5 Ways To Survive In The City Of Lagos If You Earn Less Than N100,000 Monthly Income
- Adetoun Ogunlami
- June 8, 2020
- Living, Money
- #survivingonabudget #200, 000 #accomodation #Feeding #haveabudget #clothing, 000 #Salaryinlagos #lessthan200
- 0 Comments
The dream of every graduate is to earn a juicy salary at the end of the month.
One of the biggest challenges for salary earners especially those living in Lagos is surviving on an income of less than N100,000 .
Most cases sticking to a monthly plan can be tasking as a lot of unforeseen factors can come up.
In this article, we will focus on specific ways to survive in Lagos if you earn anything less than N100,000.
1.Have A Budget
The importance of having a budget is a financial lesson that cannot be overemphasized.
Having a budget helps you map out a plan for all the things you need to save for especially on an income less than N100,000.
Split your income into three, if you don’t know where to start, by doing the 50/30/20 rule.
50 percent on what you need, 30 percent on wants and other expenses and 20 percent on savings.
That way you have an outlined plan and you never get stranded.
2. Make Sure Your Rent Is Affordable
Getting an apartment that doesn’t cost much and is conducive can be a herculean task in Lagos but if you find one, it is a great way to survive in Lagos. Although there are some factors to consider like choosing an environment that is affordable and well secured, also make sure there is proximity to your workplace to cut down transportation expenses.
3. Cut Down Unnecessary Expenses
Remember the saying ‘Cut your coat according to your size‘?
You need to minimize and cut down on unnecessary expenses and habits e.g try to cook your own food instead of ordering online or takeouts, buying shoes, clothes, asoebi and bags that you can afford, cinema trips, etc.
Also, keep track of your spending monthly.
4.Have A Side Hustle
Asides your salary, having a small business (side hustle) would really help you because realistically speaking, no matter how much your budget is, you might extra cash before they pay your salary.
Have a side business you can focus on that augments your salary and helps for a rainy day.
Also Read, 7 Profitable Business Ideas You Can Start With N100,000 In Nigeria
5. Have an emergency account
An emergency fund will come handy if you get cash-strapped at some point.
Create an emergency fund if you don’t have any.
