Your personal finance

The joke of saving amidst so many dependants

One Sunday morning, my son and I went to see a close friend of mine. Reaching the gate, we hooted and it did not take long before one young man opened the gate. As our vehicle went through the driveway into the compound, we saw three young ladies sitting just outside the kitchen. They warmly welcomed us and ushered us into the lounge where we found some three boys watching movies along with the friend’s two children.

“Welcome home alamu” said the friend’s wife lifting my son into her lap. Then I heard my friend yelling somewhere within the house kodi sopo watha? Then the housemaid immediately replied uwii! Anatha ndi lero! Ndinatowawuzatu amayi dzana lomwe. A moment later, the friend emerged from the bedroom smelling Vaseline.

He cheerfully greeted me and I did not just feel at home but was made to be at home. He made introductions. There were brothers, nieces, cousins, and his two children. “The three girls are on holiday while the two boys are doing courses as day scholars here in Lilongwe.” He went on to explain. Meanwhile, his two children are in relatively cheaper private schools because he can’t afford to send them to more expensive schools since he also has to support the other relations.

This is a typical Malawian family. Huge number of dependants is a norm which heavily cuts into a family’s income. How does one make savings under such circumstances? If most families were just nucleus (the man, wife and children) as is the case in Europe and America, then most Malawian families would be better off economically.

But here are a couple of important tips to always bear in mind. First, never compromise the quality of education you give to your children because time is lapsing and before you know it, your children will be adults. Laying the foundation towards intellectual and material prosperity for your children starts when they are still young. If they don’t get the proper education today, they could live miserable lives forever. Additionally, if your children cannot be given a good quality life while you are alive, how will they live if you are dead? Let them enjoy while you are still alive — they will cherish your parenthood when they grow up.

Secondly, always remember to save and allow yourself an income you can dispose. Once the minimum disposable income limit is reached, kindly make relations appreciate that you can not commit yourself further. You don’t have to support others at the expense of your own family’s welfare—charity begins at home.

Having said that, remember to always put aside some money for charity—could be a small percentage of your income say two percent. There are unprecedented blessings in giving. After all, you do not want your children to suffer when you are dead. Relations can be an important social capital.

Have a blessed weekend!

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Your personal finance

The joke of saving amidst so many dependants

One Sunday morning, my son and I went to see a close friend of mine. Reaching the gate, we hooted and it did not take long before one young man opened the gate. As our vehicle went through the driveway into the compound, we saw three young ladies sitting just outside the kitchen. They warmly welcomed us and ushered us into the lounge where we found some three boys watching movies along with the friend’s two children.

‘Welcome home alamu said the friend’s wife lifting my son into her lap. Then I heard my friend yelling somewhere within the house kodi sopo watha? then the housemaid immediately replied uwii! Anatha ndi lero! Ndinatowawudzatu amayi dzana lomwe. A moment later, the friend emerged from the bedroom smelling Vaseline.

He cheerfully greeted me and I did not just feel at home but was made to be at home. He made introductions. There were brothers, nieces, cousins, and his two children. “The three girls are on holiday while the two boys are doing courses as day scholars here in Lilongwe.” He went on to explain. Meanwhile, his two children are in relatively cheaper private schools because he can’t afford to send them to more expensive schools since he also has to support the other relations.

This is a typical Malawian family. Huge number of dependants is a norm which heavily cuts into a family’s income. How does one make savings under such circumstances? If most families were just nucleus (the man, wife and children) as is the case in Europe and America, then most Malawian families would be better off economically.

But here are a couple of important tips to always bear in mind. First, never compromise the quality of education you give to your children because time is lapsing and before you know it, your children will be adults. Laying the foundation towards intellectual and material prosperity for your children starts when they are still young. If they don’t get the proper education today, they could live miserable lives forever. Additionally, if your children can not be given a good quality life while you are alive, how will they live if you are dead? Let them enjoy while you are still alive —they will cherish your parenthood when they grow up.

Secondly, always remember to save and allow yourself an income you can dispose. Once the minimum disposable income limit is reached, kindly make relations appreciate that you can not commit yourself further. You don’t have to support others at the expense of your own family’s welfare – charity begins at home.

Having said that, remember to always put aside some money for charity——could be a small percentage of your income say two percent. There are unprecedented blessings in giving. After all, you do not want your children to suffer when you are dead. Relations can be an important social capital.

Have a blessed weekend!

 

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