Stats: 3,187,268 members, 7,932,156 topics. Date: Monday, 26 August 2024 at 07:38 PM |
Nairaland Forum / Nairaland / General / Family / Family Finance (7015 Views)
3 Simple Steps To Save 500,000 Naira This Month! | Family Finance / February Family Finance:fast-money-solution Education, Engagements & Empowerment / Family Finance (2) (3) (4)
(1) (2) (3) (4) (Reply) (Go Down)
Family Finance by 77FOT: 5:25pm On Nov 15, 2017 |
Hello Fam, I feel something is wrong with my finances. Please what can I do differently. I have been living Pay-to-Pay Check. Please help review the family finance status outlined below. Monthly Income: 400k Monthly Expenses: (on family upkeep):250k Number of Kids: 4 (Ages: 7yrs, 5yrs, 3yrs and 7month) Residency :Port Harcourt Savings: less than 100k Investments: Nil Liabilities: 750k (being outstanding balance for 1 Plot of Land I am paying for) My colleagues who are on the same pay are living better off...(saving,investing,building houses) Our company drivers earn 50K and I wonder how the cope. I have considered side hustles such as: 1. Bought "KEKE" and give out as hire purchase. The driver did not fulfill his part of agreement. I sold off the KEKE after some squabbles. 2. Blogging (still researching) 3. FOREX Trading (researching...quite risky) 4. Mini Import (researching...I need help...a mentor) 5. Farming (gave money to a friend for cassava and maize cultivation in Oyo) awaiting returns 6. Produce marketing (Limited capital and time...my 8am to 5pm job won't permit ) 7. Investment in Treasury Bills(Limited Capital) The slim cash flow is putting a stain on my relationship. I feel spending 250k monthly is too much but my feels I am accusing her of spending carelessly. 3 Likes |
Re: Family Finance by pimpchi(m): 5:39pm On Nov 15, 2017 |
Clears throat |
Re: Family Finance by babythug(f): 7:08pm On Nov 15, 2017 |
Do you care to share the living expenses? Does your Mrs currently earn an income? What does your accommodation cost? What areas do you think costs can be cut? Do you have dependants? Social vices that cost money- drinking, hanging out, womanizing? Respond and we can take it from there 4 Likes |
Re: Family Finance by keepingmum: 7:46pm On Nov 15, 2017 |
Breakdown the 250k expenses cos thats quite high.... 3 Likes |
Re: Family Finance by 77FOT: 8:45am On Nov 16, 2017 |
I just can't continue like this. I appreciate the few responses. |
Re: Family Finance by 77FOT: 8:47am On Nov 16, 2017 |
babythug: Does your Mrs currently earn an income? _Mrs holds a MSC in Social Works. Job search has not yielded much results. She is currently NPOWER volunteer with 30K monthly. What does your accommodation cost? _ Accommodation is 400k per year. What areas do you think costs can be cut? _ Have been brain storming on this particular cost cutting thing Do you have dependants? Social vices that cost money- drinking, hanging out, womanizing? _No social vices. I have a weakness. I find it difficult to say no to other peoples' cry for financial assistance. 1 Like |
Re: Family Finance by 77FOT: 9:53am On Nov 16, 2017 |
keepingmum: Thanks. I don't have have all the details but I know the basic things: Raw food items (Plantain,Yam,Potatoes,Garri,Beans) =18,000 Soup/Stew Preparation (3,000 per week) = 12,000 Indomie noddles (2 cartoons per month) =5,400 Beverages and other groceries =10,000 Cooking Gas (12.5kg) =4,000 Baby Needs (NAN,Nutriend,Cerelac,Pampers and others =50,000 Fuel for Gen Set (4,500 per week) =18,000 Fuel for Car (4,000 per week) = 16,000 "Treated" Sachet Water =3,000 Total -------------------------------------------------------= 136,400 The above expenses are things I am aware of. I am see 113,600 unaccounted for. 1 Like |
Re: Family Finance by babythug(f): 10:01am On Nov 16, 2017 |
77FOT: Let's start from here for now. Please don't get me wrong I'm not asking you to live a poor quality of life just letting you know that you can live within your means and generally remain on top of your finances. You can decide to prioritize building your own home and use that as an "excuse" for pruning 4 Likes |
Re: Family Finance by dunasy(f): 10:22am On Nov 16, 2017 |
77FOT: Me thinks from your take home each month, first things first, remove 140k and keep. Work with the remaining as much as you can.....nothing would happen to you....your savings would just be fatter and you can keep up with some termly expenses when the need arises e.g school fees, house rent. When you do bulk purchases, you tend to save more. Note: this are personal things I have done that has worked for me....... Expect more responses that would help from people. All the best in your savings, 12 Likes |
Re: Family Finance by 77FOT: 11:16am On Nov 16, 2017 |
babythug: Thanks a bunch! Yes I transfer the 250k to her after receiving my salary. When were in Lagos our monthly expenses used to be between 150k and 170k. On your other suggestions, I am taking notes. I will implement them. |
Re: Family Finance by babythug(f): 11:18am On Nov 16, 2017 |
77FOT: Good luck 1 Like |
Re: Family Finance by 77FOT: 11:29am On Nov 16, 2017 |
dunasy: Thanks a lot. I am taking notes of your suggestions too. Mrs would only buy rice in bag which lasts up to 3 months. Every other food item is bought from retail markets on weekly basis. I have suggested some tips like buying from Weekly markets like ELEME Market but she claims its not convenient for her. I tried buying myself but these PH women have a way of cheating men. Bulk purchase (particularly for perishables will be difficult because of unreliable power supply in my neighborhood. |
Re: Family Finance by 77FOT: 11:29am On Nov 16, 2017 |
Re: Family Finance by Roseey0(f): 11:37am On Nov 16, 2017 |
Cut down on the fuel_ your family will get use to it over time. Do bulk purchase once every month or 3months Be involved with the buying of things_ am not saying you should start querying your wife o. But just be involved. You are not doing bad from my analysis Atleast you know your weakness_ cut down on financial assistance until atleast you find multiple source of income. Givers never lack. You need to save for emergencies. Set monies aside and leave it untouched for contingencies. And pls one last important one.... Stop comparing your life with your colleagues Just stay focused and plan for the future. The higher your kids grow the higher the expenses until they become independent and choose to give back. Once you can take care of your family and you all are happy and alive Leave accumulation of wealth of this world. All is Vanity .... It takes just a second to transit. One will start regretting why they were busy accumulating rather than putting smiles on theirr family's face. You have made attempt to invest, I know you are in the right track. Just stay focused and give it time. 13 Likes |
Re: Family Finance by jaychubi: 11:59am On Nov 16, 2017 |
250k for monthly expenses for a family of 6 is quite high. Saving and investment requires conscious efforts n delaying of some gratifications and can never happen on its own. What happens if ur company implements 50% salary reduction guess what u will still survive What happens if ur company gives u 100% salary increase, except u make effort to save n invest, guess what u will still squander everything. Create projects to force u to save n invest. Work towards trimming ur family monthly expenses to 180k. Go to village markets, buy some goods in bulk and always search for where to buy things @ the best price. PH is expensive so learn to shop at places u get good bargain. U transfer 250k to madam monthly haba buy somethings urself or better still u guys can make out time once monthly n go to d right market n shop. By d way inform madam dt u want to trim down ur monthly expenses to at most180k so u can clear d outstanding on d piece of land quicker so she can be supportive. 16 Likes |
Re: Family Finance by dunasy(f): 12:09pm On Nov 16, 2017 |
77FOT: This change is a process and you will see results with focus. 3 Likes |
Re: Family Finance by izaray(f): 12:17pm On Nov 16, 2017 |
My little suggestion though, if you kno you can't set a particular amount aside, from ur monthly salary for raining days. I will advice you enter into a monthly contribution with some of ur trusted colleagues. You can just be 10 in numbers, i.e from Jan- Sept every yr. Depend on wat you guys can afford or agreed on. This might help u alot. 6 Likes |
Re: Family Finance by FireRain: 1:46pm On Nov 16, 2017 |
[quote author=dunasy All the best in your savings,[/color][/quote] Very good and workable points madam,may God bless you. |
Re: Family Finance by janefarms2015: 2:10pm On Nov 16, 2017 |
Listen to the advice of babythug, and also stop sending mrs 250k monthly kilode? Dont be suprised she will be taking care of her families problems with part of that, send her 100k, she will know how to manage, how do you pay ur kids school fees? I may sound harsh but your wife is not prudent enough, what if your salary is 150k, wont all of you survive? My friend wake up before its too late 15 Likes |
Re: Family Finance by 77FOT: 2:54pm On Nov 16, 2017 |
Roseey0: Thanks a lot. I will work on the areas listed. Recently, I was forced to query my wife and even compare her with my mom who will travel far to periodic village markets to get good bargain for food items.......and that discussion did not end well ![]() ![]() On comparing my self with my colleagues.....Sincerely, I don't want all they have but I want to build a decent home for my family like some other have done. |
Re: Family Finance by Roseey0(f): 3:07pm On Nov 16, 2017 |
77FOT:You will pull thru Just be more involved. You seems to want her to do all that because you watched your mom mo same thing, but no two women are the same. You can teach her to manage over time. Give it time. 4 Likes |
Re: Family Finance by helovesme(f): 3:54pm On Nov 16, 2017 |
77FOT Are your kids not enrolled in any school? I cannot see school fees/childcare expenses in your expenses breakdown. Your biggest challenge is how to reduce the 250k you hand out to your wife every month. I doubt she would agree to a “cut” without a serious fight. I really doubt she spends that much a month on general family expenses (minus school fees). Why should she claim shopping at a particular market isn’t convenient for her? If items at that market are cheaper, why not choose a particular day and drive her there yourself, wait for her till she’s done with shopping and then bring her home. 4 kids with no investment or savings isn’t a good thing. You both need to sit down and have a serious heart to heart talk on your family expenses and how to get out of the financial hole you are in. Finally, do you two plan on having more babies? I honestly can’t understand why a woman with very little income to support her husband will agree to have 4 kids in this current economic climate. I see how much very good schools are charging per term and how much it costs to send a child to a private university or even overseas to study . . . . Your kids future education wise should be your priority now and you need to start planning towards it ASAP. 8 Likes |
Re: Family Finance by keepingmum: 4:04pm On Nov 16, 2017 |
Great... tell madam they have started deducting ur salary and for that reason, you ll need to buckle up....pay 120k to her acc and then 3wks later, pay anothet 30k......save the other 100k Lock up for everybody elze because you ll keep solving problems for the same people whom in 5years will turnaround and mock you for DOING NOTHING FOR THEM and having no assets despite having a good job Madam will hoff and poff but eventually calmdown......dobt upgrade ur car or gen....and pls take a break on kids 5 Likes |
Re: Family Finance by serenegroup(m): 4:24pm On Nov 16, 2017 |
Bros I must commend the fact that you now realise that you have a big problem at hand. 400k is a good salary for investment and living comfortably. But think of what will happen to you now if without warning you are relieved of your job. 1. pls cut down as fast as you can the 250k you give your wife, and follow the advice of those above me that says you should chauffeur your wife to village market to get good bargains. my dad did transport my mum to distant markets and it was very advantageous financially, people say give her 180, me I say give her 150k. you should settle your debt on your land as quick as possible. 2 download any personal finance app that can guide you in how you can track your daily and monthly expenses. I use it and its helpful. 3. start reading books about money management it will be of tremendous benefit I don't normally do this but I will recommend rich dad poor dad for you, it will help you from preventing your finances from careening off the cliff 4. make it a point of duty to gradually cut down on your wants and prioritise family needs. savings and investment must be 40 percent of your income. live on the rest heaven will not fall. learn big brother learn. I wish you good luck brother 5. Learn to say NO to all demands from people that comes cap in hand begging for money. explain to them that you have a project that's consuming much of your income. 5 Likes 1 Share |
Re: Family Finance by Noloss(f): 4:26pm On Nov 16, 2017 |
What I will suggest is that you start monthly contribution with some trusted people in your office or join a cooperative and take upfront loan. When you take the money, complete your land payment and start doing something on it. Saving money may not work with the type of wife u have. But when u have financial commttiment/loan to service everybody will adjust by force. I pray you will not learn in a hard way. Most people working with Federal Government doesn't earn half your salary and they are doing fyn. Strive hard to have ur own house before your kids fees get skyerocketed. 8 Likes |
Re: Family Finance by serenegroup(m): 4:34pm On Nov 16, 2017 |
Noloss:that's true most people that works for the federal government don't earn that but they built houses and had investments. my dad in particular. he was paid half of what op earns and he built many houses. 2 Likes |
Re: Family Finance by Noloss(f): 4:44pm On Nov 16, 2017 |
One of the problem we have is what people will say about us. It is not everyone that have the audacity to ignore peoples opinion or gossip about them..Federal government use the same payroll to all staff of the same level irrespective of the state you are. quote author=serenegroup post=62437316] that's true most people that works for the federal government don't earn that but they built houses and had investments. my dad in particular. he was paid half of what op earns and he built many houses.[/quote] 1 Like 1 Share |
Re: Family Finance by 77FOT: 5:40pm On Nov 16, 2017 |
helovesme: Thanks a lot School fees and rent not included in the 250k. I will get more involved just as you and other great people have suggested. Next month, I would drive her to the market to encourage her and see how much difference we can make. We have agreed on No more babies. 6 Likes |
Re: Family Finance by 77FOT: 5:49pm On Nov 16, 2017 |
keepingmum: Thanks a lot. She claims life in PH is more expensive than LAG..... I think one of the mistake I made was to reveal how much I earn just after I got this job. You a right on your assertion on the many people calling me for financial help. My mother and my mother-in-law has said the same thing. They got know I don't turn down cry for financial help from my wife. There are no two ways I must take a stand and make adjustments before its too late. 7 Likes |
Re: Family Finance by 77FOT: 5:52pm On Nov 16, 2017 |
serenegroup: Thanks a lot! Thanks for the wonderful tips! |
Re: Family Finance by 77FOT: 5:58pm On Nov 16, 2017 |
Noloss: Thanks a lot. No upfront loan opportunity in my place of work. The contribution option is very helpful. That was how I saved to buy my car. I will look around for colleagues who are interested. 1 Like |
Re: Family Finance by Nobody: 6:36pm On Nov 16, 2017 |
Bear d consequences. See as u born pikin plenty |
Men Should Stop Sucking Their Wife’s Breast, It’s For Babies – Daily Post. / Great Thoughts By Great Men About Marriage / 5 Effects Of Transferred Aggression
Viewing this topic: 1 guest(s)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 1 |