Monthly Expenses
₦0Budget Summary
Expenses by Category
Nigerian Budgeting Tips
Budget for generator costs
Inconsistent NEPA supply means fuel and inverter maintenance are real fixed costs. Estimate ₦15,000–₦40,000/month depending on location.
Factor in family obligations
Many Nigerians send money home regularly. Budget remittances as a fixed line item — not "if there's leftover".
Beat inflation with investments
With inflation above 20%, savings accounts lose real value. Consider Treasury Bills (via CBN), money market funds, or dollar-denominated assets.
Build an emergency fund first
Target 3–6 months of expenses before investing. Healthcare costs and job instability make this especially important in Nigeria.
Buy in bulk at markets
Buying foodstuffs in larger quantities from Balogun, Mile 12, or local markets can cut grocery bills by 20–30% vs supermarkets.
The 50/30/20 rule — adjusted
The classic rule (50% needs, 30% wants, 20% savings) is a guide. In high-inflation Nigeria, push savings higher and cut wants ruthlessly.
Frequently Asked Questions
Should I enter gross or net salary?
Enter your take-home pay — the amount credited to your bank account after PAYE tax and pension deductions. Use our Nigerian payroll calculator to work this out from your gross salary.
What is the 50/30/20 rule?
A simple budgeting guideline: 50% of after-tax income on needs (rent, food, transport, utilities), 30% on wants (entertainment, dining out, shopping), and 20% on savings and investments. The calculator checks your split automatically.
Where should I keep my savings in Nigeria?
For emergency funds: high-yield savings accounts (PiggyVest, Cowrywise, or bank savings). For medium-term: Treasury Bills or FGN Savings Bonds via CBN. For long-term: stocks (NGX), real estate, or dollar assets to hedge against Naira depreciation.
How do I budget when my income is irregular?
Use your lowest typical monthly income as your income figure. Budget expenses based on that floor. When you earn more, direct the excess straight to savings before spending.
How much should rent be as a % of income?
Ideally under 30% of take-home pay. In Lagos and Abuja this is difficult — many people pay 40–50%. If rent exceeds 40%, prioritise reducing it or increasing income; it limits everything else.