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|How To Manage Having A Single Income by Opinionated: 12:19pm On Oct 27|
Let’s face it, a lot of families in Nigeria depend on one source of income which is usually from the husband. And a lot must at one point or the other deal with living on one stream of income due to various reasons which may include the wife quitting her job to take care of the kids, unexpected loss of job from either of the couple, or the decision to start a new career path which might require taking some academic courses to be qualified. However, the case may be, the first few months of depending on one source of income would be the longest and the toughest if you are not prepared for it.
You might not need this now, but whenever this becomes inevitable, you would need to prepare well ahead for those months of depending on one source of income and below are some guidelines to get started.
Update your budget
This seems obvious, but many people still don’t have a budget. Without a budget in place, it’ll be near impossible to keep things on track. The first thing you would need to do is to update your budget based on the new income. For instance, if you have been budgeting on a joint income of N600, 000 and you would need to live on a single income of N400,000, you would need to also cut your budget to accommodate just the things the new income can afford. You can no longer live a N600, 000 lifestyle on a N400,000 income, it just won’t work.
When setting your budget, you have to be ruthless. Focus on your fixed needs, and cut off the things you do not need. This is the time to stop hanging out regularly and paying the bills for the tight G’s. Even if you can afford it, you would still need to cut some if not all of the extra splurges off because you are not quite certain of how long you might need to live on one source of income. To make this work more effectively, assume you have no savings (that’s if you had one before) because, at this point, your savings automatically becomes your emergency fund. If you had no savings before, well, you would have to start one now. Though it would not be as much, it’s still something.
Become a DIY Pro
The truth is, some of the things you are quick to call a repairman for are things you can do yourself. You can tighten the pipe to the kitchen zinc when it becomes loose and also fix the blocked drainage in the bathroom without calling the plumber, all you need is a plunger. And not only that, you can make your own smoothie or coffee without paying too much for just a cup when you can have a jug in the refrigerator. Moreover, since one person would be home more, you can go to the market and get the foodstuff and other things yourself. This also means you would be doing the cooking yourself, instead of eating out every day, and we all know eating out in Nigeria especially in Lagos is quite affordable, but not cheap. Therefore, for those minor things that cost extra Naira here and there, do it yourself. But this does not mean you should try the things that require a professional. Call a professional when you are certain you cannot do it yourself.
Start a hustle
If you are the one staying back for maternity reasons, academic reason or whatever reason, you should pick up a side hustle. Start with a hobby or something small that does not require your physical presence. It’s easier now with social media. You can sell something online. Get a supplier, get pictures of the items, and post it online. When you get an order, get a delivery agent to pick up from your supplier and deliver directly to your customer. Not bad right? And you necessarily don’t have to do so much.
Finally, there’s no doubt that dealing with a single income can be tough. You may be forced to make tough decisions, but if you prioritize things and have open discussions with your partner, things will hopefully be easier to manage, but if the needs become overwhelming, seek help fast from a financial institution close to you to ease the stress financially.
Source: How to Manage Having a Single Income
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|Re: How To Manage Having A Single Income by Fierce11: 12:49pm On Oct 27|
I like what you wrote, but your opinion is definitely not for a common family man earning the pathetic 18000 naira minimum wage. Those ones can't afford to even create a budget.
|Re: How To Manage Having A Single Income by Opinionated: 3:10pm On Oct 27|
They can actually, if you are going to spend the money, you might as well plan how you will spend it, that's part of budgeting.
|Re: How To Manage Having A Single Income by Samsimple(m): 9:35pm On Dec 05|
don't get married to a woman, don't even have a girlfriend at all
|Re: How To Manage Having A Single Income by TomiCute(m): 9:38pm On Dec 05|
|Re: How To Manage Having A Single Income by phorget(m): 9:43pm On Dec 05|
Chai! What about us that has no income at all at all, how do we budget on our "incomeless" ?
|Re: How To Manage Having A Single Income by okoliobinna84(m): 9:43pm On Dec 05|
Talk is cheap but the reality on ground is the real deal.
I regret voting for a man who promised to reduce fuel pump price but increased it.*
I regret voting for a man who promised not to pay fuel subsidy but paid the most*
I regret voting for a man who promised to convert presidential fleet to national carrier but later fleeced Nigeria in the name of a new national carrier*
I regret voting for the man who promised to provide 3 million Jobs annually but instead destroyed 12 million Jobs in 3 years according to the NBS.*
I regret voting for the man who promised to scrap first lady office but appointed 11 aides for the First Lady*
I regret voting for the man who promised Nigeria economic prosperity but made Nigeria the poverty capital of the world.*
I regret voting for the man who promised to fight corruption but reinstated and promoted the sacked pension fund thief; Abdurrasheed Maina.*
I regret voting for the man who won his election on 'integrity' slate but harbours a certificate forger, grass cutter, and more in his cabinet*.
I regret voting for the man who thinks foreign rice is not good for Nigerians but foreign hospitals are good for him.*
I regret voting for the man who can't provides his credentials.*I say No to Buhari in 2019.*
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|Re: How To Manage Having A Single Income by iammarvellux(m): 9:45pm On Dec 05|
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|Re: How To Manage Having A Single Income by Gosj01(m): 9:48pm On Dec 05|
As of today even two sources of income is suicidal.
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|Re: How To Manage Having A Single Income by dingbang(m): 9:55pm On Dec 05|
Dont have a girlfriend!
|Re: How To Manage Having A Single Income by Harlaan007(m): 9:56pm On Dec 05|
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|Re: How To Manage Having A Single Income by lamalwhi4u(m): 9:57pm On Dec 05|
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|Re: How To Manage Having A Single Income by iammarvellux(m): 10:07pm On Dec 05|
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|Re: How To Manage Having A Single Income by somehow: 10:27pm On Dec 05|
NO BODY earns #18k as a civil servant in Nigeria! #18K is the basic salary for the least qualified/ranked civil servant, they have other perks attached to the salary! Let's be aware (Not like #18k/month is okay o)
|Re: How To Manage Having A Single Income by pstjoga: 11:34pm On Dec 05|
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|Re: How To Manage Having A Single Income by emperorblog21(m): 6:22am On Dec 06|
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|Re: How To Manage Having A Single Income by incomeboostng: 11:50am On Dec 06|
And anyone in a single income shoe should create a plan and take steps to establishing a second source of income and consequently multiple streams in the future.
In other news, there is an opportunity on my signature.
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