How to manage expenditure when income increases
The author of ‘Practical Steps to Financial Freedom and Independence,’ Mr. Usiere Uko, in this report writes about how you can overcome the impulse of increasing your expenditure when your income goes up. Tony works in one of the big four telecoms companies and lives in his Uncle’s boy’s quarters in Lekki Phase I. His Uncle does not charge him rent and he takes his meals at the main house. The boy’s quarters was fully furnished before Tony moved in. Apart from his clothes, toys and the Range Rover parked beside the boy’s quarters, Tony has little else to his name. A third child and only son in a family of five, Tony is the richest among his siblings. His parents had returned to the village upon retirement years back, leaving Tony with his senior sisters with the responsibility of seeing the remaining ones through school. Fresh from youth service, Tony first moved in with his Uncle after he got a job in an eatery in Lekki Phase I through his Uncle’s connection...