- Personal Finance»
- Family Budget
how money can make or mar your marriage
Every one has a role to play
The success or failure of any marriage depend largely on the two individual involved in the marriage. In any marriage the husband has a role to play while the wife has her own part to play. The man cannot play the role of a woman neither can the woman play the role of a man.
Apart from the two people involved in a marriage, there are other extraneous factors that can impact positively or negatively on the success or otherwise of a marriage relationship. one of those factors is the incidence of low financial resources. Many problem in the marriage are largely caused by low financial resources and economic instability. It is threatening the love, peace and joy of many marriages today and has already destroyed the very fabric of many marriages.
What can you do to save a marriage from the clutches of low financial resources or to put it simply, from incidence of insufficient fund or lack of money. Finding a solution to this nagging issue shall be the pre-occupation of this write-up.
Transparency in financial dealings
First of all, couples should not allow money to destroy their marriages. In order to have a happy and successful relationship, the must ensure transparent dealing in their financial matters. To achieve this, couple should not be ashamed to declare their financial receipts to their partners. Both income and expenditure of married couples should not be shrouded in secrecy.
There is a great need for couples to always tell each other nothing but the truth. This will guard against marital treachery, which involves deceiving your spouse or not being loyal to someone who trust you. One ,thing about a lie is that someone who lies needs another lie to cover the previous lie and another lie to cover the new one and so the cycle goes on and on. So it is better for couples to be open to one another and avoid playing hide and seek in all their financial dealings.
Family economic policy
Secondly, for couples to live happily and make their marriage long lasting, they need to evolve their own economic policy. Economists asserts that human wants are unlimited and the means of satisfying them are limited. To satisfy the necessary need of the family, it is appropriate to determine whether a couple should be a dual income earner or the husband should be the sole bread winner.
If the income of the husband alone is not sufficient, accepting the wife as an equal income earner might be the necessary solution. The income of the woman may be essential to supplement that of the husband to meet the family needs.
Having said this, couple need to decide whether working outside the home is suitable or whether setting up a home based business is what is needed to make them happy and also make ends meet.
There are many kind of home based businesses that are well suited for housewives. This type of businesses can reduce the strains of combining a commitment to a spouse and children with full-time occupation.
Budget is compulsory
Thirdly there is need for couple to have a budget to make their marriage successful. A budget in simple term is a plan of how to spend the money that is available over a period of time. It is commonly said that those who fails to plan has already planned to fail. This implies that there is a correlation between planning and success.
Couples need to plan on how to spend their expected income. This entails deciding on what to buy and when to buy them. What type of accomodation to to lie in, what type of car they want to drive, what school should their children attend and so on. Every human being, no doubt want the best that life can offer, but in a situation of low financial resources, one has to cut his or her coat according to the cloth.
There is necessity for couple to form the habit of not spending more than they can afford, otherwise the result will be budget deficit, which is another word for debt. And it is often said that a man in debt is caught in a net,. couple should avoid debt like a plague.
Periodic review of budget
The purpose of having a family budget is to use it as a guide in day to day spending. The budget must be put down in writing in order to make it effective. Anything written is more reliable than what is committed to memory as they can not be easily forgotten.
However there is need for periodic review of the plan in order to stay on the track. In these days of persuasive advertising and skillful salesmanship, it is very easy to be lure to indulging in extravagant and unplanned spending. Couples need to sit down periodically and carry out a comprehensive review of their expenditures. This is to enable them see where they have derailed from their set target and how to guard against future occurrence.
Finally they should also consult each other in regard of family investment and should be not involved in shady investment. They should also save for the raining days. We lives in a dynamic world and the economy of the world are not static. The world's economy fluntuates between prosperity and recession, couple can always fall on their saving to augment their standard of living in times of economic recession. However money should not just be saved for saving sake to the detriment of the family. The purpose of making money should be to spend it on the family.
How couples organise and manages their financial resources could contribute to how the marriage will fare. It could bind the chord of marriage together tightly and it could also cut the chord asunder. Effective financial planning and implementation could steer away the marital ship from hitting the rock and lead to a happy and long lasting relationship.