babythug:
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

keepingmum:
Breakdown the 250k expenses cos thats quite high....

77FOT:


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 I deduce is that you hand the 250k to her monthly? If this is so, she can't be earning 30k and using 250k on living expenses!

Between both of you ie after a meeting agree to reduce it to 125,000( for starters).



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

Some things I can immediately suggest are if you eat two pieces of meat reduce to one, if you buy imported food items change to local brands or cheaper alternatives, children can take pap in the mornings as opposed to forge in cereals! They will survive! Do not buy any clothes for the next six months, repair, fix, amend and find a way to make the ones you have last for now! Do you use dry cleaners? May be cheaper to get a wash man! Do you drive daily to work? Can you begin to car pool with friends or neighbours? Can you take bus?

Think far and wide there will always be things to prune off for now

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.

Peg the monthly amount for assistance at 20,000 for now. Don't exceed no matter Who's dying!

77FOT:


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

How about you do your food purchase in bulk? I am sure Rice is included and purchased as a bag...same as Vegetable oil/Palmoil in say 10litres. A bag can cover you for 3 months @most depending on how much of rice you eat


Soup/Stew Preparation (3,000 per week) = 12,000

There are meat sharing companies now and you can buy in portions ...all you have to do is freeze and if for variety purposes buy a small portion of meat, half carton of turkey/chicken and half carton of your preferred fish,buy pepper in lots ( also maximise the times when pepper is in surplus) boil and freeze......onions can also be purchased in lots...all Mrs has to do is air occasionally even if its when she has time.

Indomie noddles (2 cartoons per month) =5,400



Beverages and other groceries =10,000

This also is monthly I presume and can be bought from stores that sell in dozens or cartons as the case may be, also for snacks to school for the children ( can be purchased in cartons if you don't do that already e.g fan-yo drink, maltina sip-it etc.... You just span it out for the month and it's your choice if you want them to take to school everyday/some days in the week).

You are mobile, so you can shop with ease and take Mrs off the stress of transportation if she doesn't drive

Cooking Gas (12.5kg) =4,000

Baby Needs (NAN,Nutriend,Cerelac,Pampers and others =50,000

You might not be able to buy baby food in bulk as baby might change preference in food... Diaper can be bought from distributors and since it has sizing...you can buy the one with about 80 or more per pack( a pack and half should do for a month (though this is dependent on how much diaper baby uses per day)and I guess price is about 5-6k depending on the quality)

Fuel for Gen Set (4,500 per week) =18,000

Now this is a lot......is power supply erratic? Are you always home , hence gen runs continuously... why don't you get a small inverter/ laptop power bank( I sell ooo) as the case may be to meet deadlines and all

Fuel for Car (4,000 per week) = 16,000

"Treated" Sachet Water =3,000



[b]Total -------------------------------------------------------= 136,400

The above expenses are things I am aware of.

I am see unaccounted for.

babythug:


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

77FOT:



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.

dunasy:



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,

babythug:


Good luck

77FOT:


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. Ask her how she would need your help based on conveniency, so you can work with her schedule.

I tried buying myself but these PH women have a way of cheating men. Don't buy yourself, you might not have strong bargaining power moreso, not to create a notion of un-appreciation to Mrs

Bulk purchase (particularly for perishables will be difficult because of unreliable power supply in my neighborhood. OK ....... You can still do weekly since you run generator and can power your freezer concurrently.

On a saner note.....you can equally freeze some water in ice block nylon( 3/4) so when your gen is switched off, the ice still keeps working, PHCN can be unreliable sometimes.

Roseey0:
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.

77FOT:


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.

Noloss:
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.

helovesme:
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.

keepingmum:
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

serenegroup:
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.

Noloss:
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.