TIPS FOR BETTER MANAGEMENT OF YOUR SPENDABLE INCOME After tithe and taxes you only have 80 percent left of your income and that is what is left for you to spend. We call it your net spend able income. As an example of how to figure the category percentages, I will base my calculations on the average gross annual income of a single family globally, which is approximately [N2, 340,000.00] $15,000.00. This means that the average single parent family has a monthly net spend able income of about [N156, 000.00] $1,000.00 after taxes and tithes. Once you have determined how much you have available to budget, the next step is to determine how much you are presently spending. Keep a diary for at least one month in which you list everything you buy, category by category. Let’s assume at this point that you know how much you have available to spend, and you know (within reason) how much you spend monthly, but don’t match. The next step is to look at each category of spending and then compare your spend able to other families in your income range. This is called a guideline budget. SPENDING CATEGORIES Now let’s review the various spending categories that consume your income each month. HOUSING: The maximum percentage should be allocated to housing is approximately 10 percent of net spend able income $100.[N15,600.00] This includes house payments or rent, utilities [including] telephone, electricity[PHCN], Refuse disposal, security, dry cleaning, water rate, compound maintenances, Many spend as much as 60 percent of the net spend able income on housing. This is very wrong. FOOD This is the food you buy at a market or its equivalent. It dos not include eating out or entertaining. You should allocate no more than 15 percent $150 [N23,400.00] for this category. MOTOR VEHICLE EXPENSES Your budget can handle approximately 10 percent of your spend able income $100 [N15,600.00] for all motor vehicle or transportation expenses. This includes payments, gas, maintenance, and replacement. I know this would not be adequate. MEDICAL EXPENSES The allocation for Doctor Bills should be at least 5 percent [$50.]/[N7,800.00] I am aware of prayers and God’s care. CLOTHING MATERIAL Your budget for clothing should not be more than 5 percent of your spend able income [$50]/[N7,800.00] to avoid this you must avoid buying un credit if possible. CHILD CARE About 10 percent of net spend able income [$100]/[N15,600.00] should be allocated for this categories. Wisdom must be applied, now that private schools is more of progressive, but then, you must plan very well before making the choice of school for the children. ENTERTAINMENT AND CEREMONIES About 5 percent [$50]/[N7,800.00] is all your budget can take. But even if you don’t have that much, try to allocate something, because everyone needs some occasional recreation. This includes visitors. SAVINGS There are always additional costs in the budget that can’t be anticipated. Therefore some additional savings are needed. The allocation in this category should be 10 percent of spend able income [$100]/[N15,600.00] if possible. MISCELLANEOUS The allocation for such expenses is about 10 percent unless you diligently control your spending for miscellaneous items; they can consume a great deal more than you allocated [$100]/[N15,600.00]. WHEN EVEN A BUDGET ISN’T ENOUGH Let’s now assume you’ve taken the fist step and decided to live on a budget. You’ve adjusted the categories but you’re still in away shot of funds. What can you do? Let me ask you: If you have to make a choice between having an extra 20 percent to further improve your situation without leaving your present place of job and being faithful to God and to your employer. GMN DISCOUNT TEAM CARD This is an individual welfare Merchant Card developed and powered by GMN with online applications. The holder only need to present his card when making payment at any of the partner retail outlets where GMN Logo is found, upon the presentation of the GMN Discount card approved percentage of cash discount is credited into the holder’s account. The Value of our Card Our exclusive Retailer Partners world wide recognize the value of our promise to our customers, which is why, within the last six months, we have realized the value of our GMN Discount Card holder by paying huge sum of money in discount claims. You don’t need to work the mathematics to know that we take the pains to satisfy you. …is the additional support services we provide After all, you and your financial solution need are the reason why we are in business. BENEFITS The Holders of Easy Card Enjoys: • Minimum of 25% of your monthly/ annual spend able Income • You are holding means of economic independence to yourself. • You can grow your card value account with GMN • You can will your success card to your families. • You can insure the card with insurance cover.
Posted on: Thu, 10 Oct 2013 09:20:21 +0000
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