This is the story of Tikya Kofi a newly employed diploma Graduate.
He takes home 1500gh each month after all the necessary deductibles are deducted. He has a wife and two children- a son and a daughter. He decided to apply his mathematical knowledge in spending and preparing his budget. He divided his take-home by the days of the month. He realized 50gh per day. Spending beyond this threshold means bad news. After tracking his spending routine, he realized that each member of the family spends an average of 10gh each day. The remaining 10gh goes to cater for utilities and other expenses.
He was living simple normal life until some months ago, his daughter got seriously sick and he borrowed 5000gh for her treatment. This truncated his take-home from 1500 to 1100. He started taking salary advances (Overdraft) to complete the months. He wondered how was going to undertake the building plan he had. He has spent all the money managed to save towards his further studies. He is also wondering what he would do if another problem should come his way.
The story above is what I call, salary as a maintenance ration or hand to mouth. It is just to keep body and soul together but when storm blows, the story changes for the worst. As we grow, our problems grows ahead of us disproportionately but the salary crawls behind. This is the story of a typical Ghanaian teacher. Those without dependants may have slightly different story which may be better. But those who have extended family to cater for I'm addition to their nuclear family have worst stories. Out of every ten teachers, at least 8 are on loan.
1. GES is not paying you and your family, They are paying you as a single individual for the service you render. There's nothing like payment by family size.
2. The amount you receive is not entirely the issue. it is the sizes of individual problems we carry. Someone somewhere is taking half of what you are being paid but he's doing just fine.
3. No salary can ever be enough. If today, you should get a pay raise to 5000, you will start going to 5000 market. Your taste will change, your lifestyle will change. Expectations from society also changes. You will be back to this very place.
4. You are a teacher. Your salary only permits you to live a simple and normal life. You can't live extravagant life like those you see on TV. You may forever remain in debt.
Here are certain suggested steps to increasing the rate at which the take-home crawls and slowing down how the pressures bolts.
1. Spend wisely. Everything you spend on must serve a purpose. You are not under any obligation to impress anyone.
2. Get an extra source of income. If buying and selling doesn't work for you, learn a skill. One source income in this era is not helping.
3.Marry a partner who is also earning or set them up to bring something to the table.
4. Make a conscious effort to live within your means.
5. If you plan to save, Don't wait to save what is left after spending. Spend what is left after saving.
6. Take reasonable risks. Do due diligence.
7. Extend arms to friends and extended family but wisely.
Congratulations! you made it to the end. May God give us all ideas that will lead us to our financial liberation.
Hon. Jerry Akporhor- Lead Educator- Informed Teachers Network (ITN)
Content created and supplied by: SamuelAhiagah (via Opera News )