"But did he not make them one, having a remnant of the spirit? And why one? he seeks godly offspring. Therefore take heed to your spirit and let none deal treacherously with the wife of his youth" Malachi 2:15
I want to assume that if you are reading this piece, you must have read the previous two articles preceding this to enable you flow with what we have been considering. I can also assume that you are taking this matter seriously enough to want to do something about it.
If you are with me on this journey then we have reached the stage of putting our thoughts into concrete action.
What then should be the first step to take if you have agreed with your spouse all things considered to have 3 kids? My answer to this is as follows:-
Open a saving account for each of them - This may sound funny because the children have not arrived and we may not even have a name for them yet. Well it does not matter whether they have a name or not, you can open 3 accounts in proxy for them. Just make sure you save a percentage of your monthly income for them.
Lets do a simple arithmetic. Let us say you live in Lagos Nigeria and earn N100,000 per month and say you have agreed with your spouse to have three children. If you are willing to space them out at the rate of 1 child every three years; that is to say the space between their births will be minimum of 3 years, then I will like to propose a plan like this:-
1. Devote 20% of your monthly income as savings in their account. This will amount to N20,000 per month.
2. Distribute the N20,000 as follows:
(a) Senior child - N10,000.00 per month
(b) Next child - N6,000.00 per month
(c) Last child _ N4,000.00 per month
3. Now if you follow my logic of waiting at least years after marriage before having kids, then you would have saved at least for 24 months before the first child is born.
4. Therefore at the end of 4 months what will be available in the three accounts will be
(Senior child) N240,000.00
(Next Child) N144,000.00
(Last Child) N96,000.00
5. To be more precise what will be available to you when they are born will be
(Senior child) N240,000
(Next Child)N360,000
(Last child) N384,000
These estimates are based on the assumption that you need to start spending money on them as soon as they are born, but if you want to save money purely for their education and considering the fact that the average child today starts school at 3 years then our calculation should be
(Senior Child) N600,000
(Next Child) N576,000
(Last child) N528,000
More next time
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