My name is Jacob. I earn a net income of Sh48,000 a month. I’m married and have a one-year-old child, who will turn two in April 2025. My wife has been urging me to pay the dowry before our child turns one, which is only a few months away.
Right now, my expenses include Sh12,000 for rent along Thika Superhighway, Sh20,000 for house expenses (food, shopping, WiFi, and entertainment), Sh7,000 for transport and miscellaneous costs, and Sh5,000 as a monthly allowance for my wife.
My financial goals are to pay Sh250,000 in dowry by April next year, save for my child’s future, build a house in the village, and support my elderly mother. I currently have savings of Sh48,000 and mobile debts of Sh16,000. My wife was previously employed but is now staying at home to look after our child. I’m unsure if she has any savings of her own.
Expert advice: Rhina Namsia, Founder of The Acemt Consulting
When planning for major life milestones like paying dowry, saving for a house, or supporting a family, it’s essential to consider your available savings and the time frame for reaching your goals.
Your main concern right now is the dowry payment, which you’ve set for April next year. However, given your current income and expenses, it’s very unlikely you’ll be able to raise the full amount of Sh250,000 in the next four months without making significant changes to your financial situation.
To put this into perspective, you still need to save an additional Sh202,000 for the dowry, on top of the Sh48,000 you already have saved. Don’t forget that dowry ceremonies often come with additional expenses, so you may need even more than Sh250,000.
Based on your current income, it’s not realistic to achieve this goal in the time frame you’ve set. You would need to save Sh50,000 each month to reach this target, but your net income is less than that.
Unless you have an additional source of income, it’s important to be transparent with your wife and explain the situation. This is a good time to sit down together and lay everything out clearly. Make sure she understands that unless there’s an unexpected windfall, meeting this goal on time might not be feasible.
You also have other important financial goals, such as saving for your child’s future, building a house, and supporting your mother. However, supporting your mother should be an ongoing responsibility rather than a short-term goal.
One way to lighten your financial load is to ask your wife to consider getting a job or starting a small business to contribute to the household income.
If she could bring in an extra Sh10,000, that would help ease the financial strain. This would also free up some of your monthly allowance, which you could use to save or pay off debts.
It’s also worth reassessing your budget, especially your transport and miscellaneous expenses. Try to break down these costs to see where you might be overspending. If you can identify areas where you’re wasting money, you can redirect those funds to paying off your Sh16,000 mobile debts.
Speaking of debts, it’s crucial to focus on paying off any outstanding mobile loans. These debts can be addictive and often come with high-interest rates. By clearing them, you’ll reduce your financial burden in the long run.
As you plan for your future, keep your goals specific, measurable, achievable, relevant, and time-bound (SMART). Set realistic expectations and remember that your financial situation may need to be adjusted along the way. Work together with your wife to come up with a sustainable plan, and focus on building long-term financial stability.
If you have any money problems, or if you’d like advice on managing your finances, feel free to get in touch at [email protected].
