A lot of budgeting advice sounds good on paper until you’re the one earning ₦150,000 and paying expensive Lagos bills.

Here’s a realistic monthly budget you can use:

Step 1: Convert Your Rent to a Monthly Cost

If your rent is ₦700,000 per year:

₦700,000/12 = ₦58,333 per month

Even if you paid it upfront, treating it as a monthly expense helps you understand how much of your income goes into housing.

Step 2: Know What’s Left

Monthly salary: ₦150,000

Less rent: ₦58,333

Balance: ₦91,667

This remaining amount has to cover transportation, food, utilities, savings, airtime, data, and unexpected expenses.

Step 3: Build a Practical Budget

Rent: ₦58,333

Food: ₦35,000

Focus on home-cooked meals and bulk purchases when possible.

Transportation: ₦20,000

This may be higher depending on where you live and work.

Data & Airtime: ₦7,000

A necessity for work and communication.

Utilities & Miscellaneous: ₦10,000

Electricity contributions, water, household items, and small emergencies.

Savings: ₦4,667

Save first, even if the amount feels small.

Personal Spending: ₦15,000

Entertainment, outings, subscriptions, or anything you enjoy.

Total: ₦150,000

Step 4: Accept That the Budget Will Need Adjustments

Some months transport will increase. Some months you’ll have medical expenses. Some months family responsibilities will show up unexpectedly.

The goal isn’t to follow a perfect budget. The goal is to tell your money where to go before it disappears.

Do you have any hacks you use when budgeting your monthly salary? Let us know in the comment section.