Surviving in Lagos now cost an arm and leg! The skyrocketing cost of living has made many household increase their budgets. Some are still finding it difficult to cope with the economic woes the country is battling with. We sampled opinions of married men and women this week on how much it cost to survive in Lagos State during this recession.
‘The cost of living has gone very high’ – MRS. OYERINDE.
The cost of living has gone very high. An average family would need nothing less than a N100,000. If all expenses such as school fees, feeding, medicare and other things are involved. I am a mother of two, a graduate hoping to start my masters soon.
‘Their spending must be within what they earn’ – MRS. AKINS
It all depends on the kind of work the two are doing. At least, whatever they would spend must be within what they earn. I think N600,000 should be enough. We have to fuel the cars, pay bills, electricity, community, school, medical, maintain the generator. The list is endless, my sister. May God continue to bless us to meet those needs. I am a graduate; I work with a private firm.
‘Don’t spend beyond your income’ – MR. JAMES
With this recession, one must have N100,000 to survive as a family man. You have a lot of bills to attend to. It is also important that you don’t spend beyond your income. I am a graduate, I have two children and two other people living with us. I am an entrepreneur
‘One needs to prioritize ones list to avoid running in debt’ – MR. TOYE
An average family would need between N150,000 and N190,000. It is quite difficult to estimate because the money may not come at once, it can also come from multiple streams, most especially for people who are into business. Even with the above amount, one needs to prioritize ones list to avoid running in debt. I am a father of three children, a graduate and business man.
‘In this recession, we place our priorities right’ – MR. EMMANUEL
It all depends on the number of people in the family, but for mine that is family of four with two extras in the house, the ideal amount of money needed covering every expenses monthly is N101,000. We can manage on that as we place our priorities right.
‘With N50,000, an average family can survive’ – MRS. ADETUTU
With N50,000 an average family can survive. Feeding, accommodation, but I didn’t include school fees since I don’t pay that monthly. One would consider ones income before doing a budget. I am a mother of three children, I am a graduate as well.
‘It all depends on what the couple earns if they are both working’ – MRS. BUKOLA
It all depends on what the couple earns if they are both working. If not, it means everything will be on the husband. The number of children they have is another factor. They should have at least N80,000 in mind monthly. That’s aside what they would save for raining days. I am a graduate, I am blessed with three children.
‘Standard of living is on the high side’ – MRS. ADEFUNKE
A family of five must have at least N120,000 to survive in a month. Standard of living is on the high side because of recession. My husband calculated about N150, 000 but we were able to reduce it to N120,000. It is important to have a budget. Once you do that, you wouldn’t spend unnecessarily. I am a graduate, I have two children.
‘Recession made me reduce the rate at which I go to clubs’ – MR. MURPHY
I budget N250,000 monthly since recession started. Apart from taking care of my family, I am a social person, I must club at least once a week or every forth night. Recession made me reduce the rate at which I go to clubs. I am a graduate, I am blessed with three children
‘Things are now quite expensive now’ – MRS. SHOLA
I don’t think it can be less than N300,000 monthly. I save N50,000 monthly for house rent and my daughter’s school fees. Things are now quite expensive in the market, cost of maintaining the car is also on the high side. I don’t even take my car to work again. I take BRT and join friends once in a while when coming back home. Even with that amount, we have to manage and find extra business here and there to compliment it.
- SHADE WESLEY-METIBOGUN