Saturday 30 April 2022

HOW TO MANAGE MONEY

Basically there are three ways to manage money:
1. Spend it 
2. Save it
3. Give it away 

A Family Budget How can you plan a budget?

 “All family members,” says the book Budgeting, by Patience, “Should be included in drawing up the plan so that all have a commitment to the family budget.” Periodically, all should get together to see how their budget is working. Creating a successful budget can become a rewarding family project as each one finds ways to live within the family’s income. To work out a budget, some people use a computer program. Others simply use a pencil and a sheet of paper, which they divide into two columns. One column is for income, and the other for expenditures. It is also important to include in the budget a monthly amount to cover once-a-year expenses, such as income tax and perhaps a vacation. A time-tested method of budgeting is based on the use of envelopes or folders labeled “Food,” “Rent,” “Transportation,” “Electricity,” “Medical Bills,” and so forth. In the past, people put cash for those expenses in the envelopes each month. Now many feel it is safer and easier to deposit money in a bank account and withdraw it as needed. Jonathan and Anne, who live in South Africa with their two daughters, often use the folder method of budgeting. ‘If your salary is deposited in a bank account,” says Jonathan, ‘It is important to be strict about how your money is divided. For example, if you run out of your monthly allowance for meat, then you should not take money set aside for savings to buy meat.” Jonathan used to run a business, but now he and his family have chosen to be volunteer workers and are involved in building places of worship. Because they treasure this life of giving, they need to live on a budget more than ever. The family regularly has discussions to see how their budget is working and to make needed adjustments.
The Greater Happiness Studies show that giving of resources to others, include time and energy as well as some money, brings a greater happiness. To the extent your resources allow, it can be the best of the three options mentioned in the introduction. Chris Farrell, in his book “The New Frugality”, says that savings are a means of supporting spending. He recommends; one of the most valuable and sensible things you can do with your money is give it away. **Eyitemi Emmanuel adds: when you think about what matters most, its usually relationships, experiences, and the sense of making a difference, not money and possessions. Michael Wagner, an economist, seems to agree. In his book, “Your money, Day One”, aimed at motivating youths to save, he states; “When you take it upon yourself to help those who are less fortunate, that kindness and generosity will come back to you in a variety of positive ways, but most rewarding is the feeling you will experience in your heart by helping your fellow man.”

Saturday 2 April 2022

Providing Hope

IT WAS 2020, in Nigeria. Another session was over and professional IT Consultant Dr. Emmanuel Binitie, who had been an Engineer from the age of 17years old with educational background in Accounting. He was surrounded by eight boys has he left Nigeria.

“I just figured they wanted my autograph,” says Emmanuel. He was wrong. They were begging for food. Distraught, Emmanuel bought the boys, most of them shirtless and shoeless, grilled chicken from a woman selling food on the street corner. It’s a moment that changed Emmanuel’s life. And as a result, it changed the lives of thousands of women and children in the poverty – torn Nigeria. “My wife and I made a commitment that night,” Emmanuel says. “If we ever had the ability to do something, we’d come back and help.”

After searching methods that would provide the most impact, in 2021 Emmanuel and his partner established Springs Finance Offshore, a micro- finance and offshore banking that gives small loans to the poorest of the poor in Nigeria.

Springs Finance Offshore, which is a conglomerate division of SpringsComm Empire that manages non-profit organization “BEE Foundation” - …giving hope to the hopeless. Has given millions in loans, often breaking the cycle of poverty. The money, which is raised from donations, how also goes to medical clinics, water purification and education. “The work Springs Finance Offshore does is absolutely transformational in the lives of the people it is serving,” says Kayla Villnow, a fundraiser for BEE Foundation.

The loans average $120 and are given to people , mostly women, living in poverty. The money is used to start a small business, such as tailoring, or selling food or crafts on a street corner. Springs Finance