Family Budget | Who should handle the family budget
The Family Budget, A Job for Women or Men?
A family budget also means living with boundaries. Should a mother or father handle the family budget? The parents of families nowadays are both working to earn a living, also both of them are now helping each other with household chores and raising the kids.
Sometimes, money and budgeting creates conflict in the family because the money they are earning cannot sustain the family needs. In my family, my mother received an allowance for food and other household items, the other money was left in my fathers account. When my mother needs money, she will ask my father and my father will decide if it can be provided immediately or they should wait for another month. My mother told me that she doesn't want to handle the whole budget because she cannot save money due to being an impulse buyer. Since I was young, I have never seen them argue about money, they have been together for almost 30 years.
Contrary to my mom, in my family, I handle the whole budget. I decide on everything, savings, investments, and payments. When my husband wants to buy something, he asks me if it is possible now or if he should wait till another month. We have been living together for 7 years and we don't have arguments about money.
Male or Female
Who should handle the family budget?
A survey by American Express found the sexes largely in agreement that men deal with most of the financial chores in the household. Most men and women agree that men usually handle the grunt work like filing taxes, applying for loans, and making the credit card payments.
However, when it comes to managing the household budget, it appears both genders are taking credit. Nearly two in three women say they manage the budget, but more than half of the men surveyed claim that they do.
Who is better in budgeting
Family budgeting is critical, especially for newlyweds and those starting to have their own family. Financial mismanagement is one of the primary reasons why families are being breaking down. Money is very difficult to manage especially when you just starting to have your own source of income and learning to make your own budget. There are many person who have to be in debt before they learn how to properly budget their hard earned money. Before they have learned their lesson, it's often too late as the damage can be permanent.
Budgeting can be as simple as addition and subtraction, but it can seem like black magic when stretching money to the next paycheck. This is especially true if you don't know how to make the budget properly. Budgeting requires persistence and self discipline. You can't just say, "Whatever will be, will be," especially when you have your own family who depends on you to find ways to provide the essentials of life.
Regardless of whether the husband and wife are both working or only one of them is working, the responsibility of budgeting should be handled by who is best at the job. Four rules to help your family not just survive but thrive financially.
- The person who never forgets the due dates of payments. Paying bills like schedule payments for mortgage loans, personal loans, or credit cards are always on his or her mind. Late payments will result in additional unproductive expenses for the family.
- The person who can identify the daily needs of the family, from smallest things up to expensive tuition fees. Sometimes, we neglect small things but when sum up, it cost us too much.
- Impulsive buyers should not handle the family budget because they lack self control. When implusive buyers are in charge the budget will be broken.
- Those who can decide between needs and wants. Needs should be provided immediately, but wants can wait for when there is extra money.
Both Husband and Wife
Budgeting money has a very wide scope. There are numerous ways to structure the work and responsibility, an example might be one person budgets and the other person pays the bills.
In terms of buying things, ask permission first so both sides will know if there is enough money budgeted. Both partners should share their views whether the items is a need or want. By respecting each other's opinions you can show love and respect for your partner while avoiding being impulsive buyers.