevieve Nnaji makes it to TIFF list

Genevieve Nnaji, Akin Omotosho make Toronto Film Festival list

August 20, 2020
dangote's girlfriend

BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

January 2, 2021
Simi speaks on Adejare

You probably don’t remember these 5 songs by Simi

July 19, 2020
nysc

TRAGIC! How female corps member hacked lover to death in Uyo

January 11, 2021
taxmingo

Taxmingo launches to make tax filing easy for Nigerian small businesses

January 11, 2021
food visionaries

Top 10 visionaries earn the Rockefeller Foundation recognition for transforming future of food systems across 8 countries

January 11, 2021
Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

January 3, 2021
dangote's girlfriend

BREAKING: Another lady claims to be Dangote’s real girlfriend, hours after American lady alleges Africa’s richest man shattered her heart by 1000 pieces [PHOTOS]

January 2, 2021
fidelity bank board appointment

Fidelity Bank announces retirement of 4 directors, appoints 3 new others

December 31, 2020

Recent News

nysc

TRAGIC! How female corps member hacked lover to death in Uyo

January 11, 2021
taxmingo

Taxmingo launches to make tax filing easy for Nigerian small businesses

January 11, 2021
food visionaries

Top 10 visionaries earn the Rockefeller Foundation recognition for transforming future of food systems across 8 countries

January 11, 2021
Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

Onyeali-Ikpe officially takes the reins as Fidelity Bank MD/CEO

January 3, 2021
Breaking News Nigeria, Latest Nigerian News

Follow Us

Browse by Category

  • Apps
  • Athletics
  • Basketball
  • Breaking News
  • Business
  • Business Editor's Pick
  • Business Featured Section
  • Entertainment
  • Featured
  • Food
  • Football
  • Gaming
  • General
  • Health
  • Lifestyle
  • Mobile
  • Movie
  • Music
  • News
  • Politics
  • Politics Featured Section
  • Review
  • Science
  • SmartKobo
  • Sports
  • Startup
  • Tech
  • Technology
  • Technology Featured Section
  • Uncategorized
  • World

Recent News

nysc

TRAGIC! How female corps member hacked lover to death in Uyo

January 11, 2021
taxmingo

Taxmingo launches to make tax filing easy for Nigerian small businesses

January 11, 2021
food visionaries

Top 10 visionaries earn the Rockefeller Foundation recognition for transforming future of food systems across 8 countries

January 11, 2021
  • About
  • Privacy & Policy
  • Terms
  • Contact

© Copyright Nigeria Today 2020

No Result
View All Result
  • Home
  • News
  • Tech
  • Entertainment
  • Lifestyle
  • SMARTKOBO

© Copyright Nigeria Today 2020

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

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

Log In

Subscribe With Nigeria Today News