coldFLARES1:
U mean the whole of your salaries for a quarter would go for rent? Do you get free food? Does someone else pay your transport? Are you an only child? Are your both parents dead? Do you intend to be celibate and stay off relationships? Is it a government job where you hope to steal to make up for some deficit?

Above all, are you planning on totally ignoring savings and possibly investments?

Women could do that as they are largely configured for glitz and glam, but Ogbeni why ask this main qweshion?

For this kain Buhari era when jobs dey loss pas the way positions dey open, what if Dem sack you? Wetin you gain?

Forget motivational speeches, what do we work for if not our comfort? My current house rent is nearly my 4month salary and I don't mind because my comfort is very important. My house is very comfortable I simply save 50% of my salary every month, from there I pay and do other things but I cut down other things. Although the nature of my job I make side cash almost weekly.

If your one Month salary can not pay off your annual house rent, please don't go for it. This means that The house worth you but you did not worth the house.

It is possible bro, I can help you secure an apartment within that budget contact me
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Well it depends on your saving culture. I'm currently staying in a mini flat of 350k and I earn 100k monthly. Its workable if you discipline yourself well enough.

From this thread you can see why Nigeria is the way it's. People too dull financially for this country.

Abeg make una learn to dey practice budgeting. Calculate your projected expenses, use it to divide your salary, then you go know how much you should save each month to cater for each of the expense. It's called long-term thinking. This is how civil servants build house on 100k salary. It's the same way people in developed countries buy house and car too. You don't even need to take loan.

Setting aside 21k every month from your 80k, you will have 59k left. That 21k is your rent. That 59k is your salary after deducting your rent.

OP you no get problem. Learn budgeting and financial discipline. With proper budgeting and financial discipline, you can afford anything. Speaking from experience.

Rule of thumb I follow: Your house rent shouldn't be more than your 3months salary

obitwice:
Well it depends on your saving culture. I'm currently staying in a mini flat of 350k and I earn 100k monthly. Its workable if you discipline yourself well enough.

350/12 months that's roughly 30k, so you save 30k monthly to pay for house rent, your salary is 70k my nigga

Ukobaba:


Forget motivational speeches, what do we work for if not our comfort? My current house rent is nearly my 4month salary and I don't mind because my comfort is very important. My house is very comfortable I simply save 50% of my salary every month, from there I pay and do other things but I cut down other things. Although the nature of my job I make side cash almost weekly.

What about someone without side cash?
stop deceiving people. What do you need comfort for? If you cannot save enough money to invest or set up your own company?

Please I need the complete financial rules

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

Don't commit financial suicide please.
If your 2 months salaries can not pay your annual house rent comfortably, it is either you quit the house, or you quit the job.

I think it's too much. When I was working a 9-5 job, my rent was 120k annually, while my monthly net pay was 92k.
I rented a self-contain apartment which was not so nice but I took it because it was close to my office then and I kept it neat and well furnished. Remember that you have to pay yourself every month. By this I mean you should under every circumstance ensure you save at least 40% of your salary monthly, in order to build capital (as a single person). This is what you'll use for investments. Investments in this context refer to any venture that can take you to the next level. I don't have all the facts about your situation but regardless, I think 350k annual rent is too much, considering your monthly salary. Be wise. Frugality will save you a lot of pain and regret.
Stop trying to keep up with the joneses.

If it's in Lagos, for traffic reason?

It's better ooo

Some people don't understand some things

If there's peace with garri, it's better than anything ooo

Getting up as early at 4am and sleeping at 10pm just because of saving expenses is a health killer

Peace is better by far. See, u don't need to save up for blessing, just be working and serve God, supernatural blessing will be added to it

Shalom

Couldn't have said this any better. Forget all those rules... It does not apply all the time. The stress in hunting for the accommodation alone can cause you mental health issues, get it you have to grapple with transportation and other issues. See... If you can afford to get an accommodation closer to your work place, take it but do not feel comfortable.... Start planning your exit to a better job and pay.

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..

Don’t do that...Get a side hustle instead.
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Dhavido:




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.

Which Yaba?? Rent in Yaba is expensive, you should be looking at 350k.

Rent an appointment that your 2 months salary should take care of comfortably

Offcourse yes

Just date a working class lady not all this broke young jobless slay queens that take Uber from bus stop to bus stop on your bill


Better still if you are single stay away from relationship and plan your life first cut your bills and save more funds for side business

faithfull18:

Which Yaba?? Rent in Yaba is expensive, you should be looking at 350k.

I stay at Yaba ma’am so I know what I’m saying. You can even get a single room self con for 450k in the same Yaba. Comfort is relative you know

obitwice:
Well it depends on your saving culture. I'm currently staying in a mini flat of 350k and I earn 100k monthly. Its workable if you discipline yourself well enough.

Omo how you take they run am.... no extravagant spending or balling b dat oo

Yes, if the place is so close to your workplace that you spend nothing else on transportation. Also, start now to save up for the next rent and try to get a side hustle. Good luck.

It depends on several factors. You can get the apartment if you won't need to take transport to the office. It's better than taking an apartment of 120k that you will still spend 24k on transport. Monthly.

Goodplace:
Please kindly advice on the topic.

1. Only if you want to kill your self. 2. Unless you are stealing. Note that even if you get fabulous tips from customers, doing that would make you to be living above your means of livelihood by too large a percentage.

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

Thanks. In the past decade, I have ensured my rent is less than one month salary so, I can pay easily without owing. Even at that, it's a struggle.

Goodplace:
Please kindly advice on the topic.

What's a February, 2019 topic doing on front page?

Intrepid01:


Madam, that rule works in lagos wella....It is financially suicidal to be working for 3 months out of 12 for your landlord in a year.

People should stop trying to impress people who don't care....My rent is 200k and I earn multiple of that monthly but I don't care cos I gat no one to impress

Thanks, Way to go!

Amaka earned 250k monthly but she live in 2.2million naira duplex

Goodplace:
Please kindly advice on the topic.

With only 80k monthly take home, you should not rent an apartment worth more than 160k per annum on the max.

Oga just be doing contribution of 20k every month .trust me you nor go feel am if you want to pay at the end of the year

Solatium:



Talk is cheap,you used to does not mean you live there,a friend of mine who lives in the same Abeokuta Quarry road is paying ₦400k for 3 bedroom long before i started paying ₦400k for the same 3bed in Lagos.


Response like this always make me feel some of you don't pay rent,you live in a free or subsidized accomodations.

Prices of Housing skyrocketed during the lockdown,as those who changed accomodations then they will tell you

Quarry, Panseke, Adigbe are mostly student populated areas & the commercial centers of the town. Mapoly is near by. Even at that I know the kind of house(+facilities) he would have gone for to warrant that rent. When we're not talking about laderin, sam ewang or ibara housing? Let me not even mention several more affordable options. I know 4 3bedroom apartments that have been vacant for almost up to 2 years now and their rent is not even up to what you posted. Is abk even an industrial town? Do you know how many properties have laid vacant for years?

I can't post realtime data for you so I'll just stop. Seen this same scenario on another lagos rent thread already.

SKhanmi:


Quarry, Panseke, Adigbe are mostly student populated areas & the commercial centers of the town. Mapoly is near by. Even at that I know the kind of house(+facilities) he would have gone for to warrant that rent. When we're not talking about laderin, sam ewang or ibara housing? Let me not even mention several more affordable options. I know 4 3bedroom apartments that have been vacant for almost up to 2 years now and their rent is not even up to what you posted. Is abk even an industrial town? Do you know how many properties have laid vacant for years?

I can't post realtime data for you so I'll just stop. Seen this same scenario on another lagos rent thread already.

No point in arguing with you, it's obvious you are still paying the same old rent you have been paying in the last 5yrs or you have been living in a free accomodations.
I just painted you the real situation of present day reality

mascot345:
.

I live in Markudi Benue State.
Just selfcon. Water running... Kitchen and toilet.

What work do you do sir to earn 450k monthly ..I am interested