The Rent Struggle is Real: How to Budget For Your Rent in Nigeria
Let’s face it paying rent can be a huge source of stress. But what if you could take control of your finances and ensure you’re always prepared for that monthly payment? As someone who’s probably juggled multiple expenses, you know how hard it can be to prioritize. Trust me, creating a budget that works for you is game-changing, but how can you achieve this?
Here is Amaka’s Budgeting Journey
Amaka used to fear the end of every month. Rent day was always a source of stress. “Do I have enough? Will I have to borrow?” These thoughts constantly weighed on her mind. But one day, Amaka decided she’d had enough of living paycheck to paycheck.
She started small—first by listing out all her expenses. From the daily transport to the data she buys for work, she wrote everything down. Then, she compared it to her income. Seeing where her money was going made things clearer.
Next, she set a goal: to save a little each week for rent. It wasn’t easy at first. She had to cut down on non-essentials—buying food in bulk, skipping that extra night out with friends. But every naira she saved brought her closer to her target.
Amaka didn’t stop there. She also downloaded a budgeting app, using it to track her expenses and savings. Every time she got paid, she put a portion aside for rent, transport, and emergencies.
Now, rent day is no longer a source of anxiety. She knows exactly where her money is and how to make it work for her. The feeling of being in control is unmatched, and it all started with small, simple steps.
Now, it’s your turn
- 1. Face the Music: Write down every transaction for a month. Yes, every coffee, every Netflix subscription. You’ll be surprised where your money goes.
- 2. Set Your Goal: Decide how much rent you can realistically afford. Don’t forget other expenses and financial goals.
- 3. Allocate Wisely: Divide your income into:
- – Essentials (50-60%)
- – Non-essentials (10-20%)
- – Savings and debt repayment (10-20%)
- – Rent fund (10-20%)
- 4. Cut Back, Not Out: Be honest about your spending. Cancel that unused gym membership, cook at home more often.
Pro Tips for Saving Towards Rent
- Download the RentSpace app
- Automate your rent fund transfers
- Review and adjust your budget regularly
RentSpace: Your Financial Sidekick
RentSpace will help you track expenses, set budgeting goals, and pay your rent on time
Read: What is a Space Deposit?
Budgeting for rent doesn’t have to be overwhelming. Take control, and:
- – Sleep better knowing you’ve got rent covered
- – Enjoy financial stability
- – Focus on the things that matter