Look, I know it’s not easy being a parent in Nigeria. Between the demands of modern-day living and the challenges that come with the devaluation of the Naira, it’s like trying to swim against the tide. But let me let you in on a little secret: with the right budgeting skills, you can make every Naira count for your family. Imagine not having to constantly stress about school fees or the next family vacation. Exciting, right? Let’s dive in.
The reality is, many of us parents face unique financial challenges that aren’t often talked about in public. We grapple with ensuring our children have the best, without necessarily breaking the bank. It’s a tough balancing act. But, with a family-oriented budget, not only can we keep our finances in check, but we can also teach our children valuable money lessons. Ready to learn?
Parenting on a Budget: Key Strategies
Do you remember the joy in your child’s eyes during their last birthday, or perhaps the thrill of the last family trip? Those moments, while priceless, come with a cost. But what if I told you there’s a way to budget for these moments without sacrificing their quality?
Prioritizing Children’s Needs: First, education, health, and recreation must always come top of the list. Now, I’m not saying that other things aren’t essential, but these three? They’re non-negotiable. With the unpredictability of the Naira’s value, consider opening a foreign account (USD, EUR, GBP) for your child’s education. It doesn’t matter if you start with as little as $20, $30, or even $50; the point is to start!
Allocating Resources: Family bonding is crucial. It doesn’t always have to be a fancy dinner out. It could be as simple as a movie night at home or a local day out. Remember, it’s about the quality of time spent, not the quantity of money spent.
Deciphering ‘Wants’ from ‘Needs’
It’s Saturday evening, and your child comes running, a toy advertisement in hand, begging you to buy it. Familiar scene? The challenge for most parents is teaching children the difference between wants and needs.
Savings and Value: One of the most crucial lessons we can teach our children is the value of money. Start by setting up a piggy bank or even a child-friendly banking app. Teach them to save a portion of their allowance. When I was a kid, I saved some money in a ‘Kolo’, a local savings box. You can introduce this savings box to your kids and encourage them to save from their allowance in it, no matter how small.
Open Discussions: Encourage your family to talk about budgeting. You’ll be surprised how much children pick up from simple conversations. Let them in, let them understand why you might decline a request and offer an alternative. It teaches them not just about money but decision-making too.
Innovative Parenting Savings Tips
The key here isn’t about depriving ourselves or our children but finding innovative ways to save without compromising on the quality of life.
Cost-effective Extracurricular Activities: Instead of enrolling them in high-end classes, look for community-driven classes or online platforms that offer similar courses at a fraction of the price.
DIY and Home Entertainment: Embrace family DIY projects. It can be a fun bonding activity. Also, consider movie nights at home instead of the cinemas. With streaming platforms available, you can have just as much fun.
Parenting Tools and Resources for Effective Budgeting
Here’s the exciting part. The digital age has blessed us with tools that can simplify this budgeting journey.
In the digital age, a bunch of tools and apps can assist families in managing their finances. PiggyVest is a robust platform tailored for savings and investments, ensuring every penny counts. Reach serves as an intuitive budgeting app, allowing families to seamlessly track and control their income and expenses. For those keen on staying informed about the financial landscape, Nairametrics offers an array of resources, articles, and market analyses. Embracing these tools can bring clarity and ease to a family’s financial journey.
Books That Can Guide Parents in Their Financial Journey
The path to financial wisdom is an ongoing process, and the foundation of good financial habits can be fortified by reading. Parents and children alike benefit from understanding money, savings, investment, and the nuances of the financial world. Here are some curated book recommendations tailored for mothers, fathers, and kids, helping each member of the family navigate their unique financial journeys.
For Mothers:
“Smart Money Woman” by Arese Ugwu: Delve into the intricacies of personal finance, designed specifically for the African woman’s perspective. “A-Z of Personal Finance” by Nimi Akinkugbe: This book serves as a compass, guiding mothers towards wealth creation and establishing financial stability. “The Real Life: Understanding the Journey of Womanhood” by Nike Adeyemi: It offers solutions to the myriad challenges African women face, helping strike a balance between personal, familial, and financial obligations.
For Fathers:
“The Richest Man in Babylon” by George S. Clason: Immerse yourself in the age-old principles of saving, investing, and building wealth, contextualized for the African milieu. “Rich Dad, Poor Dad” by Robert Kiyosaki: This book offers insights into how the wealthy teach their kids about money, contrasting the mindsets and practices of Kiyosaki’s own “rich dad” and his friend’s “poor dad.” It delves into the importance of financial literacy, investing, and creating assets. “Who Moved My Cheese?” by Dr. Spencer Johnson: Equip yourself with strategies to adeptly manage change in both professional and personal realms, especially vital in the ever-changing Nigerian financial environment.
It’s cheaper if you buy these books from a local bookstore in your area. In my case, I usually use either Jumia or Konga to purchase books, and they are shipped directly to my home address in Lagos.
Conclusion
At the end of the day, budgeting as a parent in Nigeria isn’t a walk in the park, especially with the ever-changing economic landscape. However, with strategic planning, not only can we ensure that every Naira counts, but we can also impart lasting financial lessons to our children. Remember, it’s not about the amount, but the value it brings to your family’s life. Keep pushing, keep budgeting, and most importantly, keep loving your family.
Copyright © 2023, Omonaiye Ola.
All rights reserved. This material and other digital content on this website may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from me.