Cost Of Living For a Student in Sierra Leone 2024

Average monthly spending for students in Sierra Leone

How much money does a student need in a month to survive in Sierra Leone?

Students in Sierra Leone spend around 3M SLL per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 440,000 SLL or as high as 20M SLL. Location is a very important factor and has a huge influence on expenditure and budget.

How do students spend their money in Sierra Leone?

We asked thousands of students about their spending habits and expenditure break down.

Housing and accomodation expenditure for students

Students in Sierra Leone typically spend from 12% to 23% of their total monthly expenditure on housing with 17% being the average. The average monthly spend on housing is 710,000 SLL with expenditure ranging from 110,000 SLL to 4.8M SLL. This cost mainly goes for rent but it also includes other accommodation-related expenses.

Electricity, utilities, energy, water, internet, and mobile expenditure for students

Utility expenditure like electricity, water, and gas in Sierra Leone ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 120,000 SLL with 18,000 SLL and 790,000 SLL being the upper and lower limits for a student of four.

Transport, fuel, and commute expenditure for students

Fuel consumption and cost of transport depend heavily on whether a student resides near school and work, but roughly speaking a student would expect to spend from 31,000 SLL to 1.4M SLL in a month on commuting with 210,000 SLL being the norm for most students. This means that money spent on transport constitutes about 3% of total spending on average but can go as low as 4% or as high as 9%.

Food, groceries, and basic shopping expenditure for students

The average outlay on groceries and basic houshold items for a typical student in a month in Sierra Leone is 590,000 SLL. The cost of groceries can range between 89,000 SLL to 4M SLL. Students spend on average about 24% on food and groceries with upper and lower bounds of 18% and 28% respectively.

Healthcare and medical services expenditure for students

Students in Sierra Leone allocate 7% to 13% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 10%. The range of medical expenses range from 27,000 SLL to 1.2M SLL with 180,000 SLL being the norm for most students.

Leisure and shopping expenditure for students

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 22,000 SLL to 990,000 SLL with 150,000 SLL being the average. Speaking of percentages, that equates to 2% to 6% of total expenses with an average of 2% for most students.

Education and schooling expenditure for students

Spending on education can vary drastically between different students. On average, education constitutes 18% of the monthly expenditure of students with 11% and 23% being the lower and upper bounds respectively. The average reported education cost is 560,000 SLL per month with 84,000 SLL being the minimum spent amount and 3.8M SLL being the maximum.

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

• 50% for needs and financial obligations

  This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

• 30% for wants and discretionary spending

  This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

• 20% for savings and emergency fund

  This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

Affordable living in Sierra Leone

Income and cost of living compatibility

We asked students one simple question and recorded their answers.

Is it affordable or economical to live in Sierra Leone?

Around 45% of surveyed students think that living in Sierra Leone is affordable with proper budgeting while 55% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in Sierra Leone

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked students how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options54%

Few low-cost options46%

Based on the survey, 54% of the students living in Sierra Leone have no problem finding low-cost alternatives to support a frugal lifestyle while 46% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds For Students

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked students of Sierra Leone whether they have an emergency fund and the answers were as follows.

Yes44%

No56%

Based on the survey, 56% of the students living in Sierra Leone said that they don't have an emergency fund while 44% said that they do.

Financial Literacy in Sierra Leone

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy40%

We asked student guardians and parents in Sierra Leone whether they acquired any adequate personal financial training in their lives. Approximately 60% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 40% said that they know about the general principles of personal finance from sources other than their own experience.

Difficulty in Budgeting and Financial Planning

We wanted to understand whether students of Sierra Leone have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 53% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 47% said that they have everything under control.

Struggles with finance53%

Easily manages finances47%

Housing costs, accommodation, and housing affordability in Sierra Leone

Rent Cost in Sierra Leone

Monthly Rent Prices

Studio apartment monthly rent cost

480,000 SLL

720,000 SLL

1.9M SLL

MINIMUM

AVERAGE

MAXIMUM

$21

$32

$84

1-bedroom apartment monthly rent cost

720,000 SLL

1.1M SLL

2.9M SLL

MINIMUM

AVERAGE

MAXIMUM

$32

$50

$130

2-bedroom apartment monthly rent cost

950,000 SLL

1.4M SLL

3.8M SLL

MINIMUM

AVERAGE

MAXIMUM

$42

$63

$170

3-bedroom apartment monthly rent cost

1.1M SLL

1.9M SLL

5.2M SLL

MINIMUM

AVERAGE

MAXIMUM

$50

$84

$230

Furnished apartment monthly rent cost

2.3M SLL

5.7M SLL

11M SLL

MINIMUM

AVERAGE

MAXIMUM

$100

$250

$500

Townhouse monthly rent cost

1.9M SLL

2.9M SLL

8.2M SLL

MINIMUM

AVERAGE

MAXIMUM

$84

$130

$360

House monthly rent cost

2.3M SLL

5.7M SLL

11M SLL

MINIMUM

AVERAGE

MAXIMUM

$100

$250

$500

Villa monthly rent cost

2.9M SLL

7.2M SLL

11M SLL

MINIMUM

AVERAGE

MAXIMUM

$130

$320

$500

The monthly rental cost of a studio apartment in Sierra Leone ranges between 480,000 SLL and 1.9M SLL, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 720,000 SLL to 2.9M SLL. Two-bedroom rentals rate ranges between 950,000 SLL and 3.8M SLL per month. The monthly rental for a three-bedroom apartment ranges from 1.1M SLL to 5.2M SLL. The average rent of a townhouse in Sierra Leone is around 2.9M SLL while house rental costs can be as high as 5.7M SLL per month. Finally, if you want to rent a villa, expect to pay anywhere from 2.9M SLL to 11M SLL per month.

Apartment and house prices in Sierra Leone

Cost of buying a property

Studio apartment price

95M SLL

140M SLL

290M SLL

MINIMUM

AVERAGE

MAXIMUM

$4,200

$6,300

$13,000

1-bedroom apartment price

110M SLL

190M SLL

720M SLL

MINIMUM

AVERAGE

MAXIMUM

$5,000

$8,400

$32,000

2-bedroom apartment price

190M SLL

570M SLL

1,100M SLL

MINIMUM

AVERAGE

MAXIMUM

$8,400

$25,000

$50,000

3-bedroom apartment price

640M SLL

950M SLL

2,900M SLL

MINIMUM

AVERAGE

MAXIMUM

$28,000

$42,000

$130,000

Townhouse price

820M SLL

1,900M SLL

7,200M SLL

MINIMUM

AVERAGE

MAXIMUM

$36,000

$84,000

$320,000

House price

950M SLL

5,700M SLL

8,200M SLL

MINIMUM

AVERAGE

MAXIMUM

$42,000

$250,000

$360,000

Villa price

1,100M SLL

6,400M SLL

9,500M SLL

MINIMUM

AVERAGE

MAXIMUM

$50,000

$280,000

$420,000

The average price of a studio apartment in Sierra Leone can range from 95M SLL to 290M SLL depending on location. One bedroom cost can be anywhere from 110M SLL to 720M SLL. A villa can cost you 6,400M SLL on average with prices ranging from 1,100M SLL to 9,500M SLL.

House / apartment prices to income ratio

Property prices in Sierra Leone can be x78 to x187 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x78 multiples of the average monthly salary in Sierra Leone.

Rent to income ratio

The average rent-to-income ratio in Sierra Leone is around 28%. This means that people pay 28% of their income for rent. Those figures can range from 18% to 38% depending on the salary, location, and type of property.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Monthly costs and expenses of energy and basic utilities in Sierra Leone

Energy, electricity, water, gas, internet, and mobile cost in Sierra Leone

Utility Bill Cost / Electricity + Water + Gas / Student

18,000 SLL

120,000 SLL

790,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.78

$5.2

$35

Internet and cable cost

29,000 SLL

57,000 SLL

76,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$1.3

$2.5

$3.4

Mobile phone bill and charges

23,000 SLL

38,000 SLL

110,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$1

$1.7

$5

The average monthly energy and water consumption of students is around 120,000 SLL. The cost of internet and WiFi ranges from 29,000 SLL to 76,000 SLL with 57,000 SLL being the average internet bill. Finally, the average monthly mobile charges is around 38,000 SLL but can range between 23,000 SLL and 110,000 SLL depending on consumption. Mobile charges include both calling minutes as well as data packages.

Energy / Utility expense to income ratio

The average utility-to-income ratio in Sierra Leone is around 7%. This means that people pay 7% of their income for energy, water, internet, and mobile charges. Those figures can range from 4% to 11% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Sierra Leone

Prices and cost of goods and services in Sierra Leone

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

5,700 SLL

11,000 SLL

19,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.25

$0.50

$0.84

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Sierra Leone is approximatly 11,000 SLL with meal cost ranging from 5,700 SLL to 19,000 SLL. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

19,000 SLL

29,000 SLL

57,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.84

$1.3

$2.5

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 19,000 SLL and 57,000 SLL with 29,000 SLL being the average price of a plate for one person at a regular restaurant in Sierra Leone.

Fine dining meal for one price

38,000 SLL

57,000 SLL

230,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$1.7

$2.5

$10

The price range of a meal at fine-dining restaurant is 38,000 SLL to 230,000 SLL with the average cost being 57,000 SLL for one person. This is what you would expect to pay a top-tier diner in Sierra Leone.

Beverage prices, cappuccino, latte etc..

4,800 SLL

7,600 SLL

11,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.21

$0.34

$0.50

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Sierra Leone is around 7,600 SLL. Price ranges between 4,800 SLL and 11,000 SLL depending on the type of beverage, the size, and optional add-ons.

Grocery and market costs

Large bottle of milk price

3,800 SLL

4,600 SLL

5,700 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.17

$0.20

$0.25

The average price of a large bottle of milk in Sierra Leone is 4,600 SLL. The maximum what you would pay for milk is 5,700 SLL and the minimum being 3,800 SLL depending on the brand of milk and other properties.

12 eggs price

2,900 SLL

3,800 SLL

5,700 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.13

$0.17

$0.25

A dozen eggs costs around 3,800 SLL on average with 2,900 SLL and 5,700 SLL being the lower and upper limits respectively.

Fresh whole chicken price

6,500 SLL

8,400 SLL

12,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.29

$0.37

$0.53

The price range of a fresh whole chicken in Sierra Leone is between 6,500 SLL and 12,000 SLL depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 8,400 SLL.

Pack of beef price

7,600 SLL

11,000 SLL

23,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.34

$0.50

$1

The price of a regular pack of beef or meat is around 11,000 SLL. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

3,100 SLL

4,200 SLL

6,000 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.14

$0.19

$0.26

A bag of rice in Sierra Leone costs around 4,200 SLL on average with prices rangeing between 3,100 SLL and 6,000 SLL depending on the brand and quality.

Bag of tomatos price

1,100 SLL

1,500 SLL

2,900 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.05

$0.07

$0.13

A bag of tomatoes costs anywhere from 1,100 SLL to 2,900 SLL. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

2,000 SLL

2,700 SLL

4,400 SLL

MINIMUM

AVERAGE

MAXIMUM

$0.09

$0.12

$0.19

A bag of apples costs 2,700 SLL on average. A bag of apples denotes 1Kg or 1lb depending on location.

Grocery and food expenditure to income ratio

The average grocery-to-income ratio in Sierra Leone is around 28%. This means that students spend 28% of their income on grocery and basic household items. The expenditure can range from 20% to 34% depending on salary and location.

Expenditure on food and grocery for students