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How An Average Salary Earner Should Spend Their Money

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As an average income earner, you need to spend your money wisely to be financially stable. Manage your money properly to grow your networth because inflation has devalued your money. This is how to spend your money if you are an average earner.

NEEDS-----50%

As an average income earner, you need to have a budget for your needs to manage your finances well. For example, if you earn N70,000 per month, allocate N35,000 to plan for food, transport and other expenses. Allocate different amounts to your needs to avoid any form of mismanagement. To buy food, you need a visit a market with affordable prices that will help you buy more to spend less. For transport, you can create a daily spending budget on how to get to your destination, spending minimally.

INVESTMENT----- 40%

As an average earner, you need to spend on investing for the future because economic uncertainty and business challenges can lead to the downsizing of staff. Most companies start with low earners and touch very few staff at the top. You need to put a plan in place for your financial safety. For example, If you earn N70,000 per month, you need to allocate N28,000 into the investment of your choice based on your risk capacity. You can invest in mutual funds like equity funds, bond funds, money markets and others. If you are a high-risk taker, you can put all your money in the stock market. Also, take a small percentage to start developing your skills. When you create time for your skill, you start developing your side hustle to create additional income.

WANTS------10%

There's nothing bad in enjoying your hard-earned money moderately. When you work, you should enjoy your labour. Take yourself or your family out to a decent and moderate place to have a good experience, hang out decently with friends and families. Create time to entertain yourself through cinemas, beach and other interesting places that makes you happy. This must be done moderately not to disrupt your finances.

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                CONCLUSION

If you are a moderate earner, this is the best way to manage and spend your money judiciously to avoid a financial breakdown.

Image Credit: Google

Content created and supplied by: RAWLINGS10 (via Opera News )

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