My name is Jacob. I get a net income of Sh48,000 per month. I am married with 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.
Currently, my expenses include Sh12,000 for rent along Thika Expressway, Sh20,000 for household expenses (food, shopping, wifi, entertainment), Sh7,000 for transportation and miscellaneous costs, and Sh5,000 as my wife’s monthly allowance.
My financial goals are to pay Sh250,000 as dowry by April next year, provide 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 debt of Sh16,000. My wife previously worked but now stays at home to take care of our child. Not sure if she has any savings of her own.
Expert advice: Reena Namsia, founder of Acemt Consulting
When planning major life milestones such as paying a dowry, saving to buy a house, or supporting a family, it is essential to take into account your available savings and the time frame for reaching your goals.
Your main concern now is paying the dowry, which you have set for April next year. However, given your current income and expenses, it is very unlikely that you will be able to raise the full amount of Sh250,000 in the next four months without making major 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 have already saved. Don’t forget that dowry ceremonies often come with additional expenses, so you may need more than Sh250,000.
Based on your current income, it is not realistic to achieve this goal in the time frame you set. You will need to save Sh50,000 per month to reach this goal, but your net income is less than that.
Unless you have an additional source of income, it is important to be transparent with your spouse and explain the situation. This is the time to sit down together and clarify everything. Make sure she understands that unless there is a windfall, achieving this goal on time may not be possible.
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 and not a short-term goal.
One way to ease your financial burden is to ask your spouse to consider getting a job or starting a small business to contribute to the family income.
If you can bring in an extra Sh10,000, that would help ease the financial pressure. This will also free up some of your monthly allowance, which you can use to save or pay off debt.
It is also helpful to re-evaluate your budget, especially transportation and miscellaneous expenses. Try to break down these costs to see where you might be overspending. If you can identify the areas where you are wasting your money, you can redirect this money towards paying off your Sh16,000 mobile phone debt.
When talking about debt, it’s important to focus on paying off any outstanding mobile loans. These debts can be addictive and often come with high interest rates. By removing them, you will reduce the financial burden on your shoulders in the long run.
When you plan your future, make your goals Specific, Measurable, Attainable, Relevant, and Time-bound (SMART). Set realistic expectations and remember that your financial situation may need to be adjusted along the way. Work with your spouse to come up with a sustainable plan, and focus on building long-term financial stability.
If you have any financial problems, or if you would like advice on managing your money, please do not hesitate to contact us at (email protected).
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