How to survive on a 50k income
The average pay for an entry-level job in Nigeria is 50,000 naira every month
But the sad reality is that after surfing the web for numerous job openings, you get called for a test and then an interview. After crossing all the obstacles, you get lucky to get the job, but you get the disappointment of your life when you are told how much remuneration you'll be given. Well, you have no choice but to accept the job.
After getting a job, bills start rolling in and you keep wondering how will you manage with the little income you are earning.
People also find it difficult to save from the little income they earn every month.
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These are ways to live on a 50k salary:
1. Create a simple budget
You don't earn too much, so it's best you make a simple and realistic budget.
Before making a big financial decision, you need to create a budget.
Split your income into three, if you don’t know where to start, by doing the 50/30/20 rule.
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50 percent on what you need, 30 percent on wants and other expenses and 20 percent on savings. It helps to manage your little income.
2. Set the right priorities
If you are living on a low-income salary, you need to set the right financial priorities.
Also make wise and smart money decisions.
3. Keep track of your expenses
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As you keep spending, make sure you take note of how much you have spent and how much is left.
It helps to improve your spending as time goes by.
4. Have an emergency fund
You might be cash-strapped at some point when this happens, an emergency fund is required.
Create an emergency fund if you don't have any. It can come in handy at any time.
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5. Get another source of income
Depending on just the little you make from your job might be insufficient, so you need to make extra cash and not having to wait for the next pay-day.
Get another stream of income, probably you have a side hustle that pays to augment your salary.
6. Try cutting costs
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Try to find ways to cut cost on how and what you spend on.
Drop some habits that have a way of dipping into your finances. It won't hurt if you drop some habits and restructure your lifestyle.
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