Feeding my Car Vs Maintaining a Family in an Unfriendly Economy
Hi friends, today let's talk about how a family men and women cope in taking care of their bills in a growing world of inflation and hikes in the market. As you read is post please drop a comment on your views.
Where Are we Heading to
Between 2011 and 2015, Nigerians bought Premium Motor Spirit (PMS) popularly called fuel by Nigerians at the rate of #65 per liter, which was equivalent to $0.328 (at #197.87 to $1).Source
Making a comparative analysis of the liters of PMS in 2015 and 2021
Based on the two above charts one will see that there's a great disparities in the exchange rate and the quantities of PMS sold by the petrol station. It wasn't mentioned that PMS is sold at #175 per liter, which is about $0.43 (@ $1 to #410.8).Source Let's take that my car will consume 100 litres of PMS in 3 months. The amount of money I would have spent in 2015 will be #6,500 which is about $32.8 based on the above exchange rate, while 100 liters in 2021 will be #17,500 ($42.58). The equivalent of #6,500 in dollar will be at $15 instead of $32.8 which was the actual amount as at 2015. There's a big difference in just purchasing PMS for my car in 2015 and now. The car has other maintenance to do on a monthly basis.
Maintaining a Car Alongside Family Needs
A man having a car and four children with a salary of #150,000 ($365)Source every months what'll be his expenditure in 6 months. In 6 months the man will earn #900,000 ($2,190.2).Source In 6 months time the children would've paid school fees for 2 terms, let's say they're paying #30,000 ($73) each term, four of them will pay #240,000 ($584).Source This is a little bit less than ¹/3 of his 6 months salary. Car maintenance will take about #30,000 ($73) every month, in 6 months he'll spend about #150,000 ($365)Source. Feeding the family will take about #50,000 ($121.67) per month and in 6 months he would have spent #300,000 ($730)Source, other expenses to be at #15,000 per month, in 6 months he'll spend #90,000 ($219). What'll be the savings of this man in 6 months time? The man would've spent #830,000 ($2,019.67) and saved just #70,000 ($170.53).
I'll conclude by asking this question: should the man sell his car to invest in other profitable ventures like hive, crypto and forex of maintain his car? I need your response @ura-soul @uyobong @zarankp @arcange @scholaris.pob @samsmith1971 @nonsowrites @pizzabot @beer
I would ask myself the question: If I am using 100 litres of fuel every two weeks then (1) I think you have miscalculated how much you spend on your car each month, and (2) what are you using it for, how will you travel around if you don't have your car and what will that cost you instead. Finally, just a word of advice. Your post comes across as a little demanding by tagging people and saying you need their response. I have no idea of what life is like for you and what your needs and priorities are. I am also not a financial advisor so cannot provide advice on what you should be doing here. I don't think it's wise to tag random strangers asking for their input on matters of such importance. I have upvoted your post as I can see you have a genuine question and have put some effort into it, but just as a heads up, these types of posts are not my area of general interest and so I am not likely to read anymore of them in this vein/genre. Good luck with your decision🙏
Sorry the 100 litres is actually for 6 months not 2 weeks. It's a miscalculation. Thanks for pointing that out, please what's your area of interest. Thanks for the comment
I just updated that, thanks
My interests are wide and too varied to list out here 🤗but I am not a financial advisor as per my response and given that I don't know much about your life and your needs for your family, I cannot place myself in your position and give you advice one way or the other on whether or not to sell your family car to invest in crypto. If you take a look at my blog you will see the type of things I publish myself. I read a diverse range of creative pieces from short stories to poetry, and discursive articles that spark an interest. I also read some more blog-style posts like the Wednesday walk posts as I love learning about other people's cultures and lives around the globe. As mentioned previously, I curate and upvote based on a combination of articles and creative pieces that I enjoy as well as articles where I can see a lot of genuine effort has been put in. I am happy to take a look at your next few pieces and to provide support and guidance on the platform as needed. I know how hard it is to get started ;-) The most important thing though when writing is to write about things that interest you and write from your heart, with passion. Forget about trying to write to a specific audience, unless of course for example you have a passion for film and are posting in Cinetv community, or a passion for Splinterlands and post in Splintertalk etc. And then most importantly, read read read and engage engage engage with others... meaningfully. Imagine they are standing in front of you and you start up a conversation with them because you actually want to speak with them about what they have written about, the comments become conversational and engaging and you may pick up some followers if you engage frequently and also write good content.