Yes you can, as a general financial rule, 30% of your salary is the stated amount to save for your rent. 30% of N80k is N24k. If you are saving N24k every month, u will meet ur yearly rent of N250k. And still have about N30k left.

Yes of course. If you want free hypertension and suicidal thoughts as a result of constant embarrassment from loan companies. The ancient advise of cutting your coat according to your size is never better said.
In this Buharific economy? What if you loose your job? Not my prayer for you though, but we all need to factor in the unpleasant. Life is a game of chess.

Abidayo:
A friend of mine earns about 125k and pays 350k per annum for a one bedroom self contain in Ajah.

Thats like 3months salary.

It is much no doubt..But you cant get a nice apartment (self con) in ajah below that price. yes there are some lucky lads that pays 250_300 but honestly the % is low.

The same 350k can get him a two or three bedroom in some areas in the mainland.

Cost, Comfort, Convenience, Ease to your work place is key in getting an apartment.

I assume your friend is working on the island, with 250K he could have gotten a very decent self con apartment around Yaba which has close proximity to the island.

Daily income is still d best!!! My basic salary is #25k but my yearly rent is 250k!!! No be juju be that

Consider other factors also such as proximity to your work, comfort and security. The reality is that if you're in Lagos its difficult to get any decent apartment less than that price that is not too far from your place of work.

If you are married or plan to get married in the next 1 year then you can go for it while working towards improving your income through other legal sources. If you are not married or don't intend to do so in the nearest future then you can manage smaller apartment.

My brother can you use this method for the main time and i prayed that almighty God will upgrade you soon.

INCOME/EXPENDITURE MONTHLY ANNUALLY
Monthly Salary (cr) 80000*12 960,000.00
Housing per anum (dr) 250,000.00
Housing saving per month 21,000.00 252,000.00
Feeding 35,000.00 420,000.00
Medical 7,000.00 84,000.00
Transport 7,500.00 90,000.00
Miscellaneous 2,000.00 24,000.00
Saving for raining days 7,500.00 96,000.00

Cut your clothes according to your clothe please and dont copy people if you want to live a happy life.

Goodplace:
Please kindly advice on the topic.

It's possible.


250,000 / 12 months = 20,833 NGN per month.


You can be saving this amount monthly on https://www.piggyvest.com/?newref=1&ref=7bbd0c69d50419

I use PiggyVest to save & invest securely. Sign up with my link and get ₦1,000.00 to start your own savings journey.

So you will be left with 59,166 NGN per month.


Note: On PiggyVest, your savings will generate interest.

That's stupidity

just save 20k every month. and have a side hustle to feed.. you will be fine

I earn more close to triple of that amount and still leave in 200k apartment

Naija for show

250k is on the high side for you. Look for a place that your 2 month salary can be enough. With that 80k it will take you like 5months to raise your house rent considering other expenses.
I realise multiple of my house rent monthly.

Goodplace:
Please kindly advice on the topic.

Goodplace:
Please kindly advice on the topic.

Any house rent your two months salary cannot take care of is too expensive for you. Unless you have other businesses or helper that will be augmenting

kestare:
Guys. This is literally my story.

I was on the mainland (Ijanikin, Close to Agbara and Badagry) and got a job on the island (Marina) that pays 85,000.

My transport every day was 1000 naira every day.

I would wake up 4:30am and by 5am I was at the bus stop. Anything more, and I would be late for work.

Every day I would spend about 5hours in traffic. Iyana Iba, Costain, Volks, Underbridge.

I literally was going through serious stress. Sometimes I would arrive at work looking and feeling exhausted.

Then I looked for an apartment closer to work.

I knew surulere would be my best best.

The minimum cost for anything decent is 300,000. The agents were not merciful, the Landlords too.

Then I got an apartment for 250,000 agent 60, agreement 60. Totalling 370,000.

Then my stress drastically reduced. Transport at the time reduced to about 500 back and forth.

I also cut down on all my other expenses.

Even tho it looked like I was working for three months to pay my rent. I was happy. I was more productive and I could do more with the extra hours I spent in the traffic.

There is no one size fits all advise in this case.

Lagos is a very crazy place and if you have been in the job market for a long time, you really do not have a lot of options when a job offer comes. You just have to start with the hopes for improvement.

Get your apartment, if it will cause you less stress.
But you must be very shrewd in your spending going forward.

Remember you will feed, pay utility bills, clothe and still send back home.

So.

I wish you well brother.

wot of girlfriend

leonard002:
so for 3 months, you're basically working for your rent!

dat is d standard fr any sane person...ur house n environmnt has 50% influence on ur kids n even u too..let dem leave well n hv a sense of greatness..let dem watch der pics in future n say..wow P.man really tried oooo...My P.Man usually buy 22cretes of miniral fr us n a ram back den on 26th Dec just to mk us happy...now even a Doc cannt do dat..n we stil respect n we try as much as posible to gv him all we can too..bc he sacrifised alot...No let poverty arrnge ur life

It is usually not advisable to use more 25% of your yearly income on rent.
With what you earn, you should be using about N160,000 as annual rent.
However in a situation where the property is located very close to your work place that it may reduce your cost on transportation, it mat then be considered.

If two months of your salary can not pay for your rent then financially it's not wise.

Since you earn 80k monthly, you should be looking out for accomodation around 150k to be on a safe side.

I don't think it is okay, especially if you live in Lagos.

Look for a house of maximum 100k.

If someone tells u that your 3 months' salaries will pay your rent, it simply means that the person hasn't worked before.

The reason is that no man can save all his salary, unless you steal from your company.

You may pay the rent the first time because you saved up for it, but subsequent occasions will not be funny.

Remember you will feed, tithe, send money home, transport to work, and booze

A word, for the wise, is enough

Wiith savings of at least 20-25k monthly, he'd break forth, but sincerely, he'd have to get a side income, considering the aspect of transportation, feeding, and utility bills etc

Too much sense will not kee you.


Presently looking for a new accommodation.

One of my friends saw my account balance then made an estimate of what I earn monthly since I am self employed then asked me why I am seeking for an accommodation whose annual is less than half of my average monthly income.


I can't come and be working for one landlord when I still have my own dreams to achieve.
Proximity to my workplace is the most important thing.

LawrenceOnline:
I always wish for a rent that is less than my monthly salary

Goodplace:
Please kindly advice on the topic.

That amount to about N20,833.5 monthly rent which is about 26.04 % of you salary. You are going to pay light bill and water bill depending, you are to transport to your work place too. If you are just starting life and that's your new house it will need furnishing. Then you are to feed, cloth and probably take care of little family depending. Not forgetting that you are to still save some part of that money.

If you consider all those, it is expensive. You may wish to look for a cheaper one.

kestare:
Guys. This is literally my story.

I was on the mainland (Ijanikin, Close to Agbara and Badagry) and got a job on the island (Marina) that pays 85,000.

My transport every day was 1000 naira every day.

I would wake up 4:30am and by 5am I was at the bus stop. Anything more, and I would be late for work.

Every day I would spend about 5hours in traffic. Iyana Iba, Costain, Volks, Underbridge.

I literally was going through serious stress. Sometimes I would arrive at work looking and feeling exhausted.

Then I looked for an apartment closer to work.

I knew surulere would be my best best.

The minimum cost for anything decent is 300,000. The agents were not merciful, the Landlords too.

Then I got an apartment for 250,000 agent 60, agreement 60. Totalling 370,000.

Then my stress drastically reduced. Transport at the time reduced to about 500 back and forth.

I also cut down on all my other expenses.

Even tho it looked like I was working for three months to pay my rent. I was happy. I was more productive and I could do more with the extra hours I spent in the traffic.

There is no one size fits all advise in this case.

Lagos is a very crazy place and if you have been in the job market for a long time, you really do not have a lot of options when a job offer comes. You just have to start with the hopes for improvement.

Get your apartment, if it will cause you less stress.
But you must be very shrewd in your spending going forward.

Remember you will feed, pay utility bills, clothe and still send back home.

So.

I wish you well brother.

U have just applied wisdom to use half of ur transport for one year to pay for the house rent and buy yourself health and time, which many will fail to see but, only considering the cost of the rent.
So u pay 1000 for t.p before but now u pay 500, invariably, u have saved 500. So depends on the number of days u go to wo work in a month, let's say 22days. Normally it will cost u 22k for t.p but now it's 11k, so u've saved 11k per month. Multiply by 12, this gives (12x11) = 132k saved, when u add this to what u were paying as rent before, u will discover u made the very best decision. These are the things people should also look at.

Coldplay007:


This rule does not work in Lagos. You need to consider distance from your place of work and transport fare.
Some people wake up 4am every morning and travel for 3 hours to get to the office just because they want to save on rent..

They will end up spending more on transport and their health..

I think one should just kneel down and beg and find how to sleep in or around the office to save money on transport.

dingbang:
Financial suicide.

���

Op just double your income sources. That's all.


PAY 250k and live peacefully. Your well-being matters alot.

Goodplace:
Please kindly advice on the topic.

Yes, you can only that you need to work hard to maintain it.

You may have to save N25,000 monthly for purpose of house rent.

In addition, depending on the nature of job, you may have engage side deals (legit) to meet up with other bills and demand from dependants.

Some of you can't live abroad o! 250k for rent out of 960k salary is fine. What do you want? A house for 120k? At some point in your life, you must start prioritizing comfort. What the heck are you working for if you can't enjoy minimum comfort?

If the 250k rent will reduce your transport and you can trek to work then you have no problem, just eat go to work, go back home
But maintenance of the house hmm

I earn over 250k+ a month and my rent isn't even up to 150k

Your annual salary=960,000
30/100xgross salary
=288,000/12
Rent per month=24000.
80000-24000=56,000- statutory, spiritual & dependant deductions, savings, personal.
I think you get my advice from the analysis.

This your rule can only work in Naija but not in Western world where most people pay their rents monthly. Many people are even using almost a whole salary from a Job to pay their monthly rents. This is why many diasporans do 2 or even 3 jobs.

femi4:
Financial rule 5: Your rent should not be more than two times your monthly salary.

Salary: 80k

Your rent should not be more than 160k/yr

Hmmm, you know is not possible, why asking?

Goodplace:
Please kindly advice on the topic.

yes when u are cursed n wants to be working for your landlord.

Ur rent should not exceed 120k

Yes na, any thing above 250k, you are living above your means