A conversation among three newly married ladies went on like this.
First one: You know, my money is mine and my husband’s is ours. He has to do everything from paying rent to taking care of my beauty costs.
The emergency fund comes in handy when the unexpected happens such as job loss or sudden death of a loved one.
Once you sum up this, you will come up with an accurate estimate to help you efficiently plan your finances.
Then sit down with your husband and go through the document and share the cost accordingly. In this sharing, the man should give more than you because he is the provider and you are the helper.
The woman – women are trusted financial managers – can then have custody of the money. To make this work and earn trust, ensure the money is used as planned. The money for projects should be deposited in a specific account. Open a file to keep the documentation regarding this savings account.
When you call a plumber, remember where to get the money to pay him and buy the parts he may want to use. Don’t forget you set aside this money every month.
Other costs like fueling the car or paying the mechanic should not be part of your monthly projections but from another source. This is because the money spent on a car is unpredictable and sometimes goes through the roof.
If the money for maintenance is not used, for example, you can channel it to another use such as savings. You do this only after you discuss with your spouse.
It is important also to review your financial status often. If the cost of living has gone up, see how to seal gaps. When it is down, openly discuss the savings made that month and you can add it to your savings or emergency fund. Never look at the money saved as yours; remember it is a partnership and openness is the only way to make it work.
Don’t be like the lady who said when her husband is broke he borrows from her and pays with interest. As partners you must support each other. If he genuinely needs money and you know why, give him without necessarily making him sign documents about repayments. This is a wise investment. Do it and see what happens in the future.
Photo Credit: Getty