Olayetan:



Do you have idea how much they rent mini flat in ikeja, magodo, yaba, gbagada n surulere..


The developed parts in those area cost fortune to rent mini flat.

It doesn't mean only lekki n ajah Has expensive apartments

Most Nigerians are very ignorant on subject matters like this.


There are some houses in Magodo, GRA, Ikeja, Gbagada that cost more thank houses in Lekki o. To me, Lekki is just a glorified slum with aesthetics.

OkuFaba:
He no dey fvck Hoelosho??

Where is the Hoelosho budget??

OPS, I think you need to have a saving and investment mindset that will help you curb some expenses.
What I see here is you trying to live a comfortable life but think about the future as well.
If your industry demand you to look good and not cheap, please do so moderately.

Esseite:
Someone earns about 400k monthly which is suppose to be a very good salary, but his expenses despite frugal is not cutting it.. he has been advised on marriage countless times, but he does not just know how to support such. He tries to make people see reason as to why the "big boy tag" does not fit because he cant see it at all..

- his job prevents me from cooking and he really does not know how to cook either, really really bad at cooking.
- he stays in an apartment of 1m/annum, which is somewhat not luxury I think.

Rent - 84,000 monthly (average 2 bed) Please, look for a lower rent at least not more than twice of your salary, IF POSSIBLE
Security - 5,000 monthly
Estate security - 3,000 monthly
Cleaner - 5,000 monthly I think you can do without this
Dstv - 9,500 monthly
Auto Fueling - 50,000 monthly If you do not have other source of revenue and your ride consume that much fuel, you can sell off and go for another ride will lower fuel usage.
Auto servicing - 7,000 (3mths projection)
Auto miscellenous/charges - 10,000 (tolls,pr)
Generator fuel/service - 30,000 monthly You can try inverter and look for area with good power.
Laundry - 10,000 monthly This largely depends on your work but if you can address it, invest in washing machine.
Feeding - 77,500 (2,500/day) Try to connect food vendor and agree on soup, stew cost for 2weeks. You can even discuss with some friend to help out.
[s]Hangout/chills/network - 30,000 (7,500/week)[/s] Boss, you are a busy man, weekly chilling no too good for you.
Clothing/wears/accessories - 10,000 (monthly)
Electricity bill - 10,000(monthly)
Gifts - 10,000(monthly- No wife/No GF)
Home maintenance/personal care- 10,000 (monthly)
Healthcare miscellenous - 5,000 (monthly)
Internet data - 10,000 (monthly) Chief, if your work is not IT related, kindly divide this cost by 2
[s]Recharge card - 16,000 monthly (500 daily)[/s] Expect you work from home or personal business, the cost is on high side.

Total = N395,200
Savings - 7,800 Please, increase to atleast 100k

How in the world would he explain to people that he does not have. He is an introverted character and a very frugal in finances. He didnt not factor in furnishing et all.. he has no school fees and multiple mouths to feed.

Many live on 20k, 50k 1m, 2m etc.
Either we like it or not, our choice of work in life effect our way of life.
Some people will see 100k earner as wasteful while some will see it as living below standard. Just like some will say 300k school fees per term is outrageous.
Be prudent and do what is best for your family.

I'm back to read the interesting comments

Resurgent2016:


Depends on the industry. For a consultant in say a big4, he wont say much from that money. I have been there and I can tell you cutting too much corners to "save" will cost him his career in some industries.

Good thing is he can make 2-3x that amount in a few years if he invests in himself

True though
Excessive cuts could be detrimental

kingemaker:

Father, Mother and 2kids live fine on 100k? Oh please, I rest my case at this point.

You know
People definition of "fine" differs

mroyato:
I have looked at this budget for almost 10 hours before making this post, and to be honest, there's absolutely nothing extravagant about it. As a matter of fact, all I see is a young man trying to live a very modest life.

He didn't even have a plan for vacation, gadget upgrade, or a car upgrade plan in his budget.

To shed some light, I will make a justification for some of the items on the budget.

1. Housing: I want to assume that this young man is resident in Lagos. For those who do not know, getting a decent apartment in lagos is costly. For a professional like him, it is equally important to live in areas where he can easily connect to the highland or mainland. Or would you rather him reside in egbeda, ikorodu or some funny neighbourhood where he will spend half of his life in traffic because he wants to save some money off his yearly rent?

2. DSTV: Would you rather have the young man go to the viewing center to watch a late champions league game at 8.45pm? Then on his way back home at 11.30pm, he gets harassed by the police who can decide to act funny with his destiny? I would rather him pay 9500 for DSTV so that he can watch his favorite teams whenever he chooses to.

3. Laundry: It's obvious that some people don't understand how tedious washing and ironing can be. For someone who's job requires him to work during weekends, he has no choice but to patronise a Laundry, and 2k for laundry every week is not out of proportion if you ask me. In some organisations, you could get sacked for simple issues like wearing rough and unironed clothes to work.

4. Feeding: 2500 per day at 800 naira per meal is a very modest budget. For those who are a strong advocate of home made meals, kindly quantify the time, energy, and resources required to convert your foodstuff into palatable food. When you are done with this, you will realise that you didn't make any significant saving by cooking yourself. For people who also leave home very early and arrive late at night, eating out is apparently the best option during the week. During the weekend, when you are not working, you may try to cook at home. It won't cost less either ways.

On a last note, do not forget that a budget is only an estimated cost of expenditure. It does not necessarily mean that all the money will be consumed as planned. There will always be some unspent funds in some of the itinerary which can go into some other itinerary or end up as savings as the case may be.

God bless you bro....only house rent is some kind expensive!

Esseite:
Someone earns about 400k monthly which is suppose to be a very good salary, but his expenses despite frugal is not cutting it.. he has been advised on marriage countless times, but he does not just know how to support such. He tries to make people see reason as to why the "big boy tag" does not fit because he cant see it at all..

- his job prevents me from cooking and he really does not know how to cook either, really really bad at cooking.
- he stays in an apartment of 1m/annum, which is somewhat not luxury I think.

Rent - 84,000 monthly (average 2 bed)
Security - 5,000 monthly
Estate security - 3,000 monthly
Cleaner - 5,000 monthly
Dstv - 9,500 monthly
Auto Fueling - 50,000 monthly
Auto servicing - 7,000 (3mths projection)
Auto miscellenous/charges - 10,000 (tolls,pr)
Generator fuel/service - 30,000 monthly
Laundry - 10,000 monthly
Feeding - 77,500 (2,500/day)
Hangout/chills/network - 30,000 (7,500/week)
Clothing/wears/accessories - 10,000 (monthly)
Electricity bill - 10,000(monthly)
Gifts - 10,000(monthly- No wife/No GF)
Home maintenance/personal care- 10,000 (monthly)
Healthcare miscellenous - 5,000 (monthly)
Internet data - 10,000 (monthly)
Recharge card - 16,000 monthly (500 daily)

Total = N395,200
Savings - 7,800

How in the world would he explain to people that he does not have. He is an introverted character and a very frugal in finances. He didnt not factor in furnishing et all.. he has no school fees and multiple mouths to feed.

I understand the posters predicament. Here's my take.

*Rent a one bedroom. Change location to somewhere hat isn't pricey not luxury. I'm sure you'll see sth of 700k. Save 300k

*DSTV is only needed when I have guests. If I'm alone, I don't subscribe.

*Car servicing is almost 15k now so he was being economical in his estimation.

*Internet - I use almost 40k monthly at 20k per line (MTN & GLO). And it's barely enough. Maybe we could both take the advice of getting a mifi at home. This should cutdown mobile subscription expenses.

*Hangout - omoh! Avoid unnecessary hangout.

*Feeding - Buy stuff in bulk. Store perishable in freezers. Grounded tomatoes, onions and pepper mix.

*Laundry - Get a washing machine. Nah the ironing part I no like.

*Eating out cannot be ruled out but can be mitigated. I've started learning the habit to cook myself. It saves cost.

*

N400k salary was trending on Twitter few days ago.