Having a place to lay your head at night is as imperative as having a meal to eat. And just as with food, a few factors come to light in determining how much is ideal to pay for rent. Some of these factors include your income level and your level of responsibility and your social status.
Over at REACH, we have a formula for determining your rent and working toward being able to pay it. Here’s how we do it in 2 simple steps.
The highlighted box in the figure above shows how much an income earner with income level NGN100,000 to NGN250,000($361 – $692), should spend on rent per year. The figures change based on your personal life and goals such as if you have dependants or if you don’t. Click here to find out how much you should be paying for rent.
Now that you know how much you should be paying, the next step is to put money aside toward this goal. Our recommendation is that you start save on the REACH app so that you can earn up to 14% in interest when your savings date matures. We recommend this because we also invest your money for you while you’re saving. Click here to start saving toward your rent.
And that’s it. Now you know how to determine how much you should pay for rent and how to start saving and investing toward that goal.
Do you want to learn more about how to manage your money? Download our app below…