Six ways couples can effectively manage finances
Apart from infidelity , perennial difficulty in having a child , dismal sexual experience , poor communication , abuse , unrealised expectations ( frustration ), incompatibility and strange habits , financial concern is one other important factor that causes problems in many homes .
In some customary courts across the country, there have been instances where marriages have been dissolved , for peace to reign , owing to couples ’ inability to manage their finances.
In some homes , the lack or insufficiency of it could be an issue , while in some other instances , the money is available but couples still find it difficult to find a middle ground for there to be peace.
Also , with inflation rate at about 11 per cent , amounting to a drop in the purchasing power of the currency and impliedly , more money chasing few goods , it seems understandable that finance may be an issue in many homes . Thus , it seems helpful to see how couples could eliminate or reduce the issues that emanate as a result of finances in their homes .
Both should strive to enlarge their income: In this part of the world , a man is saddled with the responsibility of providing for his family , while the wife is only expected to support . However, due to the economic situation and some other factors , there are instances where women now play a part in providing for the needs of the family. Thus , to address the issues traceable to finances, a professor of psychology , Toba Elegbeleye, says the couple should make efforts to increase their income. He said with more money at their disposal, some of such issues would be eliminated .
He also said it might not yield much result if only one of the partners was making effort.
He said , “ If they both have good income, it will absorb so many issues and very many small problems would be solved naturally. Also , when only one person is making increased efforts and the partner appears complacent or uninterested in helping, that could lead to another problem and one of the implications of that is that the person doing more may be reluctant to be open to the other person .
“ Ordinarily , if the husband earns enough and the wife has the spirit of support , there would be minimal problems .”
Openness is important – According to experts, one other important approach to addressing financial issues in homes is for couples to be open to one another . This , they said , should include letting their partners know their income to address expectations; spending habits to know what to expect and debt burden to know their liability.
Elegbeleye explained that with openness and honesty, there would be lesser issues .
He said , “ People should just be open to one another . The moment that is taken care of , I don’ t think there can be much problem because they will be able to reason together , weigh their priorities and plan together . It will also solve the issues of demands from in - laws , especially when there are financial demands from both families . When there is openness , many issues will be eliminated .
Minimise unsubstantiated suspicion: This could sometimes be an offshoot of lack of openness among couples , because knowing what a partner spends money on has been found to help in dispelling worries. There are instances where a man or woman knows or assumes that their partner earns more than the amount disclosed, thus breeding suspicions .
Elegbeleye said , “ They should do away with peddling accusations until facts are available . That is why openness is very important , because it helps to eliminate wrong insinuations and arguments. When both of you know what you both earn, it ’s easier .”
Leverage effective communication : While this factor is akin to openness , it is a different factor on its own . Elegbeleye said couples would not have issues with their finances if they have effective communication with their partner, such that even when there is a shortfall in their expected revenue and so could not meet up with certain obligations , they would not be ashamed to tell their spouse . But in cases where there is no such intimacy , some persons could resort to taking loans or being frustrated.
Elegbeleye said , “ The moment the communication issue is handled , things would be normal. But where couples maintain silence , so many other things could get worse .”
He added, “ If they are a couple that communicate effectively , there won ’t be much problem there . Everything centres on the need to be open, honest and be friends with each other , which means that if both of them are friends , they are in love , there is honesty, openness and acceptance. Issues from finance would be minimal and it might not come up because they would have the attribute of discussing issues with each other. ”
a budget : This factor, perhaps, offers two benefits. Apart from helping persons who do not have firm control of their spending to spend within limit, it also helps couples to prioritise what they spend on and ultimately cut down on certain expenses . It also helps to avoid spending excessively on things that do not deserve such resources and to stay off debts . A website that educates individuals on making financially sound decisions , Money Crashers , in one of its posts said , “ Start by reviewing your expenses over the last few months to determine how much you’ ve been spending and if you need to bring that amount down .
“ Don ’ t forget to allocate for unexpected or irregular expenses, such as routine car maintenance or doctor ’s appointments . Your budget may be a work in progress , so don ’t worry if you have to make adjustments , especially over the first few months . ”
The post added that beyond drafting a budget , couples should try to live within their projections.
It added, “ Another approach is to design a spreadsheet that tracks all your spending and totals it up at the end of the month . Try out a few different methods and do whatever works best for you and your spouse . You need to make sure you stay within your spending allotment and adjust accordingly as your situation , expenses , and / or income change . One very effective way to stick to your budget is to use the envelope budgeting system . This is perfect for young couples who typically have lower incomes and must be careful not to overspend. ”
Agree before taking a loan : It ’s sometimes a source of conflict for people when their spouses take a loan without their knowledge , especially when it ’s a large sum . This could be because it takes its toll on their financial contribution in the home and it could expose the family or the partner, who could be the next of kin , to huge debt liability if the person dies or is unable to pay.
“ Thus , couples are often advised to stay out of debt, but if they should, their partners should know . The post added, “ Debt can be damaging to any one person, but it is a double threat when you’ re married because two people are responsible for paying the money back. Start your marriage out right by eradicating debt and not racking it up again . Work out a plan with your spouse on how to get out and stay out of debt. Living a debt-free life is not only healthy for you financially , but it is also healthy for your marriage . ”
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In some homes , the lack or insufficiency of it could be an issue , while in some other instances , the money is available but couples still find it difficult to find a middle ground for there to be peace.
Also , with inflation rate at about 11 per cent , amounting to a drop in the purchasing power of the currency and impliedly , more money chasing few goods , it seems understandable that finance may be an issue in many homes . Thus , it seems helpful to see how couples could eliminate or reduce the issues that emanate as a result of finances in their homes .
Both should strive to enlarge their income: In this part of the world , a man is saddled with the responsibility of providing for his family , while the wife is only expected to support . However, due to the economic situation and some other factors , there are instances where women now play a part in providing for the needs of the family. Thus , to address the issues traceable to finances, a professor of psychology , Toba Elegbeleye, says the couple should make efforts to increase their income. He said with more money at their disposal, some of such issues would be eliminated .
He also said it might not yield much result if only one of the partners was making effort.
He said , “ If they both have good income, it will absorb so many issues and very many small problems would be solved naturally. Also , when only one person is making increased efforts and the partner appears complacent or uninterested in helping, that could lead to another problem and one of the implications of that is that the person doing more may be reluctant to be open to the other person .
“ Ordinarily , if the husband earns enough and the wife has the spirit of support , there would be minimal problems .”
Openness is important – According to experts, one other important approach to addressing financial issues in homes is for couples to be open to one another . This , they said , should include letting their partners know their income to address expectations; spending habits to know what to expect and debt burden to know their liability.
Elegbeleye explained that with openness and honesty, there would be lesser issues .
He said , “ People should just be open to one another . The moment that is taken care of , I don’ t think there can be much problem because they will be able to reason together , weigh their priorities and plan together . It will also solve the issues of demands from in - laws , especially when there are financial demands from both families . When there is openness , many issues will be eliminated .
Minimise unsubstantiated suspicion: This could sometimes be an offshoot of lack of openness among couples , because knowing what a partner spends money on has been found to help in dispelling worries. There are instances where a man or woman knows or assumes that their partner earns more than the amount disclosed, thus breeding suspicions .
Elegbeleye said , “ They should do away with peddling accusations until facts are available . That is why openness is very important , because it helps to eliminate wrong insinuations and arguments. When both of you know what you both earn, it ’s easier .”
Leverage effective communication : While this factor is akin to openness , it is a different factor on its own . Elegbeleye said couples would not have issues with their finances if they have effective communication with their partner, such that even when there is a shortfall in their expected revenue and so could not meet up with certain obligations , they would not be ashamed to tell their spouse . But in cases where there is no such intimacy , some persons could resort to taking loans or being frustrated.
Elegbeleye said , “ The moment the communication issue is handled , things would be normal. But where couples maintain silence , so many other things could get worse .”
He added, “ If they are a couple that communicate effectively , there won ’t be much problem there . Everything centres on the need to be open, honest and be friends with each other , which means that if both of them are friends , they are in love , there is honesty, openness and acceptance. Issues from finance would be minimal and it might not come up because they would have the attribute of discussing issues with each other. ”
a budget : This factor, perhaps, offers two benefits. Apart from helping persons who do not have firm control of their spending to spend within limit, it also helps couples to prioritise what they spend on and ultimately cut down on certain expenses . It also helps to avoid spending excessively on things that do not deserve such resources and to stay off debts . A website that educates individuals on making financially sound decisions , Money Crashers , in one of its posts said , “ Start by reviewing your expenses over the last few months to determine how much you’ ve been spending and if you need to bring that amount down .
“ Don ’ t forget to allocate for unexpected or irregular expenses, such as routine car maintenance or doctor ’s appointments . Your budget may be a work in progress , so don ’t worry if you have to make adjustments , especially over the first few months . ”
The post added that beyond drafting a budget , couples should try to live within their projections.
It added, “ Another approach is to design a spreadsheet that tracks all your spending and totals it up at the end of the month . Try out a few different methods and do whatever works best for you and your spouse . You need to make sure you stay within your spending allotment and adjust accordingly as your situation , expenses , and / or income change . One very effective way to stick to your budget is to use the envelope budgeting system . This is perfect for young couples who typically have lower incomes and must be careful not to overspend. ”
Agree before taking a loan : It ’s sometimes a source of conflict for people when their spouses take a loan without their knowledge , especially when it ’s a large sum . This could be because it takes its toll on their financial contribution in the home and it could expose the family or the partner, who could be the next of kin , to huge debt liability if the person dies or is unable to pay.
“ Thus , couples are often advised to stay out of debt, but if they should, their partners should know . The post added, “ Debt can be damaging to any one person, but it is a double threat when you’ re married because two people are responsible for paying the money back. Start your marriage out right by eradicating debt and not racking it up again . Work out a plan with your spouse on how to get out and stay out of debt. Living a debt-free life is not only healthy for you financially , but it is also healthy for your marriage . ”
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