Surviving Lagos on N135k Salary

Having experienced firsthand what it feels like living in Lagos, I can tell you for a fact that the cost of living there is on the high side. From feeding to transport to flexing, the debit alerts are terrifying. 

Amidst all these, there are quite a number of people earning a legitimate living and working hand to juggle a balance between their low income and cost of living. Today, we delve into the story of one such individual, a dedicated soul navigating the financial landscape of Lagos while earning less than N150k salary.

Meet Mahmoud Samuel, a dedicated resident of the ever-bustling Lagos. In a city where every naira counts and every opportunity is a stepping stone, Mahmoud has learned to thrive against financial odds. Through this conversation, he will unravel his motivations for making intelligent financial decisions, how he manages to survive before the next paycheck, finding alternate income streams, and embracing a positive mindset even in the face of financial constraints.

Hello Mahmoud, How long have you lived in Lagos? 

I’ve lived in Lagos almost all my life. The only time I wasn’t in Lagos was during my university days.

What is it like working in Lagos, and how much do you earn? 

Working in Lagos can be quite challenging, particularly with the notorious Lagos traffic. Fortunately, my experience hasn't been too hectic, as I live relatively close to my workplace.

Currently, I earn 135,000 working as an inventory officer/accountant

What would you say are the main challenges of living in Lagos on a limited salary?

The standard of living in Lagos, unlike every other state, is high, plus the population of Yahoo boys is increasing every day. These boys have now made basic things like shirts and trousers very expensive because when a vendor gives his price for clothes, the so-called Yahoo boys will pay without hesitation.

So for me, I’d say having to deal with that ⬆️, I mean, paying for basic clothing at exorbitant prices is what I find the most challenging.

Feeding is another thing; because I am the kind of person I am, I don’t cook... I buy food outside, and you’d be shocked at the kind of food you buy for #1,500

Are you saying the meal is quite satisfying😆?

Hell No!

So tell me, what takes up the chuck of your salary? Could you perhaps provide a breakdown? 

Most of my salary goes to food and transportation 😂😂

When I get paid,

I remove my savings, 

Set aside money for miscellaneous expenses,

I shop for personal stuff like cologne, soap, etc 

I pay part of the utility bills,

Lastly, I’m in charge of drinking water in the house, so I set aside funds for that as well.

After about 3weeks, I pull funds from my other source of income to carry me through the rest of the month.

It sounds like you already made provision for all your expenses. What, then, is the  Miscellaneous for?

Lol… That one is for sending urgent 2k😅

With all of these expenses you have mentioned, are you sure it all fits into your 135k salary? How about you share with us what financial choices you make to stretch your income all through the month?

I’m of the opinion that the higher your income, the higher your expenses. My salary can only take me through to the third week of the month, after which I pull funds from other sources.

These other sources of income are forex trading and giving facilities (loans) to people who need them. Personally, I believe to survive in any economy, you can’t depend on one source of income. Anything can happen, and you might lose that source, then you become depressed. 

For me, I’ve used my salary to create alternative sources of income, and the best part is I live debt-free.

Wow, That's Impressive!

Wait a moment, I don't remember you saying anything about rent or even flexing. How often do you splurge money? 

As for rent, I stay with my parents, so for now, I don’t have to worry about that. 

Likewise, on the first day of payment, be it from my salary or forex, I make sure to take myself out or just order ijekuje and chop the life of my head. 

Salary and forex money don’t usually come on the same day, but anytime they come, I give myself a treat. In a month, this can happen like 3-4 times.

Amidst all these, what will you say is your bad money habit, and how do you make up for it?

Whenever I have cash, regardless of the amount, I spend it unnecessarily, and I always have issues accounting for such money. 

So, what I do is I make sure to withdraw only the exact amount I need. That way, I’m accountable for my spending.

Despite the challenges, how do you manage to set aside savings? Are there specific financial goals you have, and how do you plan to achieve them?

So long there’s income, I must set aside savings. It has been a habit I cultivated during my secondary and university days. Speaking of which, I started borrowing my guys' money I didn’t have plans for in university. It gradually became an alternative means for me to save money. And yes, they always paid back!

Overall, My only financial goal is to have money.. just have money 😂

LMAO…. We all share that goal in common. But then again, it's nice knowing it's still possible for you to save amidst all these. It also shows that you are an ardent follower of MoneyChatWithHafsat, and I am thankful for that. 

So here’s your final question: What encouraging words do you have for others facing similar financial constraints in Lagos?

If you are in Lagos, don’t depend on one source of income! To survive Lagos, you need at least 2-3 sources of income.

The last week of the month, when my colleagues are complaining that their money has finished, that’s when I’ll buy turkey and rice for lunch because I can afford to do so 😂😂 

One source of income in Lagos means you are close to no source of income.

Key Takeaways:

• Use your current income to create alternative income streams for yourself.
• Find a way of keeping yourself accountable for what you spend.
• Don't depend on one source of income for too long.