As a salary earner, one thing I have taught myself over time is the fact that my income was fixed and time-based. This meant that I knew how much my income would be at the end of the month and when it was coming. Before I sunk this fact into my attitude to spending, it was really rough. I was entangled in a cycle of debts. There is nothing wrong in borrowing money to survive once in a while, but there is really a serious problem when it now becomes a cycle of: get my salary – pay debts – get broke again – borrow to survive – get my salary – pay debts……and the regressive cycle continues.
In my working career, I have come across workers who were and are still wallowing under the vicious weight of debts. One thing that was common in all the cases I have examined was that their salaries/wages were simply not enough to spend, simple ! The same problem applies to owners of small businesses that are not yielding much turnover and even those who earn so much but lack financial discipline.
So, since a worker does not have the power to increase salary or the small business owner does not have the power to increase income overnight, something has to be done to break free from this regressive way of life. Of course, one way out is to seek additional sources of income to make life more meaningful. However, my focus here is not solving the problem through additional sources of income, but manipulating the present income to keep life off a cycle of debts.
So what do I suggest? Check them out…
Spend money on necessities. Avoid spending your scarce resources on things you can do without. What these are will depend on you.
Do not accept things that you can do without on credit . This is common in offices where all sorts of things are offered for sell by co-workers. Some allow you to pay over a period of time. If you know you can do without them or you do not really need them, then do not collect them. I used to work with a colleague who collected EVERYTHING that was being offered for sell on credit. Imagine that! The consequence was paying avoidable debts all through the year, with very little remaining to spend on necessities.
Avoid a reckless life style. One thing excessive drinking, smoking and womanising does to a man is to deprive him of money that he would have used to do very useful things. Someone once said that there is a strong spirit attached to this kind of lifestyle. I am tempted to belief because those who live reckless lifestyles usually see these three things – drinking, smoking and womanizing – as being more important than any other thing, including their families.
Let your spending habit reflect your financial status. There is nothing wrong in possessing things of good quality, but a lot is wrong when a man uses all his salary to buy a good smart phone or a nice suit 🙂 A lot is also wrong when a man puts his children in a school he knows his income cannot sustain. What about a man who uses a substantial part of his salary to pay rents, just because he wants to belong to the big boys’ club? 🙂
Have a number of children that you can conveniently cater for. Why bring children into the world to go through pain from infancy? I noticed one strange thing and I don’t know if you have too – most homes where you have too many children are homes where the man and woman earn so little to take care of the family. Why is it so? 🙂 When you ask them why, they say “it is God that gives children.” Well it is obvious those who put up such excuses are not aware, or perhaps they forgot that God describes a man who cannot provide for his family as being worse than an infidel. The effect is that the basic things that children need, especially good food and education, becomes huge issues in such homes.
Maintain a monthly budget. I know my friends will say “The Accountant !” after reading this 🙂 Well, its ok. I am already used to that 🙂 But it has really being of help to me. It guides me in my spending and prevents me from reckless or avoidable spending. Of course I provide for sundry or unforeseen expenses. But sincerely, budgeting is great, especially as a family man who does not want to use “excuses” to cater for his family 🙂
Learn to save. No matter how small, save for tomorrow.
I hope my post was useful. If it was, don’t keep it to yourself. Tell someone or share it via the social media below.
Thanks a lot for your time and God bless you 🙂
Image courtesy: FreeDigitalPhotos.net/jesadaphorn