ON THE LIGHTER SIDE -
By Nizar al Musalmy -
For those who know the father of Junior very well will testify that he is a man who doesn’t possess a lot of money. Despite that fact, Junior and his Sister along with their mother team up in their quest to live like the rich and the famous. They don’t care how much I earn or even how I earn it. They set their requirements and expect me to meet their every need. My challenge has always been to make them understand that they will not get everything they desire. I have now devised a plan to involve them in making the home budget. My home budget includes rent, food, utility bills, school fees, clothes, pocket money and different forms of entertainment. It would have helped much if I were to disclose how much I earn. This would have given them awareness and maturity to help them make reasonable demands. But I wouldn’t want their mother to get this information. I am sure if you are reading this and you happen to be a man you would fully understand my concern. By involving them in the budget, I hope, will give them the freedom to choose what they can and cannot have. This process will teach them the importance of saving and they will know the famous economics concept of ‘opportunity cost’ — learning to forgo leisure for essentials.
As usual, mother of Junior overspent the food budget in this month of fasting than in any other. This puzzles me much as I would expect food to be less consumed because people are fasting anyway. But being a man who does not easily challenge the lady of the house, I tend to leave things as they are. Eid is also around the corner. A time to celebrate… but prior to this you have to be prepared to open your wallet many a times. It is also school time. Junior and his sister have to go back to school. These demands and needs have cost implications on me and this time they seem to have come at the time when inflation in my house is at the highest. Chances are that I am not going to have enough money to satisfy all my family needs but I am certain they are expecting me to meet their every need.
That is why I am devising this plan of budgeting at home. They will for instance know why I give them little pocket money; why I cannot take them to amusement centres; why they need to save on food, water or electricity; and why gold is not my favourite mineral. Budgeting will also boost their self-esteem and encourage them to work hard.
My good experience in budgeting tells me that it is a road map for how you plan to build and sustain wealth or funds for that matter. I want to instil a message at home that when one goes through life spending without a budget, you end up squandering more than you might think. Even the most careful person alive will overspend if he/she doesn’t create a budget. Budgeting is definitely crucial in running a business, but the same applies to you family. Once you keep this perspective in mind, budgeting will be much easier, and you’ll be motivated to create one and follow it. This technique will help me in explaining to them why I don’t have enough money. But the most important of all, it will save me the burden of feeling stressed as a result of not meeting their demands. Kids don’t deserve all what they ask for, so when you firmly say no they should be in position to understand why.
