WHERE DID THE MONEY GO?
Have you ever asked yourself this question? I guess we all have, at one point in time. We brought a fat envelope stuffed with N500 or N1,000 bills home and kept it in one of the drawers at home, maybe the bedside locker.
We have a general idea of what we want the money to accomplish, but don't exactly have a written list. Possibly the money came unexpectedly, or is even our dear pay packet.
Then the party begins. Wifey needs this, the mechanic is at the gate, he needs money to replace this component in your old reliable jalopy. Your sons shoe is undersize, your daughters school bags is worn out. On and on it goes...
A few days later, you peek into the much depleted envelope. Four miserable notes stares back at you. You hold back a scream...
WHERE DID THE MONEY GO?
To make matters more interesting, there are still items in your mental To Do list yet to be attended to. Possibly you came to the envelope to get money when you stumbled on a near empty envelope. The money is virtuall gone, there are things waiting to be done. The month is still young. If it is your salary, your take home pay has abandoned you midway home. You need to figure out how to make it to the next pay day.
The crux of the matter is that you are not in control of your cash flow. You are simply going with the flow. You don't have a working budget (you may have a beautiful document left somewhere in the house, you don't know where) or spending plan. You are responding to external stimulus. You are not acting, you are reacting, and emotions has a lot to do with your spending.
We all have different levels of discipline when it come to handling money, hence there is no formula that fits all. Since I tend to be weak and emotional in that area, I police myself by making sure that the money departs immediately to their husband's houses before they get to me. I marry them off. I issue post dated cheques to my stockbroker and funds manager at the bregining of the year for the amount I have earmarked for each. Since I don't want EFCC to arrest me for issuing dud cheques, I transfer the money to another account by standing order (where I issue the cheques from). Same with school fees, I have a school fees account, and a savings account. So the moment my salary hits my account, they start heading off in different directions immediately (to their husband's houses) without saying goodbye. That way, I am paying school fees, saving and investing without lifting a finger. I only call my stock broker to tell him which stock to buy. The money is already in may stockbroking account. When it is time to pay school fees, I simply head for the school fees account and withdraw the amount needed, I don't rack my brain and start running helter skelter to figure out where the money is coming from.
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