Ask Leo: What Effect does the population of the family have on their finances?

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As the world is evolving and things are changing, new parents plan to make life better for their offspring. It's also no lie that the population of a family definitely influence their finances. For example, a small family expenses for the month is definitely way lower compared to a larger family. Coming from Nigeria, this is one thing that affects most people. Not just Nigeria but Africa as a whole and probably some part of Asians too(Not sure about that). We as Africans have little believe in Family Planning. Infact in the early days your wealth can be determined by the number of Offsprings you have. This is because there was no school then and so no spending extra money on education. Instead of this, there are big farms where parents take their large number of children to to work. This ofcus increase the family's finances and so for this reason, people tend to procreate many children.

Now things have changed. Civilization has set in which means this old thinking should be put under review. Its so sad to still see young couples planning to have 4 to 5 kids with absolutely no plan on how to take care of them. I was even talking to a mother of three few days ago and she still show interest in giving birth to more with her husband barely able to provide for the family. It kills me when people put on this behaviour. I am not against having a large family, infact I love large families but proper planning needed to be done before thinking of having one. Is the income of the parents enough to sustain a large family? These are the questions that needs to be answered first. A lot of things needed to be put into consideration because raising a child is so expensive.

If proper planning can be made and the income is enough to raise a big family, then by all means. Infact when this is done and the children are grown up and successful, it boosts the family finances in return. But left to me, I prefer a smaller family. The ones that will be able to live comfortably with the inflow of income into the family. Our parents have made this mistake and they struggled to make ends meet. This is a younger generation and we have to do better.

In conclusion, the population of a family will definitely influence the family's income directly and indirectly. If the population's expenses is higher compared to the rate of income entering the family, then it will result into a Negative effect but if the population'expenses is equal or preferably lesser compared to the inflow of the income then it will be Positive. Then there will be extra money to save and invest.

Will love to read your take on this topic in the comment section.

THANK YOI FOR STOPPING BY. HAVE A WONDERFUL DAY.

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Wao,you have spoken too well, in this era, one need to be very careful in giving birth because of the way things are. And proper planning should be done also

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