Lagos is one of the most populous and lively cities in Africa, but also one of the most expensive.
The cost of living in Lagos can be unbearable for many people, especially those who want to enjoy the modern amenities, the cosmopolitan lifestyle, and the proximity to the beach that the city offers.
However, living a budget-friendly life in Lagos is not impossible, if one knows how to plan ahead, shop smart, use public transportation, and rent house in affordable places in the city.
In this article, we will share some tips and strategies on how to save money and get the best value for your money in Lagos, without compromising on quality and comfort.
Buy Foodstuffs From Mainland Markets
Living on the island part of Lagos can be challenging for people who want to save money and live within their means.
The cost of living on Lagos island can be very high, especially for food and other essentials that are often imported or scarce on the island.
According to Numbeo, a basket of tomatoes on the island can cost three times of what it costs on the mainland.
This price difference means that island residents pay almost three times more for a basic ingredient than their mainland counterparts.
One way to reduce expenses and live a budget-friendly life on the island is to plan ahead and shop smart.
Instead of buying groceries from expensive supermarkets or vendors on the island, you can take advantage of the cheaper and fresher produce available on the mainland.
Every weekend, they can visit the local markets in Lagos, such as Mile 12 Market, Oyingbo Market, Ketu Market or ile-epo market at Iyanapaja and stock up on the food items they need for the week.
They can also bargain with the sellers and get better deals for bulk purchases. By doing this, they can save money, eat healthier, and support the local farmers and traders.
Buy Provisions From Supermarkets
One of the major expenses that you will face in Lagos state is the cost of provisions, such as milk, choco drinks, noodles, and other groceries.
These items are important for daily consumption, but they can also be quite expensive if not purchased wisely.
IF you want to live a budget-friendly life in Lagos state should adopt some smart shopping strategies to save money and get the best value for their money.
One of these strategies is to buy provisions in bulk from the supermarkets, instead of buying them in single units from the nearby stores.
Supermarkets often offer discounts and promotions for bulk purchases, which can lower the unit price of the provisions significantly.
For example, a pack of 10 pieces of Bournvita 20g sachets could cost about N800 in the supermarket, while a single sachet costs N100 in the store. This means that buying in bulk can save N200 for the same amount of product.
Buying in bulk also has other benefits, such as reducing the frequency of shopping trips, which can save time, fuel, and transportation costs.
It can also help you to plan their meals ahead and avoid wastage, as they can store the provisions in airtight containers and use them as needed.
However, buying in bulk also requires some caution, as some provisions may have short shelf lives or may spoil easily.
So, you should check the expiry dates and storage conditions of the provisions before buying them, and avoid buying more than they can consume within a reasonable period.
Another strategy is to compare the prices of different supermarkets and stores, and choose the ones that offer the best deals for the provisions.
Lagos state has a variety of shopping options, ranging from large chain supermarkets, such as Shoprite, Everyday supermarket, Spar, and Justrite.
Each of these options may have different prices, quality, and availability of the provisions, depending on their location, supply chain, and customer base.
You should do some research and find out which ones suit their needs and budget the most.
They can also help you to find the best bargains, discounts, and coupons for the provisions they want to buy.
Also you need to be careful when comparing prices, because some stores may add extra fees, like delivery, service, or tax, that can make the provisions more expensive. Don’t forget to consider these factors.
And, you should read the terms and conditions of the stores carefully and confirm the total cost before making a purchase.
By buying provisions in bulk from the supermarkets and comparing the prices of different stores, you can live a budget-friendly life in Lagos state.
These strategies can help them to save money, get the best quality, and enjoy the variety of provisions available in the market.
Buy Clothes From Thrift Markets
Clothes shopping can be a fun and rewarding activity, but it can also be a drain on your budget if you are not careful.
Lagos state has many options for clothes shopping, from high-end boutiques to online stores, but they can also be quite expensive.
If you want to live a budget-friendly life in Lagos, you should consider shopping from the thrift markets, where you can find quality clothes at a fraction of the price.
Thrift markets, also known as bend down select or okrika markets, are places where you can buy second-hand clothes that are still in good condition.
They are usually located in open spaces or under sheds, and they are divided into different grades according to the quality and price of the clothes.
You can find clothes for as low as N100 or as high as N1500, depending on the grade and the bargaining skills.
In our other articles, we have also compiled a list of the best 7 places to buy clothes in Lagos and the 2 most famous okrika markets. You may find it useful to read it.
Shopping from the thrift markets can help you save money and get the best value for your money.
You can also find unique and vintage pieces that can make you stand out from the crowd.
However, you should also be careful of the quality and hygiene of the clothes, and wash them thoroughly before wearing them.
You should also check the sizes and fittings of the clothes, and avoid buying clothes that are too tight or too loose.
By shopping from the thrift markets, you can live a budget-friendly life in Lagos and enjoy the variety and diversity of clothes available in the market.
So let’s wrap it up at this point!
These tips are not only useful for married couples, but also for single people who want to save money and live well in Lagos state.
Whether you are single by choice or by circumstance, you can benefit from these budgeting strategies that will help you achieve your financial goals.
In fact, some of the tips may be easier to implement as a single person, since you have more control and flexibility over your spending and saving habits.
However, you may also face some unique challenges as a single person, such as having a lower income, a higher cost of living, or a lack of accountability. So, you may need to adjust these tips to suit your specific situation and needs.
