– Yomi Adewale
Recession is hitting hard on so many couples these days, some husbands and wives who are not given to anger by nature have suddenly developed attitude of being angry, resentful, touchy and reactionary over financial obligations and issues, many are working but it seems the income can’t swallow up the expenses, some have even lost their jobs in the recent times left with only their partner working and the spouse that is working is feeling the financial pressure.
Where the couples are both working, there are still complaints of hike in prices of many family necessities and other financial pressures here and there.
Here below are ways through which couples could navigate through recession unhurt and still be comfortable
There should be a candid discussion between husband and wife at this time to put on the table their regular income, this will become open to both parties, it would help their demands on family income and curtail them on many unnecessary expenses. If the family will progress, It is not advisable to keep mum about each other’s income.
(2) Planning and budgeting
Couples must plan and budget their income every month, there should be an allocation for each category of family expense based on past experience and consideration of certain factors, this will shape the family and put every member of the family into the right perspective. Couples need not be accountants before they could draw up simple projection model to run with and must be accountable yo each other.
(3) Working smartly
To be engaged in certain work is not enough, but one must work smart. Both husbands and wife must be gainfully and smartly engaged in legitimate works that can bring money for the family. No room for laziness and complacency, none of the party involved in marriage should have excuse for not working, in recent times, I have seen adults in marriage complaining of work hazard, insults from superior, stress etc as reasons for not working, there must be maturity, discipline and wisdom to overcome whatever challenge comes with your profession.
(4) Cost reduction
This is not the period to buy anything from anybody anyhow, you must learn shopping principles, which market pays better, where to buy quality things at good prices, you need a list of items to buy when shopping, learning bargaining and quality testing principles. From all angles, reduce your cost, whether recurrent or capital cost, ensure you are top of the game.
(5) Cut down wastage
Avoid wasting resources, throwing an unnecessary party, gathering and feeding people who are not hungry, learn to monitor whatever you are cooking to avoiding wasting your gas and food from getting burnt, teach every member of your household to learn this principle. Your dispenser should be monitored, your freezer and the quantity of food your cook.
(6) Bulk purchase system
This act of buying things in bulk as against piecemeal purchase, when you adopt this principle, you save some fund in the process, your budget will highlight the quality and quantity of things needed at home, so from the projection model you could confirm the size of items needed within a month so you could buy such items in bulk, stock your house and freezer, you need to avoid environmental purchase.
(7) Multiple streams of income from legitimate sources
Honestly, we need to look beyond fixed monthly salary if every couple wants to live comfortably and be able to accomplish some goals like completing house project and the likes of it. There are a number of businesses that either husband or wife could do legitimately to increase family income.
(8) Differentiate want, need and luxury
There is a need for couples to train themselves in focusing necessities that family need rather than being engrossed in their want and luxury. Couples may desire and wish to have certain things based on their feelings and circumstances may be to impress or oppress certain people, this is tagged want while Luxury is accumulation of material things leading to sumptuous living or enjoyment of comforts and pleasures beyond those things necessary for a reasonable standard of well-being
(9) Moderation: Couples should embrace moderation in their spending so that they can have some left over for savings and investment, in achieving this, the following should be considered:
– Taste: Couples should checkmate their taste for high materials things and pleasure beyond their income and level, for now, they need to defer gratification when they are not due for it
– Expenses: Couples should be mindful of their daily, weekly and monthly expenses, never incur expense because everybody is buying it at your office
– Living below your means: The total cost should be far way below income, never form the habit of eating up all your income both the one meant for now and the future
– Avoid debt: Buying on credit will affect your future plans and budget, more so you tend to pay more for time value of money, think well before such steps
– Faithfulness: When you receive your income, your faithfulness will preserve the achievement from that income, being faithful in the payment of your tithe to God, being faithful to your spouse by not humanising or engaging in night crawling, not spending on frivolities that have no return on investment, be wise.