Has it ever occurred to you that most of us have a schizophrenic relationship with money, as a result of how we were brought up? I have a solution, but I guess I should be prepared to be called ‘unAfrican’ and worse names. Full post at http://unquietafrican.blogspot.com/2020/07/our-financial-schizophrenia-rescuing.html

But, ka-UZI!

1/13

For most of us, growing up, money was something that was either there, or wasn’t. Our parents and guardians would sigh that there was no money, even for important things, or we’d suddenly see those things appear, with no idea how they’d been bought.

http://unquietafrican.blogspot.com/2020/07/our-financial-schizophrenia-rescuing.html

2/13

The only time we handled our own money was busfare/lunch money in day school or pocket money in boarding school, but it was always EXACT. Woe unto you if busfare increased because of the rain, or increased between opening day and closing day.

http://unquietafrican.blogspot.com/2020/07/our-financial-schizophrenia-rescuing.html

3/13

And so, look at us today. Balling and ‘chopping’ our money the weekend after payday, only to eat ugali and salt ‘mwezi ikiwa corner’. We’re generous with beggars, churches and mosques at end-month, yet cannot afford anything two weeks later.

http://unquietafrican.blogspot.com/2020/07/our-financial-schizophrenia-rescuing.html

4/13

We don’t know how to budget or stick to those budgets. We don’t have a solid repayment plan when we borrow, and our creditors get pissed off when they see us getting ‘fat’ while we still owe them money.

http://unquietafrican.blogspot.com/2020/07/our-financial-schizophrenia-rescuing.html

5/13

So what to do? The four things that I think we need to implement. If you want to shout that I am proposing that we spoil our children, or that this is not how you were brought up, be my guest.

http://unquietafrican.blogspot.com/2020/07/our-financial-schizophrenia-rescuing.html

6/13

First, let’s start giving our children small allowances when they do some work for us. Obviously not their normal chores or schoolwork, but wages which we would pay anyway to someone else - shamba work, washing a car, doing exceptionally well in school etc.

7/13

Two, this money is THEIRS, to do with what THEY wish (within legal and familial strictures, obviously). Should the six year old want to buy Kinder Joy, that’s their business. Should the teenager want to spend hers on hideous sneakers, again it’s their choice.

8/13

Suggest savings ideas, and help them save if they’re up to it. Help them open an account or just acquire a piggy bank. But should they choose to ignore your advice, LEAVE THEM ALONE. If they ask you to keep their money for them, do NOT ‘eat’ it.

http://unquietafrican.blogspot.com/2020/07/our-financial-schizophrenia-rescuing.html

9/13

You’re not KRA, so don’t you dare attempt to tax them for anything. Not asking them to pay for their own food. Not whining about how expensive school fees is. They earned their money, so let them decide how to spend it.

http://unquietafrican.blogspot.com/2020/07/our-financial-schizophrenia-rescuing.html

10/13

If they come to you with non-essential requests, such as airtime or other little luxuries, it is now time for them to spend their wages. But should the request be larger, make a deal. Ask them to save a certain amount, and you will top up the rest. But as you do this...

11/13

...live up to your part of the bargain. If your child saves up 3,000 shillings for a bicycle all year, don’t stiff them by not fulfilling your end (bar any disaster, obviously). But no ‘woiye’ if they don’t come up with it, so don’t top up extra.

http://unquietafrican.blogspot.com/2020/07/our-financial-schizophrenia-rescuing.html

12/13

So that’s that. It sounds odd to speak about money in this very weird, very tough year, but maybe this is the BEST time to do so, in this year of the dry harvest. When the rains return, our children (and the nation) will thank us.

Read it in full: http://unquietafrican.blogspot.com/2020/07/our-financial-schizophrenia-rescuing.html

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