God will provide when I’m ready to have Kids

This is why I didn’t want to come to this place. I don’t want any Oyinbo woman to come looking into my finances and telling me what to do. Craig exclaimed furiously.

She is only doing her job, Lola answered. To be continued.

Financial Advisor: Yes. How do we proceed right now? I would like to reiterate that I will not be interfering in that aspect for now. But can I have an idea of how much disposable income you have from your monthly earnings?

Craig gave a clueless look.

Financial Advisor: Let me tell you about disposable income. A disposable income is an amount of money left to spend and save after income tax has been deducted and other necessary household expenses. So, whatever you have left is what I am asking about.

Oh okay. I don’t have anything disposable o…Craig answered with a big smile.

Financial Advisor: Everybody has a disposable income, no matter how small. Replied the Financial advisor. Let me guide you. On this form kindly fill in the percentage for the different expenses and monthly deductions listed. Such as Income tax, Pension, Rent, Food and Groceries, Car maintenance (if you have a car), etc. I am sure you have other deductions, let’s just limit the deduction to these top five. When you are done, please let me know how much money you have left.

Craig: On the top of my head, I can tell you I have just four hundred pounds left. Would that be my disposable income?

Lola: Do I need to do the same? Yes please, the financial advisor replied.

Financial Advisor: Now you both have eight hundred pounds at your disposal. That’s great.

I’d advise you both, to keep two hundred away for any emergencies and let’s make good use of the balance of six hundred pounds.

Financial Advisor: Do you have plans to have kids? Buy your own home? These are the two major plans that can eat into your finances. It will be good to handle it right now.

To properly handle this, you both have to find a way to share your household expenses and save for this. Agree on each person’s contribution, it may be in proportion to your disposable income. For example, one person could be servicing the home loan while the other could be paying the bills.

After setting your financial goals towards buying a home and having kids, then take responsibility to live within your means. I notice some of my clients don’t like me discussing the issues around planning for kids and the financial obligation tied to it. Having kids is a major financial commitment and that should be planned for.

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Please don’t take that aspect of your life for granted. You might be a young couple now starting out with promising careers, but one day you may stop working when kids come along or take care of elderly parents. Expenses will also go up as your family grows. So do plan and start saving up early.

My other advice for you is never to make any large financial commitment on your own or on impulse. Instead, discuss them with one another first. Even if you think you can afford it without the help of your spouse. I have handled a case where a couple ordered two different flat-screen TVs, which were delivered to their home without the knowledge of the other. They got home and met their different orders.

Craig laughed funny.

As you move on to the next stage of life, If you’re planning to buy a home, work out what you can afford first, then plan for a bigger house later on. You will also need to review your health and life insurance annually.

Financial Advisor: I’m afraid your paid session today has ended. I am happy to walk you through the next stage whenever you are ready for it after you have fully implemented all that we discussed here today.

Craig: I must confess that I came here reluctantly. Thank you for a thorough session. We will surely come back for the next session. Lola smiled happily.

I told you she is good, Lola responded.