Leo challenge, The real value of HBD in Ilorin city and my locality.
Hello Hive
I am delighted to have stumbled upon this contest in the Leofinance community by @leogrowth to talk about the value of HBD in my city and locality.
Discussions about finance delights me these days as I have had a first hand experience of what it means to be poor and empty compared to the freedom and power one can enjoy and possess from been wealthy.
No one is meant to live in lack and if you don't own all the treasures in this life, you should at least endeavor to live a comfortable life.
Your type of income and the manner your spend those income will determine if you can live a comfortable life or not.
Some can live on a budget of say 100HBD/month (assuming HBD is worth its dollar value that would be 460 x100 = 46,000 Nigerian naira, say 1HBD is 460 naira)
The minimum wage in my country is 30,000 naira which amounts to 72.41HBD and families of 4 and above are also expected to live on that amount paying all the bills from rents to food, school fees and even transportation.
That's the state of the masses here.
I wasn't privileged enough to get an employment after graduation in order to earn that amount and see if I can manage our home with that, but certainly not and with practical example from our income and expenses these days we would go stranded in 72+HBD on monthly basis.
Analysis of our income and expenditure.
To be candid, Hive has been my mainstay for over two years now and before hive we have depended on the proceeds from our local farm and daddy's peanut pension to survive.
Hive became a job for me when I joined the blockchain 2020 and the income from here has been reinvest in series of ways and also to foot the family bills.
Excluding my married sisters, I live with my dad and 4 other siblings who need food, clothing and shelter, looking up to their graduate big sis for all their needs.
HBD amount requirements for food.
To begin with food items,
I took a tour round Ilorin city comparing prices of the different food items I shopped occasionally for the family and a list of the most needed items with their corresponding HBD price value can be seen here.
- Noodles 2carton is usually enough for a month and depending on brand the prices range from 7.72HBD -13HBD per carton and I would go for the smaller one and spend 15.44HBD for noodles.
- Budget for rice is 26.07HBD
-
Semovita/corn takes a budget of 15.45HBD
Extra budgets is usually kept for purchasing beans, yams and potatoes in between as those aren't usually bought amd kept in large quantities until when needed but sides they could get spoilt before the end of the month.
For cooking oi, tomatoes and spices we need some extra budget of 4.83HBD for cooking oil and an estimate of about 12.07HBD for spices and soup ingredients like, okro, vegetables and frozen foods.
If we needed to add chicken to our meals then an average chicken around here cost 14.48HBD from Petmon farm on hive who lives around Ilorin city.
Chicken is occasionally 🤓
chicken from @peterale poultry farms
These are the essential food items we can afford and they are majorly local foods.
I took a survey of the price of milk and cereals from the local stores around.
The price of milk and cereals range from 3.14HBD to the larger tin of milk sold for 5.79HBD. That's the average amount needed to purchase a tin of refilled milk or bournvita for your tea. custards oat meals and others can also be bought within these price range.
For your drinks and beverages.
The most expensive fruit drink is this pulpy orange that cost 500 naira a little above 1HBD in our locality here milk drink like Hollandia is sold for 2HBD, energy drink and others are sold below 1HBD.
Creams and toiletries
If we you want to add this to our budget having an estimate of 10HBD can be manageable for our daily needs of detergents and soaps to wash, to cut down cost sometimes I prefer to buy the cheaper Shea butter for 2HBD rather than a luxury cream of 4HBD and above.
A female sanitary pad is sold from 1HBD for the lowest quality pad to as high as 3HBD for the healthier and convenient ones.
You can get some nice perfumes and shaving creams for guys from 2HBD upward
We are also in need of insecticides and mosquito repellants because of the rural nature of this environment, this I conveniently purchase for 3HBD and above depending on brand.
Bread and fruits.
Before inflation the price of break has rest on less than 1HBD, about 300 naira but now the price has doubled and you have to pay 1.45HBD for a loaf of bread.
Apples stood at 0.12HBD which is equivalent to the cent value of a dollar before the market inflation but now the price has multiplied that a quality apple goes for 1HBD
Other fruits can be bought with some few cents like these carrots I bought.
Children school fees and basic school requirements.
Honestly I can't explain how I fulfil these roles financially but I had them attend government schools with free educations and payment of only some tokens for bursary and paper works.
These expenses do one child stood at 17HBD for bursaries and about 35HBD for writing material.
This goes for the 2 of my younger siblings while the other two are undergraduate in universities who need an average of 120HBD for school fees, transportation and other school expenses.
Clothes and shoes
The prices of these ones went so high until its becoming unbearable to buy new clothes, people are now deviating to buying lesser expensive thrift.
Although I do shop some quality items from the thrift store ranging from 3HBD upward for either a blouse or skirt but often times I prefer to buy fabrics and sew now since am a seamstress in the making. I make the ladies outfit with fabrics from 3HBD price to sew a complete new set of cloth and the boys are left with no option than to buy expensive jeans from 8HBD onward.
Sq
A simple slippers cost from 1HBD while good and quality shoes required that you have 10HBD upwards.
Price of HBD required for family shelter
We live in a rural area and the houses are very old and not livable, although we are planning to relocate the house rent stands @ 193HBD.
To conclude this if we needed to add some funds for outings snacks and other convenience that would be some extra expenses.
An average restaurant in Ilorin sells a plate of meal from 2HBD upward, you can get an ice cream cone for 1HBD or less and other snacks and 2dougnuts for 1HBD.
These are some of the fairing family needs and corresponding HBD value of their prices and a pointer to how our family expenses looks like.
With all these been said the impact of inflation is still soaring deep into my countries financial system and in as much that we try all we can beat down our expenses the sad story of not been able to meet some basic needs still lingers.
On an average I could manage a budget of 1000HBD in a month for the family not counting other bills like water, electricity and subscription or gas.
This is feasible because I could cut down some cost by working on the farm, mostly after harvest we have some for items that needed not to be purchased from the market anymore.
Earning in HBD has been a life saver for me and the entire family and the hive blockchain has impacted our lives in general, regardless of the numerous bills and all I still strive to reinvest some of my hive earnings back into the blockchain for longterm goals.
And its even more exciting to find another passive way of making a living out of the 20% interest do HBD savings.
I could save as much HBD and watch the interest from such savings pay off some of my bills.
Thank you so much for reading this lengthy post (took me over 3 hours to put this together under changing body postures from sitting to laying down), Hope my story wash boring about yhe prices and value of HBD in this city am living.
This is my participation for the leo challenge. I hope you had a good read.
You can also pick up the challenge let's hear about the value of HBD in and around you.
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