How to Live on ₦50,000 Salary with Wife, Child

With the current economy we all experience in Nigeria, it has become very difficult living on a monthly salary of N50000 with a wife and a child.

But with smart financial decisions and proper planning, we can achieve this and live a comfortable life.

In this article, I will provide practical strategies that will help you live on a monthly salary of N50,000

Create a Realistic Budget

We all know that there are some basic needs that we really must consider when making our budget. These needs are housing, food, transportation, healthcare, school fees, and savings.

You may wonder why I said savings. Yes savins is very vital just like every other basic need mentioned ealier.

You should set aside a certain amount of money for all of these needs to ensure that you do not overspend while you meet other family obligations.

An example of a realistic budget could be Rent and Utilities (N15,000), Food and groceries (N15,000), Transportation (N5,000), healthcare (N5,000), school fees (N3,000), savings (N2,000), and Miscellaneous (N5,000).

Reduce Housing Costs

You should consider moving to a low-cost area where you can pay a monthly rent of N4,000 or N5,000 and use other money for utilities like water, power, security, etc.

Also, ensure that you rent an apartment that uses a prepaid electricity meter so you can manage the usage.

Save Money on Food and Household Items

Cooking at home is the best option if you really want to consider living on a budget. sometimes, food expenses can be a burden but there are ways to go around it and still eat quality food.

You should ensure that you buy foods in bulk from local markets. The foods from the local markets are cheaper and you can grow some vegetables in your backyard garden.

Also, ensure ttat you avoid eating outside and space your meal to 2 times a day. eating 3 times a day is never a must.

Cut Down on Transportation Costs

You have to cultivate the habit of using public transport, walking for a short distance of maybe two bus stops can also save you some money and keep you fit.

However, if your place of work is far from your home, you should consider finding a job close to your home.

Affordable Healthcare Options

The government is so magnanimous in creating primary healthcare in our local government and constituencies. You should consider using these facilities as your health care providers.

Also, you should ensure that your family practice preventive healthcare such as maintaining a healthy diet, exercising and ensuring proper hygiene. This will help reducing the rate of illines.

Plan for Your Child’s Education

Your child’s education is not an option therefore no child should be out of school simply because you are living on a N50000 salary.

With 3,000 budgeted for the child’s education, you should consider enrolling your child in a government or low-cost private school that provides quality education.

You should also consider buying second-hand textbooks and taking the time to teach your child extra lessons at home.

Save and Increase Your Income

You can save N2,000 in your piggy bank for emergencies and consider low-risk investments like fixed deposits I you are living on a N50000 salary. You should also consider an extra source of income like a side hustle like assisting a baker at night to prepare for work the following morning, a car wash sometimes in your neighbourhood, etc.

Reduce Unnecessary Spending

Be frugal. Do not pay attention to those who will say you are stingy (aka gum) and avoid unnecessary loans, entertainment, expensive outings and impulse buying.

Strengthen Family Support and Relationships

Always ensure you discuss your financial stress with your partner and work together. Doing this will help the both of you agree on spending priorities. Most importantly, ensure you have a positive mindset and be patient.

Conclusion

It is never easy to live on a N50,000 budget per month while raising a family. To do this effectively, requires smart budgeting, reducing unnecessary expenses, and increasing income. By following these tips while you look for better pay, you should be sure to live a better life with your family.