As a father or parent, providing for your family’s financial well-being is a top priority. Financial planning is essential to ensure that your family’s needs are met, and that you can achieve your long-term goals. By creating a comprehensive financial plan, you can achieve your goals, reduce stress and anxiety, set a good example for your children, and build a brighter financial future for your family.
Mr Peter Olaju, an Educator, lets us into his financial plan for his family. Let’s hear him:
How many kids do you have and how old are they?
I have two daughters who are 13 years and 11 years old respectively.
What are their current levels of education?
My eldest daughter is in SS 1 and the younger one is in JSS 2.
What is your wife’s occupation?
She runs a provision store close to my printing press.
Apart from your job as a school principal, what else do you do that earns you income for your family?
I am also into printing and publishing.
Is your current job enough to take care of your family now and in the future?
To be sincere, to give my daughters the best education in the future, my current job and income won’t be sustainable.
What are the steps you have taken to secure your family’s financial future?
To secure the future of my family, my wife and I are trying to expand our business for my daughters’ education. We have opened a special savings account to save fund for their education.
Does your wife contribute to your family’s financial needs?
YES, she does. In fact, we share our family’s financial responsibilities.
What are the financial challenges you have faced since you became a father?
I encountered a lot of financial challenges when I was building my house, but to God be the glory, I was able to complete it.
How were you able to overcome them?
I sought help from family and friends. I also took tough economic measures.
Economic measures like what?
For example, I stopped subscribing to cable TV.
How do you plan your finances? What percentage goes to what?
The profit from my business takes care of my children’s school fees, while 45% of my salary is used for foodstuffs, 20% for fueling my car, 10% for dependent relatives, 20% for other bills, while 5% is saved.
What steps do you take in managing your finances?
I try to make more money than I spend. I spend more on my needs than my wants.
Has your extended family, friend, or colleague come to your aid financially at any point in time? If yes, what prompted this?
Yes. When I was building my house, I got stuck at some point and needed help.
What financial lesson(s) have you learnt since you became a father?
I have learnt financial discipline, management and knowing one’s priority.