FAMILY BUDGET.

It was one of those evenings that traffic jam keeps people fagged out on the road of Lagos State. Mrs. Ngozi Obi kept muttering to herself, “if only I can drive up to the mini market in front, I guess my problem would be solved”. As God may have it, the cars in front of her started moving and she quickly shoved her car key into the ignition. As soon as the engine came to life, she zoomed off to the mini market and jumped down to buy ingredients for dinner. She was almost shouting and cursing on top of her voice because the seller was paying little or no attention to her while trying to sell to other customers that came before her.
After about ten minutes of fruitless effort, she moved over to the next seller thinking that she would be faster but to her disappointment; the woman was as busy as the first seller.

At about 8:00 pm, she managed to get home, quickly had her bath and ran into the kitchen. Her plan was to start cooking before her husband comes back. No sooner had she finished seasoning the meat did she realize that she forgot to buy melon seed, the principal ingredient for the soup. Mrs. Obi sat down on the floor thinking of the next thing to do since there was nothing left in the store that might proffer solution to the problem at hand, besides; it was too late to go out to buy ingredients. When her husband came into the kitchen after waiting for so long, he discovered that it was yet another night of junk food. Mr. Obi was so sad because he called the wife earlier to request for that same egusi soup; little did he know that the ugly incident of ‘forgotten ingredients’ would crop up again that night. The environment became more tensed as Mr. Obi kept lamenting and complaining about his wife’s disorganized nature. Every member of the family went to bed sad and Mr. Obi decided to be eating out every day; after all, it has always been bad food at home in the name of ‘forgotten ingredients’. Later that night, Uzo their first child developed cold and fever. At early hours of the next day, Mr. Obi asked his wife to bring the money he gave her to keep, so that they can take their child to the hospital. Mrs. Obi kept rummaging her stacks of bags, pretending to be looking for the money, little did Mr. Obi know that his wife has spent the money on bag and shoes. Meanwhile, he is yet to ask the wife why she did not pay the children’s school fees as he instructed last week. What would he do if he finds out that his wife used the money to buy gold in anticipation to pay the children’s school fees with her ‘yet to earn salary’? Your guess is as good as mine.

So many families are going through similar or worse situations because of the neglect of proper family budget.

According to Oxford advanced learners dictionary, “budget is the money that is available to a person or an organization and a plan of how it will be spent over a period of time”.

Family budget therefore is the money that is available to a family and a plan on how it will be spent over a period of time. It is a plan on how family income should be spent to provide family needs without incurring debts or deficits

Most families are in disarray because of poor or zero budget. Show me a disorganized family and I will show you a family that operates a zero budget. An organized family that operates a budget has an idea of its monthly financial flow. The family knows the amount that comes in and thereby works out amount that should be spent on monthly basis. With this knowledge of financial flow, a good family budget can be created.

In budgeting, there are general things to have in mind. One must consider;

1. The size of the family


2. Its income.


3. The needs of the family in order of priority.


4. Locality where the family lives.


5. Fixed or flexible expenses.

For a family budget to be workable, income should be adequate enough to the prioritized needs of the family;

(i)                  Education

(ii)                 Health care

(iii)                Clothing and toiletries

(iv)              Accommodation and utilities

(v)                 Food

(vi)               Savings.

1. Education

School fees and basic school needs such as books, uniforms and other supplies constitute expenses that must be provided for.

1. Health care

Money for healthcare of the family must be mapped out. First aid box and all its content must be available for any emergency.

1. Wardrobe and Toiletries

In the order of priority, toiletries needed by the family must be noted and change of wardrobe has to be deliberated upon base on the money allocated to it.

1. Accommodation

House rent must be considered unless the family is living in its house where there will be nothing like house rent.

1. Food.

Food budget has proved to be a bone in the neck to most women. There is a need for every woman to make budget ahead of time before cooking. This can be done a month or a week ahead depending on plan. A woman that makes budget especially food budget, saves herself the troubles of;

1. Forgotten ingredients.


2. Cooking what she did not intend to cook.


3. Late cooking.


4. Unnecessary expenses.


5. Bad food.


6. And most importantly, avoidable misunderstanding.

How to create Food budget

1. List foodstuffs needed for a week or a month, depending on the family’s financial strength.


2. Arrange them in the order of priority.


3. Cheap alternative items should replace expensive ones, depending on family’s financial strength. Example, homemade soybeans powder is cheaper than tin soybeans sold at the supermarket.


4. Knock out one of two similar items on the list, example, periwinkle or snail instead of periwinkle and snail at the same time.


5. Key in the quantities of items to be bought considering the money allocated to food.


6. Savings

The money saved can be used when urgent and impromptu need arises and it can also be invested.

Importance of family budget

1. It makes the family organized


2. It saves the family from unprepared debt.


3. It keeps the family focused.


4. It saves the family from avoidable mistakes.


5. It saves cost and unnecessary expenses.


6. And of course, it minimizes petty misunderstanding

Try to give your home a sense of organization by creating a family budget today, because it is a building block. Do not forget that whoever failed to plan planned to fail.

Compliment of the season.

BY  OLUCHI MADU