How Much Do You Need to Save to Live Comfortably in Nigeria

Even amidst the Economic crises in Nigeria, saving is very crucial. There is no limit to the amount one can save. There are various determinants of savings in Nigeria. Income is considered as the most important aspect of savings in the nation. But Nigerians still ask, How much do I really need to live comfortably? Read on as we critically analyse what saving suit your income size and can aid your comfortable living in Nigeria.

The Thin Salary Earner

I must confess, I am really really guilty of this, we tend to claim that our income is too small to save from, but we don’t mind spending on drinks and junks. Statistics shows that people who save ten percent of their income will live comfortably after retirement even without investing. So matter how small your income is, saving 10% monthly can make you a millionaire after retirement. 

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The Medium Sized Income Earner

Nobody claims to earn a fat salary in Nigeria. Everyone claims to be middle classed. So let’s look at those who earn between 100-500 thousand Naira. If you belong to the last category, your income is considered to be high by many. Some major factors are considered when it comes to the concept of living comfortably. Some of these factors are listed below;

Your Taste

It’s natural for your taste to get higher when your income increases, but this has more to do with your personality. If you earn a fat salary, your needs automatically grow fatter, they may not even fit into your income anymore. One of the secrets of saving money is to control your taste. This doesn’t mean that you should be static, it only means that if your income increases by 200% your taste should only increase by 50 to 100%. This works for sure. So rent should not take 80% of your income, neither should fashion take 70%.

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Your Marital Status

For bachelors and spinsters earning a good salary, it is the best time to save make the best investment in their lifetime. This is because they are free from a lot of responsibilities like school fees, feeling allowance and house upkeep. Some do not even pay rent. So young men in this category earning up to 300 thousand Naira should be able to save 40 to 50% if they learn to spend wisely.

Your Family Background

This seems unimportant, but it is very crucial. The principles of savings that guide a family reflect in the lives of those from that household. The financial status of the family is also very important. This is because most young men, married and single alike tend to be burdened with family issues. Like sponsoring their siblings in school or taking charge of the whole family expenses. So if you fall into this category, no matter how difficult it seems, still make sure you save something. 


Have an Imagine Saving Mentality

This is the most crucial aspect. It will aid you so much in your saving. Create a fantasy of expenses, this will make you save more and more. For a bachelor or a spinster, imagine you have children whose school fees you have to pay. Instead of spending the school fees, save it. So many people earn as little as you earn but still pay school fees of two to three children. So set aside a portion of your income for this. So that there won’t be too much burden when you eventually have children. As time goes on, you may use the money from your imagine savings to invest in something really big like real estate.


The amount that constitutes comfortable savings in Nigeria varies based on a person’s unique circumstances as analysed above. A person’s debt load also influences how many months of income represent sufficient savings.  If 40% of a person’s take-home pay goes toward debt payments each month, that person needs more savings than a debt-free person.

Every individual is unique when it comes to his financial needs. No matter the Naira amount of a person’s savings, what matters is the ability to stave off financial calamity for as long as needed in the case of a job loss, unexpected health expenses or reduced income. With stable savings, opportunities present themselves. Saving enables you to take advantage of this opportunities. Every Nigerian need as much savings as possible. Investing your savings is also a key area to look forward to as the value of your savings can be affected by inflation and loss in the value of the Naira as the current economic recession has proven. Take advantage of the opportunity today and invest your savings in the real Estate sector. Buy properties in Nigeria on

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About The Author

Aderinsola Jolaosho I love writing, talking and meeting people. I can be a talkative at times.

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