How Much Can I Deposit on Land Every Month if I Earn 100k Salary
So you’re thinking of being a landowner but you are not sure of how much deposit you need to make with a salary of 100k a month? It’s not a problem because we are here to answer your question.
This is a common question to a lot of aspiring landowners who earn a certain monthly income. Saving for a land deposit does not have to be stressful even though it is not something that can be achieved easily. It requires a lot of discipline and patience to be excellently executed.
With the rate at which prices of landed properties fluctuate, the wisest thing to do is to be an early bird when it comes to depositing for landed property. If you are earning 100k salary a month, here are several answers to your question on how much monthly deposit you should make.
First of All, be Wise with Your Monthly 100k
It is advisable to be wise with your monthly income. Do not force yourself to suffer hardship simply because you need to make huge monthly deposits. Cut down on unnecessary spending especially on unimportant things. You can as well buy cheaper brand items that you can use for your day to day living. Look at your household purchases and see items you can do without and those you can replace for cheaper products. Doing this is better off than living in hell simply because you want to make a monthly land deposit. If you are miserable concerning your current livelihood, saving to make a monthly deposit will be very frustrating for you. You should learn to always keep a portion of your income for savings even before you start spending.
Furthermore, you should make your spending choices wiser, for instance, if you are having 2 luxury cars it is wise to sell one and cut down the cost of maintaining and fuelling both when one can serve. Even if your spouse owns one, you both can come to an agreement on sharing one car for the benefits of getting a landed property in the nearest future. In the case where you have just one car that is pretty expensive, you can downgrade the car by selling it to get a cheaper one. This can help you fast track and increase your deposits for landed property. Be smart with your money!
Take Out Some Deposits Out of Your Pay
Save your money as soon as you get paid and live up the rest of the month as much as you can. If you live up for the entire month and save what is left, you may not be able to make much deposit for a land you intend to get in future. So how do you do this? Determine what percentage of your monthly income you can save for the deposits. If you can save up 50% of your 100k salary and live on the other 50%, then you can stick to that routine. It all depends on you and what percentage of your monthly income you are willing to save up for the deposits.
Get a Side Gig to Fasten Your Savings and Increase Deposits
Is 50% of your income seemingly too much to save? Then get a side job to increase your deposits, make your savings faster and help you enjoy life a bit better than you were. Whatever skill you possess, you can always get a side-job that you can always do in your free time in order to earn more. Imagine having a graphic design skill for example and you are able to work during your free hours with upwork, Elance, Odesk or clients that can pay you close to an additional 100k or more a month. You could also build up passive income by selling affiliate products or starting a website. This will be a huge plus for you. It will be more stress but for a better gain, you can do this to fast track the process.
Lower the Cost of Paying for Your Accommodation
If you are living in a flat with extra room, you can reduce the rent you currently pay by getting a flatmate to share your flat. He or she will take the other room that is vacant and pay you half of the money you pay to your landlord. Doing this will help you save more money to make more deposit in a month for a landed property. For example, if your rent costs N400,000 a year, you can get 200k extra by renting the other room out. If yours is not a flat but a self-contain room, you can still have a roommate especially if you are not yet married. This will still save you some cost and help you deposit more money. Also, if you live in a flat with several rooms, all thanks to Airbnb, you can always rent out your room to tourists, students and other people seeking short term accommodation.
Seek a Loan or Grant
With 100k monthly salary, you can fast track your deposits for a land by seeking for help. You can either get a loan from the bank or a family member who will either loan or give you a grant of a certain amount of money to add to your land savings. If it is a loan you are getting from a friend or family member, then you have to be specific on when and how you will pay the loan back. If a bank is giving you a loan, you need to go through some legal agreements that involve signing some papers with the bank. This option depends on you and as well as your laid down plans on getting the land at a certain time frame.
Saving for a house deposit with a monthly salary of 100k is a big ordeal. It requires a lot of discipline, sacrifice and time. With the above pointers added together, you can see that you can deposit more than your 100k monthly salary every month for a landed property in Lagos as well as speed up the time it takes for you to save your deposit.