Newboss:


You dey earn 40k and you dey feed with 20k and spend 8k on soap, cream, body spray, subscription and babe?

Makes zero sense. Cut that feeding down. Cut that 8k down too. Then pay your rent.

Life is all about compromise. Shelter is very important for your esteem and confidence. Avoid squatting if you're earning.

Even if na 5k a month room, take the room and maintain it. As a guy, you will get more toto if you have your own place. And you will also be more proud of yourself.

U have 30 days in a month, my broda na 650 per day be dat oooo, e no go even reach take chop one better meal.
For the 8k
Soap(soda)- N200(2) for 30 days= N400
Cream(aboki)- N600 for 30days= N600
Subscription- N1000 for 30days= N1000
Body spray- N1000 for 30days= N1000
Babe- N2000 for olosho for 30days= N2000
Total= 5,000
You can now pay rent with 3k....make una dey fear God abeg.

In a normal society, it should not be more than 30% of your income. That's the standard in USA and Canada.

Lange:
If you are paying more than your monthly salary as your rent per year, you need a rethink. You are living above your means. My honest and sincere opinion.

I don't agree with u
Many civil servants with family living in flat are earning around 100k. This one month salary to cover rent is only applicable to those with good pay, not the average earners which are majority.

lokobyforch:


U have 30 days in a month, my broda na 650 per day be dat oooo, e no go even reach take chop one better meal.
For the 8k
Soap(soda)- N200(2) for 30 days= N400
Cream(aboki)- N600 for 30days= N600
Subscription- N1000 for 30days= N1000
Body spray- N1000 for 30days= N1000
Babe- N2000 for olosho for 30days= N2000
Total= 5,000
You can now pay rent with 3k....make una dey fear God abeg.

You try small.

First comot that babe own. She go chop wetin you dey chop.

Also, 3k to 4k per week for food is enough.

Another 5k don come out.
Planning is everything. Na so some of us take pass that level

Ademola47:
That's for salary earners that earn 'salary' alone. But you see those civil servants in local government, ministries, tertiary institutions, their own rent is usually like 4-6 months salary.

How do you explain a police constable earning 48k monthly and paying 220k for 2-bedroom flat? Or the level 8 Civil servant earning 70k paying 300k for Room & parlour self contain I a rush area.

This purely a financial advise..But, in this case they family's net income could be way above the police man income individual...Maybe when you add that of his wife, his side hustles and family businesses...All together can take care of the rent as 30% of net income is concerned.

Itsrm:
My rent is 5.3 percent of my annual salary and 3.1% of annual income.

This has made me the darling of my landlord because I find it easy to pay and pay him promptly

You sure should be thinking of building your own house then.

30% max

CaptainFM1:


You sure should be thinking of building your own house then.

Not a good financial decision.

I'm still surprised people earning 40k per month still dey save money o

Pls someone should help dis boy o
B4 20 to 23 nigga don broke o

Michelle70:
Use the 50:30:20 strategy

Explain better please

mattmogan88:
Abeg how can one manage 30k salary,? the thing still Dy confuse me

I managed 13k as salary that is not even steady and I didn't default my landlord... although I paid 24k as my rent sha o then

Rubbiish:

The bold can only work if u have a good monthly pay

y

Abeg which state you base pls

3 months. Anything beyond that I m on my own.

CodedWealth:
Well following the normal money rule,

It is stated at 30%..

But in reality, divide your rent into 12 and save 1/12 monthly...

And this should be your tradition monthly...

Let's see my rent is 100k

And I am doing a job of 100k per month...

I'm supposed to save at least 8K monthly

For rent...



If your rent is above 30% of your salary monthly, then indirectly you are working for the house owner whether you aware of it or not

My yearly rent is not even up to 15% of my annual income

Person must apply brain, i have other bills to pay

My one month salary pays my rent. Wetin i dey find two bedroom flat for when i still be bachelor. Self- container is OK for me

lokobyforch:
How u go rent house when u dey earn 40k, my friend go follow person stay jare.

Transportation- 8,000(20%)

Feeding- 20,000(50%)

Soap, cream, body spray, subscription, babe- 8,000(20%)

Savings( Incase u dey sick)- 4,000(10%)

Simply put; u never reach to rent hoz.
Who u dey impress!

What about the urgent 2k and village people?!!

yusufdayo1:


I managed 13k as salary that is not even steady and I didn't default my landlord... although I paid 24k as my rent sha o then

You deserve an accolade

I just graduated waiting for Nysc, I am just sitting scrolling this thread up and down to learn from experience nigas here.

I based in Anambra (living with my prople)

I just need to leave here so as to hustle like a man but my problem now is accommodation.

I need una help

20% of your annual income

yusufdayo1:


I managed 13k as salary that is not even steady and I didn't default my landlord... although I paid 24k as my rent sha o then

Please can you brief me on how you did it

Oh

k2money:
I never rent a house before, I was from my dad house to my house but if am to advise anybody, it should not be more than 10% because you still have a lot expenses in the money.

You are not in any position to advice...lol.

NotKnown:
2 or 3 months salary should be the highest you should spend.

With the way house rent done cost bro he no go fit work oh,except na bush u wan go stay

An average of 2months if you are married and 3 months if you are single.
I am married and live in a comfortable flat. My rent is 16.7% of my annual salary.
No matter how small your rent is, that thing called house-rent has a demon attached to it. Body go dey do you like say make you still hold am small but every day that passes endangers the value of the money and also your integrity. So,live within your means

Itsrm:


Not a good financial decision.

It depends on how you see it.

loswhite:
You are not in any position to advice...lol.

It's a compliment

TUTU147:
You are one of the luckiest nigerian.You don't know what God Almighty have done for us.some of us have served the government for 15years yet our salary is not up to 80k.We have wife and children and other relatives.This is one of the reasons some of us dey vex.

Sir, I really feel your pain

You need a side hustle

No amount of salary will ever be enough

Salary is like a trap

That's a nice thread. Basically the formula is salary earners. What about business men and women?

chukwuma0000:
I just graduated waiting for Nysc, I am just sitting scrolling this thread up and down to learn from experience nigas here.

I based in Anambra (living with my prople)

I just need to leave here so as to hustle like a man but my problem now is accommodation.
H
I need una help

It depends on the area, if you are in Onitsha good. 3-3 and Nsugbe is where you will self con 65 to 74k per year.

2 months salary is ideal but not more than 3 months salary at most.

Rubbiish:

This is not realistic
Majority of Nigerians are earning around 100k to 300k. Saying only one month salary should cover rent is not realistic for majority

If your salary is a 100k, then you should be living in a 100k per annum house, if you want to get ahead in life. The problem is that a lot of young people are too proud to know where they really belong. If you are earning 100k, get a self contained or two rooms face me i face you for 100k. If you are earning around 300k get a one bedroom flat or a two room and parlour face me i face you. Don't go and spend your life working for a landlord. Your landlord does not deserve more than your one month salary. Please, be wise!!!

Also be careful. Some the people telling you that your one month salary cannot cover your rent are estate agent and greedy landlords. They are here to lie and deceive you. Be wise!!

chukzyfcbb:
Financial Experts always peg it at no more than 25-30%.

if you earn 2million annually then you should ATMOST i.e the EXTREME not be in a house that cost 500-600k otherwise you are living above your means. The lesser you can bring this number down, the better for you.

Lagos people can sure relate

Financial expert peg it at 25-30% because they assume you are paying to own the house eventually. Understand the difference!