{"id":1254,"date":"2019-01-14T15:53:16","date_gmt":"2019-01-14T14:53:16","guid":{"rendered":"https:\/\/cowrywise.com\/blog\/?p=1254"},"modified":"2023-09-22T16:04:43","modified_gmt":"2023-09-22T15:04:43","slug":"black-tax","status":"publish","type":"post","link":"https:\/\/cowrywise.com\/blog\/black-tax\/","title":{"rendered":"Black Tax: When You Are Your Family&#8217;s ATM"},"content":{"rendered":"\n<p>Sometime back, Twitter was agog with a short but relatable tweet of a young lady; a tweet with content synonymous with what is known as the black tax in the southern parts of Africa. The black tax is a tradition so common that it earned a prominent spot in Trevor Noah\u2019s \u201cBorn a Crime\u201d, a really beautiful book by the way.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote twitter-tweet is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Saving money is the biggest challenge with us Africans. You save a little, next thing U hear is &#8220;grandma swallow razor send something&#8221;<\/p>\n\n\n\n<p>\u2014 hispania__ (@Ojimah4) <a href=\"https:\/\/twitter.com\/Ojimah4\/status\/1084027579957501953?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noreferrer noopener\">January 12, 2019<\/a><\/p>\n<\/blockquote>\n\n\n\n<p><script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n\n\n\n<p>To properly explain the black tax, we can lend the words of Gerald Mwandimbira of the Savings Institute, South Africa. In this article, he said, \u201cBlack tax sees the person\u2019s salary portioned off to support older parents or an extended family while trying to raise a young family. This puts one\u2019s responsibilities in a \u2018sandwich and hence this is often called the sandwich generation. The sandwich generation supports the generation above them, as well as the generation below. Making it difficult for the sandwich generation to <a href=\"https:\/\/cowrywise.com\/save\">save money,<\/a> which will, in turn, pass this tax down to future generations.\u201d<\/p>\n\n\n\n<p>The consistent trend of difficulty with savings due to this \u201ctax\u201d can lead to a vicious cycle of generational dependence if not managed.<\/p>\n\n\n\n<p>Probably the root of this culture can be traced back to a common African saying \u2014 \u201cIt takes a village to raise a child\u201d. Although there is a positive side to this saying, it also implies that enjoying success alone as an African is almost impossible.<\/p>\n\n\n<div class=\"shortcode-block\">    <div class=\"inhype-postline-block-wrapper\">\n      <div class=\"container\">\n        <div class=\"row\">\n          <div class=\"inhype-postline-block inhype-postline-block-710348 inhype-block clearfix\">\n            <div class=\"owl-carousel\">\n            \n                  <div class=\"inhype-post\">\n                    <div class=\"inhype-postline-block-content\">\n\n                      <div class=\"inhype-postline-details\">\n                        <div class=\"post-categories\"><a href=\"https:\/\/cowrywise.com\/blog\/money-guides-and-tips\/\"><span class=\"cat-dot\" data-style=\"background-color: #000000;\"><\/span><span class=\"cat-title\">Guides<\/span><\/a><a href=\"https:\/\/cowrywise.com\/blog\/money-tips\/\"><span class=\"cat-dot\" data-style=\"background-color: #000000;\"><\/span><span class=\"cat-title\">Money Tips<\/span><\/a><\/div>\n                        <h3 class=\"post-title\"><a href=\"https:\/\/cowrywise.com\/blog\/set-up-trustfund\/\">How to Set Up a Trust Fund for your Children<\/a><\/h3>\n                                                <div class=\"post-date\"><time class=\"entry-date published updated\" datetime=\"2021-05-27T11:33:45+01:00\">May 27, 2021<\/time><\/div>\n                                              <\/div>\n\n                                            <a href=\"https:\/\/cowrywise.com\/blog\/set-up-trustfund\/\" class=\"inhype-post-image-link\">\n                        <div class=\"inhype-post-image\" data-style=\"background-image: url(https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/05\/Trust-fund-coin-stack-01.png);\"><\/div>\n                      <\/a>\n                                          <\/div>\n                  <\/div>\n            \n                  <div class=\"inhype-post\">\n                    <div class=\"inhype-postline-block-content\">\n\n                      <div class=\"inhype-postline-details\">\n                        <div class=\"post-categories\"><a href=\"https:\/\/cowrywise.com\/blog\/money-guides-and-tips\/\"><span class=\"cat-dot\" data-style=\"background-color: #000000;\"><\/span><span class=\"cat-title\">Guides<\/span><\/a><a href=\"https:\/\/cowrywise.com\/blog\/investment-tips\/\"><span class=\"cat-dot\" data-style=\"background-color: #000000;\"><\/span><span class=\"cat-title\">Investing<\/span><\/a><\/div>\n                        <h3 class=\"post-title\"><a href=\"https:\/\/cowrywise.com\/blog\/mutual-funds-vs-etfs\/\">ETF vs Mutual Fund<\/a><\/h3>\n                                                <div class=\"post-date\"><time class=\"entry-date published updated\" datetime=\"2022-06-20T18:16:34+01:00\">June 20, 2022<\/time><\/div>\n                                              <\/div>\n\n                                            <a href=\"https:\/\/cowrywise.com\/blog\/mutual-funds-vs-etfs\/\" class=\"inhype-post-image-link\">\n                        <div class=\"inhype-post-image\" data-style=\"background-image: url(https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2022\/06\/mutual-funds-vs-etf.png);\"><\/div>\n                      <\/a>\n                                          <\/div>\n                  <\/div>\n                        <\/div>\n          <\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n    <\/div>\n\n\n\n<p>This isn\u2019t to say that there is anything noble in enjoying the benefits of your success on your own, especially without those that helped raise you, but when does sharing become harmful? When you find yourself not being able to take care of your necessities because you are too busy helping others, a line needs to be drawn. You need a balance to be able to sustain the help you lend out to others.<\/p>\n\n\n\n<p>Does this suggest money transfers from Africans to family members as the major reason for poor savings among Africans? Definitely not, but sharing what is probably not managed properly can only make things worse for the one who is being the good Samaritan. So the big questions are:<\/p>\n\n\n\n<p>A. How can you do better with your personal finances?<br>B. How can you effectively juggle your needs and the needs of those who supported your development?<\/p>\n\n\n\n<p>Effectively answering the first question makes the second one a lot easier. To help with the first we have a few suggestions:<\/p>\n\n\n\n<p>1. Although the black tax is almost unavoidable, you have a right to keep the total value of your income to yourself. If this can happen without any violent face-offs with family members, please make your income your personal business.<\/p>\n\n\n\n<p>2. With your income well guarded, commit to <a href=\"https:\/\/cowrywise.com\/blog\/much-my-money-should-save-invest\/\">budgeting your income<\/a> properly and building an emergency fund. An emergency fund should contain 3 to 6 months of your living expenses. <a href=\"https:\/\/cowrywise.com\/blog\/emergency-funds-savings-work\/\">Learn how to build one<\/a>.<\/p>\n\n\n\n<p>These two steps are critical to achieving success with the next steps. On juggling your needs with those of others you love, you should consider the following suggestions:<\/p>\n\n\n\n<p>1. <strong>In your budget, set a cap for the black tax and stick to it. <\/strong>How do you stick to it? Pay yourself first and place your <a href=\"https:\/\/cowrywise.com\/blog\/investing-money\/beginner-investing-money-nigeria\/\">savings and investments in locked accounts.<\/a> Cowrywise can help with this, our locked plans are 100% efficient.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"http:\/\/cwry.se\/blog_signup\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"222\" src=\"https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/03\/Money-management-breakers-01-1024x222.png\" alt=\"\" class=\"wp-image-4209\" srcset=\"https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/03\/Money-management-breakers-01-1024x222.png 1024w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/03\/Money-management-breakers-01-300x65.png 300w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/03\/Money-management-breakers-01-768x166.png 768w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/03\/Money-management-breakers-01-1536x333.png 1536w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/03\/Money-management-breakers-01-2048x444.png 2048w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/03\/Money-management-breakers-01-360x78.png 360w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/03\/Money-management-breakers-01-150x33.png 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>2. <strong>Set a necessity test, one that will guide what you spend the black tax on.<\/strong> Items should border around survival needs \u2014 feeding, housing, schooling and health.<\/p>\n\n\n\n<p>3.<strong> <a href=\"https:\/\/cowrywise.com\/blog\/chose-cowrywise\/\">Learn to say \u201cno\u201d<\/a>.<\/strong> This is probably one of the most potent tools for preventing unplanned spending. If it isn\u2019t a case that is a life-threatening one and doesn\u2019t pass your budget or necessity test, kindly turn down the request. Saying no is a lot easier when you have the first suggestion sorted.<\/p>\n\n\n\n<p>A choice to manage the black tax will not only help you <a href=\"http:\/\/cowrywise.com\/save\">do better with your savings<\/a> and build wealth, but it will also prevent you from becoming dependent on your children when you get older also. Do them a favour by making the right choices today.<\/p>\n\n\n\n<p class=\"has-large-font-size\">ALSO READ<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><a href=\"https:\/\/cowrywise.com\/blog\/types-of-taxes-in-nigeria\/\">Types Of Taxes In Nigeria<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The black tax is part of our financial reality as Africans. Here&#8217;s a guide on managing money transfers to family members and dependants.<\/p>\n","protected":false},"author":1,"featured_media":2552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[134,173],"tags":[247,234,243],"coauthors":[463],"class_list":{"0":"post-1254","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-money-guides-and-tips","8":"category-saving-tips","9":"tag-black-tax","10":"tag-charity","11":"tag-planning"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Black Tax: When You Are Your Family&#039;s ATM - Cowrywise Blog<\/title>\n<meta name=\"description\" content=\"The black tax is part of our financial reality as Africans. 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