I have tried to set before you the following facts:-
1. Money comes to all of us in varying quantities but what ensures that we become economically free is not so much how much we receive as in how well we manage what we receive. I know someone who earns a lot of money and yet has not been able to build for himself a house while drivers and security guards at the other end of the financial ladder are landlords.
I make bold to say that prosperity is not so much a function of opportunity as it is of mentality. It is having the right mind set to money that enables you to think right and act smart to ensure you break every chain of poverty.
2. Having a financial plan (budget) for your family is another key factor. You must have a monthly and a yearly budget. The yearly budget is the aggregate of your monthly budget and it helps you to see where you are going financially on a yearly basis.
A budget must contain your needs not your want. Your needs are those items which you must have to sustain you and your family. Items that must make the list include such things like food, rent, transportation, school fees, utility bills and savings. It is also wise to budget for such extra items like holidays or purchasing a car.
3. Save 20% of your income in an interest yielding account. If you can save 20% of the family's monthly income over time it becomes large enough to put into fixed deposit. The purpose of savings is to enable you meet projected capital expenses or to meet unforeseen expenditure which may arise from time to time.
4. One thing I failed to mention previously which I believe will help every family is to have an health insurance policy. The advantages of such a scheme cannot be overemphasized especially for couples living in developing economies where common diseases are prevalent. In Nigeria for example, it is pathetic to see people on Television soliciting for financial assistance from Nigerians to meet their medical treatment for serious health issues like kidney disease or heart related problems. If they had health insurance, then such cap in hand methods will be eliminated or grossly diminished.
5. Agreeing as a couple and jointly taking your financial destiny into your hands is the foundation for a successful and debt free home. While it is important for each of the couple to have their own personal accounts, I strongly advocate that a joint account specifically opened to fund capital projects and major issues like school fees and medical bills when they do occur will help a lot.
Finally, once a couple gets over the financial hurdle everything else will be a piece of cake. The marriage is sweeter and things are better when there are no financial pressures in the home.
Stay blessed.
Femiimevbore@gmail.com
www.facebook.com/officialecc?ref=hl
www.lifebuilder.ecwid.com
www.elshaddaicovenantchurch.org
No comments:
Post a Comment