Warfibabe:
hello i am using pure it Unilever. very good. but i bought mine 20k in Warri.

helovesme:


You’ve done really well so far.

Remember to stay focused.

That said, investment/savings nko? What have you done with the extra cash (no matter how small ) that you’ve managed to save this month ?


Do not leave idle cash in your bank account as it’s easy to fall into the temptation of spending it. Get your spare funds locked up in an investment product pending when you decide what you want to do with the bulk funds.

I mentioned the MM Fund. Have you thought about it ?

DonBobes:


My wife drew my attention to dis ur topic n plights. M afraid I have somethings to discuss wit u concerning DISCIPLINE etc. u need it but i am not forcing u to hear me out. I reiterate U NEED IT.
I have an account on Facebook QUEEN TANYA or TANYA QUEEN. I will commit myself to u for two days because i am a busy man. Its not by force I still reitorate.

You should send me TEXT TO START. I SAT DOWN TO LIST OUT MY POINTS TO DISCUSS WIT U. U need it

DonBobes:



My wife drew my attention to dis ur topic n plights. M afraid I have somethings to discuss wit u concerning DISCIPLINE etc. u need it but i am not forcing u to hear me out. I reiterate U NEED IT.
I have an account on Facebook QUEEN TANYA or TANYA QUEEN. I will commit myself to u for two days because i am a busy man. Its not by force I still reitorate.

You should send me TEXT TO START. I SAT DOWN TO LIST OUT MY POINTS TO DISCUSS WIT U. U need it

Agbaletu:

You need to check and ask people, there must be a market that is closer to you to get cheap food stuff. Coming to Mbiama to get this few items does not worth the risk.

Pls, have they fixed the E-W road in Mbiama section?

babythug:
I'm so excited to read these updates! God be with you and your family

FireRain:
Weldon sir and I pray that 2018 will be a productive year for your family,regards to Mrs and d kids,all d best.

oluplus:
Op, if you ask me, you are not doing bad, though there's room for improvement. For you to have realized issues around your finances means you are prudent financially. Nigerian economy is bad and things are generally expensive.
My advise: try to get inverter and do away with weekly generator fuel money. It pays in the long run.
You may also consider subsistence farming, if you have the opportunity. I did that this year with rented 5 plots of lands and am happy with the produce. I will definitely not buy some food stuff throughout next year.
Finally, take the advise on contribution seriously. Alternatively, do a voluntary contribution to your PFA account. You will get it back with accumulated interest.
Pls don't querry madam again. Just work closely with her.

adedelight:
Do you live in an highbrow area in PortHarcourt that make the cost of living o be that expensive.I guess your wife was raised in affluence and she wants it to continue like that.If you cannot do something tangible with 400k,you will not do anything with a million naira.

I stay in PH too with about half of your salary and I have a house of my own courtesy of God and my prudent wife.Talk to your wife and save for the raining day.

If need be we can meet and have talk together.

FireRain:

Well done to everyone Mam babythug,helovesme.dunasy.coldplay.Uju..everybody..you have made valid points infact am learning too,may God bless your lives,Oga 77FOT,may God made it easy for u and ur wife,honestly d economy is not helping but there are millions out there living faarrrrrrr below yours and coping well,all the best sir.

UjuJoan2:
250k for 4 kids (including an infant) is not too much to spend ooh. PH is a very very expensive place. Taking care of an infant is expensive. Baby formula, diapers,
cereal e.t.c.

But OP I agree you can still cut cost. I noticed recently that it is way cheaper ( and healthier) if you process your baby cereal yourself. Corn, dawa, soya bean, crayfish, e..t. c. At the end of it all you get a very healthy cereal and you don't even need to add too much milk to make it sweet and creamy. Try it. I used to spend almost 60k on baby items, but now I spend barely 25k and my baby is as chubby and healthy as ever!

janefarms2015:
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

Acidosis:
Family of 6, 250k per month?

I don't think that is too much in a place like P/H.


Some Bachelors earn 200k monthly and can't account for any thing. DSTV, fuel, transport and electricity bill gulp about 50k. Food and upkeep take a larger share, so what's left?

You've got TBills investment plus an asset (land). Worry less, it is not as bad as you think. To clear your doubts, sit with your wife, try to know what she spends on, and see how you can manage the budget.

It is not an easy task to take care of 5 people plus yourself. Some people are finding it difficult to maintain 1 girlfriend in spite earning averagely. Plus you also need to consider the fact that baby stuffs are expensive.. Bros you've got 4! As in 4!
You can't work with the same budget posted by people with 2 teenagers.

Agbaletu:
O ga o 250k for a family of four! Op, please do something very fast. My driver earns 75k in abuja, he has almost completed a three bedroom flat in Nasarawa State and he bought a car he uses for taxi after closing by 4-5pm. He has two kids and a wife o.
250k is just too much man!

tallar:
Hello, I am a woman and I manage my home and also try to save and these are the things I do, I hope it can help u.
Meat; I buy a full goat btw 13-18k depending on size (including killing and cutting) not from market women but the slaughter, I buy chickens from farmers directly during off season btw 1k to 1.5k depending on the size 5k total. I portion the goatmeat 30pcs per bag and keep them in the freezer and it can last me for 3months. The chicken I use when I feel like eating chicken stew

I buy rice, palm oil and garri in bulk sometimes vegetable oil(off season too). I just bought rice for 9k half bag and it should last for 5months.
Every Saturday, I limit my spending to 4K (this includes, salt, Maggie half pack, dry pepper 100, G/oil etc)or less for soup and stew depending on the soup I am cooking
For fuel 4500 is what i spend cos I need my freezer frozen due to the meat, chicken and other things I store.
Dstv 1900, water bill 4000, Gas refill is every 2-3months depending on usage. I buy provisions like milo, milk sugar from wholesalers and mostly small satchels or refill packs. 8k. Pure water 3000, data 6k, Airtime 3k.

Most times when price of things have gone up, I reduce the foodstuff I buy. For instance, if yam is expensive I don't buy, I substitute with plantain or sweet potatoes. I try to maximize the cash I have as much as possible and most times I end up not spending up to 100k in a month.

Pls tell your wife that you are in debt and that the company has decided to cut your salary. Therefore her upkeep money will be reduced from 250-150k. Then give your bank a standing order that as soon as you get paid they should deduct 150k into an account that you can't withdraw from till end of the year. This way you won't have spare cash to help all and sundry but u will have substantial savings by year end. Also encourage your wife to save telling her that as the economy is getting bad u need her to save so she can stand on her feet Incase anything happens to u or your job. Nobody knows tomorrow. Wish u the best.

yeyerolling:
Bear d consequences. See as u born pikin plenty

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.

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.

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

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.

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.

babythug:


Good luck

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:


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

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

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