How Can I Move Out of My Parents’ House With a Hundred Thousand Naira Salary?

How Can I Move Out of My Parents’ House With a Hundred Thousand Naira Salary?

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Question

I earn ?104,000 per month and I want to move out of my parents’ place by March 2023. I also want to save up ?1 million by December 2023. How can I do this? I need serious help and financial guidance, as I am new to the financial world and investment stuff.

Answer

To move out of your parents' by March 2023, you need to know how much you are willing to spend on rent, and whether this matches up with current house rental trends. In reality, if you are based in Lagos, depending on location and other factors, rent can range between ?300,000 to millions. If your target is ?300,000 rent, you would need to save at least ?75,000 each month, for the next four months. It's also needful to mention that when you are budgeting how much it would cost you to move out, the cost of rent is not the only area of consideration. There is also the cost of feeding, electricity bills, security bills, and so on. With this in mind, it is important to reconsider whether you are actually able to move out of your parents’ house yet, or whether you need more time to put certain things in place first before you finally move out.

As regards your savings goal, based on your current income, your annual salary is ?1,248,000 million. If your plan is to save ?1,000,000 in one year, it would mean that you are willing to trim your expenses to ?248,000 per year. This is equivalent to ?28,000 per month. This is clearly not feasible. As a result, in order for you to meet your target of saving up to ?1 million between now and December 2023, you will need to increase your income level. This could be by getting a raise at your job, getting a better-paying job, or a side hustle possibly through freelancing.

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Question

I'm a scholarship student currently earning ￡1,000 per month. I can live on about ￡400 per month for now.?

What low-risk savings platforms like Ladda can I save with euros?

Answer

It’s a great thing to save. It’s also great to earn interest on your savings. While you may not be able to access savings platforms offered by Nigerian companies, there are also options that you can explore in your location.?

Usually, banks also offer special savings accounts that offer more interest on your savings compared to regular accounts. You would need to speak with your bank’s representative to understand the options available to you, so you can make a choice.

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