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Family ; How Do You Balance Accounts? by Nobody: 3:06pm On Jan 07, 2015
Times are becoming very hard, some workers experiencing salary delays, business people being owed by Government offices and individuals.
In the midst of all these how do you stay afloat and plan for the future ( savings, fees, rent, housing projects etc)

1. How do you handle bills? Monthly bills like light, water, generator, baby needs ( if you have a little baby).

2. Are you able to keep some stash away?

3. How do you reduce cost? Do you buy in bulk? Buy and share?

4. How do you save for projects or annual expenditure like rent, save towards building a house and childrens fees?

5. Are you registered with NHIS? This saves medical expenses a lot or do you just pay cash when there is a medical emergency?

6. How do you handle extended family demands and expectations?

Do you operate a single or double income household.

The reason for this post is to help younger ones coming into marriage understand the reality of marriage beyond the glitz and glamour

2 Likes

Re: Family ; How Do You Balance Accounts? by emmyw(m): 3:12pm On Jan 07, 2015
Interesting
Re: Family ; How Do You Balance Accounts? by blank(f): 3:25pm On Jan 07, 2015
Would have loved to contribute but our method is a little unorthodox and i have received plenty bashing from people for it so i just kinda keep it to myself.
Re: Family ; How Do You Balance Accounts? by Nobody: 3:39pm On Jan 07, 2015
following
Re: Family ; How Do You Balance Accounts? by Nobody: 3:39pm On Jan 07, 2015
blank:
Would have loved to contribute but our method is a little unorthodox and i have received plenty bashing from people for it so i just kinda keep it to myself.

Awww so sorry about that.
Re: Family ; How Do You Balance Accounts? by elantraceey(f): 3:42pm On Jan 07, 2015
blank:
Would have loved to contribute but our method is a little unorthodox and i have received plenty bashing from people for it so i just kinda keep it to myself.

You can still say it not withstanding , there are people who could learn from it smiley
Re: Family ; How Do You Balance Accounts? by jaybee3(m): 3:42pm On Jan 07, 2015
Simply earn more or have multiple income stream

1 Like

Re: Family ; How Do You Balance Accounts? by duperola(f): 4:15pm On Jan 07, 2015
we keep seperate accts.he pays 4 aox,sch fee&food 70% of d time.i just take care of myslf&family-i hv 3 brothers in sch.emergencies we treat as they come!
Re: Family ; How Do You Balance Accounts? by iykedare(m): 4:39pm On Jan 07, 2015
jaybee3:
Simply earn more or have multiple income stream


Yeah. That's it. Having multiple ways through which money is made is the key. I guess married people with kids have a lot to spend on so they need uninterrupted money flow. Even as a bachelor, I have my work and a business that gets me money. I won't die of hypertension if I'm out of work. It shouldn't be all about spend, spend and spend like most Nigerians are known for but investing in profitable ventures.

If you have healthy source of income, your no 1,3,4,6 is taken care of and you don't have to wait for the delayed salary before you can live your normal life.

1 Like

Re: Family ; How Do You Balance Accounts? by jaybee3(m): 4:43pm On Jan 07, 2015
iykedare:


Yeah. That's it. Having multiple ways through which money is made is the key. I guess married people with kids have a lot to spend on so they never uninterrupted money flow. Even as a bachelor, I have my work and a business that gets me money. I won't die of hypertension if I'm out of work. It shouldn't be all about spend, spend and spend like most Nigerians are known for but investing in profitable ventures.
What people conveniently ignore is wage isn't necessairly going to increase on par with inflation.
Bills/expenditures will always rise and families without good efficient financial plan will continue to struggle

It's simply the same everywhere
Re: Family ; How Do You Balance Accounts? by Nobody: 5:14pm On Jan 07, 2015
duperola:
we keep seperate accts.he pays 4 aox,sch fee&food 70% of d time.i just take care of myslf&family-i hv 3 brothers in sch.emergencies we treat as they come!

Thanks for sharing.

Jaybee the salary thing was just an example. Even with multiple sources of income surely there is a way you keep and balance your spendings as a family or do you just spend as it comes?
Re: Family ; How Do You Balance Accounts? by Nobody: 5:14pm On Jan 07, 2015
smiley smiley
Re: Family ; How Do You Balance Accounts? by Nobody: 5:15pm On Jan 07, 2015
A very much needed topic.

Following. smiley
Re: Family ; How Do You Balance Accounts? by Odunharry(m): 5:20pm On Jan 07, 2015
following
Re: Family ; How Do You Balance Accounts? by Nobody: 5:22pm On Jan 07, 2015
At least one of you needs to be a Mr or Mrs Excel.
Re: Family ; How Do You Balance Accounts? by blank(f): 5:26pm On Jan 07, 2015
Here goes. The key was to have absolute trust. grin First of all, we have a joint account and then we have individual accounts whilst still being signatories to each others account. Thus, anyone can transfer or withdraw from any account. We started this from when we started dating so we kinda had a rhythm by the time we were getting married. He prepares the annual budget while i do the monthly budget and try to make sure it is adhered to.

aisha2:
Times are becoming very hard, some workers experiencing salary delays, business people being owed by Government offices and individuals.
In the midst of all these how do you stay afloat and plan for the future ( savings, fees, rent, housing projects etc)
1. How do you handle bills? Monthly bills like light, water, generator, baby needs ( if you have a little baby). Anyone that has money in his/her account pays. If i am near the NEPA pay point, i can pay. If fuel is almost finished, anyone can go out with the jerrycan and buy. However, i noticed he does most of the heavy lifting especially as he earns more than i do.
2. Are you able to keep some stash away? I tend to allow him pay for most of the household expenses so i put a major part of my savings in our joint account.
3. How do you reduce cost? Do you buy in bulk? Buy and share? I buy in bulk, buy from online sites after comparing prices. I recently want to start buying a goat and sharing with my cousin but still feeling each other out.
4. How do you save for projects or annual expenditure like rent, save towards building a house and childrens fees? The joint account has our major savings. It is what we are using for our housing project. School fees and house rent come out of our monthly salary and limited savings in that month. We pay rent half yearly so its easy and it doesn't fall due around the same time.
5. Are you registered with NHIS? This saves medical expenses a lot or do you just pay cash when there is a medical emergency? W[b]e are both registered with HMOs in our offices so no problem there.[/b]
6. How do you handle extended family demands and expectations? This is the tricky part. Left to my husband, all our money will go towards this but he trusts my judgement. Thus, we discuss any payment we want to make. It can be as little as how much we give as offerings, a colleague is getting married, do i loan this person money, etc. It is not always perfect cos i tend to nag a lot when we don't hit our my savings threshold.
Do you operate a single or double income household. Double income
The reason for this post is to help younger ones coming into marriage understand the reality of marriage beyond the glitz and glamour

For the parts you didn't mention, I ensure he spends at least 10% of his monthly income on himself. If not he can wear rags just so that he can have something to give out. And you know for his position, he needs to maintain some semblance of affluence. As for me, he buys me stuff cos i find it hard buying expensive things for myself. I remember as a student, the most expensive shoe i had was the one he bought for me. I used to save my spending money to buy now useless shares.

For my kids, i do most of the buying for them cos he is just out of his league on that one and also foodstuff. Also, i ensure I pay the nanny myself so that they know i am their employer, lol. Importantly, if any request for assistance is to be paid, it is usually from the other spouse's account just a way of us letting you know that the person is aware. This is to avoid people sneaking around thinking they are playing on someone's intelligence. The badside of that is that if someone is not given, they tend to think it cos of the other spouse.

We have people we support monthly and that comes out of my account. Don't know why we just defaulted to this but it is what it is. Hope i didn't bore anyone.

6 Likes

Re: Family ; How Do You Balance Accounts? by coogar: 5:27pm On Jan 07, 2015
blank:
Would have loved to contribute but our method is a little unorthodox and i have received plenty bashing from people for it so i just kinda keep it to myself.

what is unorthodox about saving & spending?
Re: Family ; How Do You Balance Accounts? by blank(f): 5:29pm On Jan 07, 2015
coogar:


what is unorthodox about saving & spending?

I have put it there. What do you think?

You can imagine the nightmare of filling out UK visitor's form where they ask all those their specific questions that has no answer.
Re: Family ; How Do You Balance Accounts? by Nobody: 5:37pm On Jan 07, 2015
iykedare:


Yeah. That's it. Having multiple ways through which money is made is the key. I guess married people with kids have a lot to spend on so they never uninterrupted money flow. Even as a bachelor, I have my work and a business that gets me money. I won't die of hypertension if I'm out of work. It shouldn't be all about spend, spend and spend like most Nigerians are known for but investing in profitable ventures.

If you have healthy source of income, your no 1,3,4,6 is taken care of and you don't have to wait for the delayed salary before you can live your normal life.

It really is.

I'm recently married and my husband and I entered 'newlyweddom' with a new mortgage, his new job and now his constant need to be absolutely sure I'm not pregnant and not planning to be just yet. His fear for the inability to provide for his kids is real, but I love him too much to ever deceive him into pregnancy, despite what his own mother advises me grin. We're currently using a spare room for individual 'side projects' and praying they meet some degree of success smiley. Families cannot afford to rest on single-payday laurels. The world has gotten harsher, but you needn't be caught out. Plan for success, expose yourself to opportunity, know that you're good enough as the next (wo)man, but always remain humble.

But we are still learning, and always will be! smiley

2 Likes

Re: Family ; How Do You Balance Accounts? by Nobody: 5:37pm On Jan 07, 2015
chaircover:
At least one of you needs to be a Mr or Mrs Excel.

Lol that's me Mrs Excel lol.

blank:
Here goes. The key was to have absolute trust. grin First of all, we have a joint account and then we have individual accounts whilst still being signatories to each others account. Thus, anyone can transfer or withdraw from any account. We started this from when we started dating so we kinda had a rhythm by the time we were getting married. He prepares the annual budget while i do the monthly budget and try to make sure it is adhered to.
For the parts you didn't mention, I ensure he spends at least 10% of his monthly income on himself. If not he can wear rags just so that he can have something to give out. And you know for his position, he needs to maintain some semblance of affluence. As for me, he buys me stuff cos i find it hard buying expensive things for myself. I remember as a student, the most expensive shoe i had was the one he bought for me. I used to save my spending money to buy now useless shares.
For my kids, i do most of the buying for them cos he is just out of his league on that one and also foodstuff. Also, i ensure I pay the nanny myself so that they know i am their employer, lol. Importantly, if any request for assistance is to be paid, it is usually from the other spouse's account just a way of us letting you know that the person is aware. This is to avoid people sneaking around thinking they are playing on someone's intelligence. The badside of that is that if someone is not given, they tend to think it cos of the other spouse.
We have people we support monthly and that comes out of my account. Don't know why we just defaulted to this but it is what it is. Hope i didn't bore anyone.

Wow, lovely almost the same method.
I am a financial Hitler while he is more liberal. If I go shopping with a budget of 20k I come back with 5k I wi bargain your head off. If you ask him to pick up eggs he will come back with 10 bags of groceries, when he gets to the shop he will remember the dog needs a new leach, car decorations, table mats different things we may not need immediately lol.

4 Likes

Re: Family ; How Do You Balance Accounts? by cococandy(f): 5:37pm On Jan 07, 2015
Not boring at all.

blank:
Here goes. The key was to have absolute trust. grin First of all, we have a joint account and then we have individual accounts whilst still being signatories to each others account. Thus, anyone can transfer or withdraw from any account. We started this from when we started dating so we kinda had a rhythm by the time we were getting married. He prepares the annual budget while i do the monthly budget and try to make sure it is adhered to.



For the parts you didn't mention, I ensure he spends at least 10% of his monthly income on himself. If not he can wear rags just so that he can have something to give out. And you know for his position, he needs to maintain some semblance of affluence. As for me, he buys me stuff cos i find it hard buying expensive things for myself. I remember as a student, the most expensive shoe i had was the one he bought for me. I used to save my spending money to buy now useless shares.

For my kids, i do most of the buying for them cos he is just out of his league on that one and also foodstuff. Also, i ensure I pay the nanny myself so that they know i am their employer, lol. Importantly, if any request for assistance is to be paid, it is usually from the other spouse's account just a way of us letting you know that the person is aware. This is to avoid people sneaking around thinking they are playing on someone's intelligence. The badside of that is that if someone is not given, they tend to think it cos of the other spouse.

We have people we support monthly and that comes out of my account. Don't know why we just defaulted to this but it is what it is. Hope i didn't bore anyone.
Re: Family ; How Do You Balance Accounts? by TV01(m): 5:47pm On Jan 07, 2015
HNY Aisha,

We basically do KISS grin. We spend all my income, we then start on my wife's income. Anything left over, she saves.

aisha2:
Times are becoming very hard, some workers experiencing salary delays, business people being owed by Government offices and individuals.
In the midst of all these how do you stay afloat and plan for the future ( savings, fees, rent, housing projects etc)

1. How do you handle bills? Monthly bills like light, water, generator, baby needs ( if you have a little baby).

2. Are you able to keep some stash away?

3. How do you reduce cost? Do you buy in bulk? Buy and share?

4. How do you save for projects or annual expenditure like rent, save towards building a house and childrens fees?

5. Are you registered with NHIS? This saves medical expenses a lot or do you just pay cash when there is a medical emergency?

6. How do you handle extended family demands and expectations?

Do you operate a single or double income household.

The reason for this post is to help younger ones coming into marriage understand the reality of marriage beyond the glitz and glamour

But to answer you questiosn in turn

1. My wife pays household bills and pays for the majority of our foodstuffs (old school word cheesy). Wifey also sorts out childrens basics. I pay for nursery fees.

2. Per KISS. I also overpay the mortgage every month - and we could draw that back if required.

3. We buy in bulk, but so not share. Have heard the idea floated and know some who di it though. Wifey is ace on the internet and seaches for the best deals on everything. I make sure to question and prove a shortlist of her proposals.

4. We don't save for projects per se; we save andf then see what we can do in the short, medium and long terms. We also prioritise and park some that are currently out of reach as we look for ways to transform our income.

5. We rely on the UK NHS and I have healthcare from work. We practice primary/preventative healthcare, but most of all trust God. I'm so pious cheesy!

6. Together. We literally have a policy, but consider each instance individually. Thankfully we don;t have to much of a burden here. We also co-ordinate our charitable giving.

It's a labour of loff.

TV

1 Like 1 Share

Re: Family ; How Do You Balance Accounts? by Nobody: 5:51pm On Jan 07, 2015
TV01:
HNY Aisha,
We basically do KISS grin. We spend all my income, we then start on my wife's income. Anything left over, she saves.
But to answer you questiosn in turn
1. My wife pays household bills and pays for the majority of our foodstuffs (old school word cheesy). Wifey also sorts out childrens basics. I pay for nursery fees.
2. Per KISS. I also overpay the mortgage every month - and we could draw that back if required.
3. We buy in bulk, but so not share. Have heard the idea floated and know some who di it though. Wifey is ace on the internet and seaches for the best deals on everything. I make sure to question and prove a shortlist of her proposals.
4. We don't save for projects per se; we save andf then see what we can do in the short, medium and long terms. We also prioritise and park some that are currently out of reach as we look for ways to transform our income.
5. We rely on the UK NHS and I have healthcare from work. We practice primary/preventative healthcare, but most of all trust God. I'm so pious cheesy!
6. Together. We literally have a policy, but consider each instance individually. Thankfully we don;t have to much of a burden here. We also co-ordinate our charitable giving.
It's a labour of loff.
TV

Very educative thank you.
As for charity, what we do is agree on the sum we can both spend then individually decide what to do with our respective sums.
Re: Family ; How Do You Balance Accounts? by coogar: 6:42pm On Jan 07, 2015
blank:


I have put it there. What do you think?

You can imagine the nightmare of filling out UK visitor's form where they ask all those their specific questions that has no answer.

grin cheesy grin
Re: Family ; How Do You Balance Accounts? by Ewuro4: 6:46pm On Jan 07, 2015
Blank that was refreshing. Thanks for sharing. smiley
Re: Family ; How Do You Balance Accounts? by MightyFortress: 10:29pm On Jan 07, 2015
Interesting thread.
Re: Family ; How Do You Balance Accounts? by ifyalways(f): 10:35pm On Jan 07, 2015
Life is too short to be spent on money mathematics ---- my motto. cheesy

I solve Lagos street maths to make money I go still come solve algebra on how to spend it? Not me!

I save, invest and spend. Fortunately, my oga has all the grace for family excel bullshit grin. School fees, utility bills, extended family, house care : we have a joint account that deals with that. Charity, personal stuff, : we do personally.

^^^^This works perfectly for Ify. cool

1 Like

Re: Family ; How Do You Balance Accounts? by Bloomingbud(f): 8:07am On Jan 08, 2015
blank:
Here goes. The key was to have absolute trust. grin First of all, we have a joint account and then we have individual accounts whilst still being signatories to each others account. Thus, anyone can transfer or withdraw from any account. We started this from when we started dating so we kinda had a rhythm by the time we were getting married. He prepares the annual budget while i do the monthly budget and try to make sure it is adhered to.



For the parts you didn't mention, I ensure he spends at least 10% of his monthly income on himself. If not he can wear rags just so that he can have something to give out. And you know for his position, he needs to maintain some semblance of affluence. As for me, he buys me stuff cos i find it hard buying expensive things for myself. I remember as a student, the most expensive shoe i had was the one he bought for me. I used to save my spending money to buy now useless shares.

For my kids, i do most of the buying for them cos he is just out of his league on that one and also foodstuff. Also, i ensure I pay the nanny myself so that they know i am their employer, lol. Importantly, if any request for assistance is to be paid, it is usually from the other spouse's account just a way of us letting you know that the person is aware. This is to avoid people sneaking around thinking they are playing on someone's intelligence. The badside of that is that if someone is not given, they tend to think it cos of the other spouse.

We have people we support monthly and that comes out of my account. Don't know why we just defaulted to this but it is what it is. Hope i didn't bore anyone.

This is quiet educating. Thanks Blank.
Re: Family ; How Do You Balance Accounts? by bluedaze(f): 8:20am On Jan 08, 2015
yes i have a stash, and i do it quite simply, i save first , then spend what is left after saving.
Re: Family ; How Do You Balance Accounts? by Chillis: 8:40am On Jan 08, 2015
Na wah o. What of we wey dey earn 25 thousand naira ?
We no go marry again ni undecided

Aisha2 this thread na for bigi bigi people ni?

Wey those ones wey marry when they were not buoyant, pls come and share how you survived and made it big. smiley

3 Likes

Re: Family ; How Do You Balance Accounts? by Nobody: 8:46am On Jan 08, 2015
I guess the most important thing is for the couple to be on the same page and have the same aspirations, plans and outlook towards the future otherwise one partner will be spending lavishly and the other partner will have to keep on fire fighting.
Re: Family ; How Do You Balance Accounts? by Nobody: 8:49am On Jan 08, 2015
Chillis:
Na wah o. What of we wey dey earn 25 thousand naira ?
We no go marry again ni undecided

Aisha2 this thread na for bigi bigi people ni?

Wey those ones wey marry when they were not buoyant, pls come and share how you survived and made it big. smiley



We cut our coat according to our ankara ni grin
Bought in bulk, looked for bargains and did other things to bring money in
I sold stuff on Ebay and learnt how to decorate venues for extra money
When our kitchen needed doing, we just changed the worktop and the cupboard doors & not ripping the whole kitchen out.
We did our own house painting
Watched the types of shops we purchased from
Bus instead of taxi
. . you know, things like that smiley

1 Like

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