How to build your own house if you earn up to ₦40000 monthly.
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House is one of the most important thing for one to have in this life having your house is a great sense of accomplishment for you, you believe you have successfully gained a space of yours here on earth.
Due to the pandemic crisis many workers have been laid off many have been stopped from working and salaries have been slashed but building a house is still possible for you applying for a loan to build a house is not necessary. I don't agree with the idea of obtain a loan to build you dream house why build your dream in debt? When you can sit and think of something to do, a man has to cut his coat according to his size and measure up to what he is earning.
Well, you might be thinking how you can build your dream house with low income, you need not to worry this article has the right solution for that.
With just 40,000 Naira monthly you can build your dream house.
But before your dream of building a house can be possible, we need to look into some crucial things at first.
1. Be Determined.
In any decision one has to take in life determination matters a lot one has to be determined before one can do anything "determination is the wake up call to human will". Building your own house requires strong determination and resilience.
2. Open Account for Building.
You need to create a saving account for building your house separately. You don't have to wait for 10 or 25 years to save a huge amount of money before building your house with all the unforseen expenses in the fur ur e one might end up not achieving anything. Just clear be determined clear out your mind and start saving in that account.
If you don't have a land before the process might be slow but if you do, building will be faster.
3. Saving Analysis.
In the society there are different type of houses, for everyone, to have your own house for any amount you are earning at the end of the month, what you need to is to just calculate the salary for 3 years then set aside 40% of the sum and make enquires from building professional to know what that 40% can cover in building your own house.
Let's assume you earn 40, 000 Naira monthly here's the calculation for that:
For three years.
N40000 × 3 years(36months)=N1,440,000
Find 40% of the sum.
40/100 × N1,440,000=N576,000
Amount for savings every month.
Which means you will need to be saving N16000 from your ₦40000 every month for three years( 36 months )
And with the savings of 40% for 3 years which is N576,000. The Money can comfortably cover the for two bedroom flat from the foundation up to the window level.
I know you will be doubting how this is achievable, it is possible to achieve this study chose that 30 percent of our income goes into what we cannot account for. you can also calculate all your expenses for a month, you will see you have been spending on unnecessary things.
So imagine you are earning more than N40000 monthly and you are saving 40% out of it, your dream house isn't far from you.
Two bedroom flat will practically consume N1.7M
You just need to be determined if you can save for 2-5 years in 6 years time you will have your dream house.