It is estimated that money control over 90% of what married couples do together as expenses or development. Having a solution to how you earn and spend your money, therefore, is very key to a peaceful family. Though a family is formed by two adults who come together to marry, they must settle down to have a clear way when it comes to money and bank accounts. They might have had a difference in upbringing as long as money is concerned but once they settle down they must agree to reconcile matters on their finances. Getting a clear way on financial matters is the beginning of peaceful coexistence in a family and must be considered immediately you get married.
The big questions remain, could your marriage benefit from more bank accounts? This has been given diverse approaches and still remains in a dilemma. There are different ways of getting money into the family in an equal measure there exist different ways of spending the same money. Whether money is obtained from a money lender or any other hard work by either of the spouses it calls for great accountability to ensure you get the value of your money anytime you spend it. It could be a weakness on your side or the side of your spouse and one could be a greater spender and attracted to more purchase hence this must be taken care of. In either way, the situation can end up creating harm to the relationship. It is therefore advisable that you get the best way to handle your finances with both taking equal responsibility whether it comes to earning money or spending money. Though many other ways exist to try to cope with the situation, here are some of the tips to help your marriage when it comes to many accounts.
1. Create Transparency on your Earnings
You must make it a policy for transparency to lead your financial bit in your marriage. If there is a great difference in earnings between you and your spouse it can be causing a complex situation. This comes handy since money must be earned before you can plan to spend it. The mush you spend should be in the direct proportion of what you earn taking other factors constant. Same way in marriages the when one of the parties in the union earn much and brings it all to the family, it appears he is taking the control of spending which shouldn’t be the matter in marriage.
The higher earning partner or spouse can also a different feeling especially if both work and earn from different places. The nature of work may differ and one may call for more hours of working and more pay hence the high earning spouse could feel overused.
A different feeling could be seen on the other spouse who earns lower. What she or he contributes to spending may not match what the other spouse give and this can cause a feeling of under-appreciation when not well addressed.
It is therefore important to create transparency of what both earn to avoid above situations. Bring to the table an agreement of what you have and how it will be spent. In some cases, you can agree to contribute in an equal measure irrespective of your earnings. This is to create a uniform way of spending the same allocation and feel important in the same manner as you live together. On the other hand, equity can be reached where each brings according to the ability to earn from each spouse. It is then shared in the ratio form once you have your full budget and allocation on the same. If your earnings translate to a ratio of 4:1 the one will contribute 80% and the other party brings in 20%. This then set freedom on how the money will be spent and both parties will have equal rights when it comes to spending money allocated.
An agreement can be reached where other roles the spouse play in the house will be translated to monetary value and the spouse who plays them is then paid. This motives and gives a feeling of equal ownership.
2. Create Different Accounts
For the bills that require both side participation, you need to create a combined account to help service this. Such include your daily expenses as a family, rent or mortgage payment and any other bills that both have agreed on.
Set a different account for each of you to use while settling your personal needs that don’t need the information of the other. You are therefore comfortable to use the individual owned account in a manner that best suits you but remember not to harm your family with how you spend your money. Come to agreement on the freedom each has and how the party spends the money should not be questioned provided the deals are legal.
It helps strengthen the relationship between you and your spouse since there will be greater understanding. You will both fulfill the house need expenses and individual expenses in a manner that neither of you will question them.
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3. Set Your Budget Clear
It must be clear t both of you on how much you are setting your budget and where the expenditure shall be directed. You can set a percentage of the total budget for both of you to use for their personal expenses in an equal measure.
You can equally set a portion of what is allocated for your budget to be used in the development or the family savings. This will help create harmony in bill payment and joint development that are healthy for the future of the family.
You can now see how being transparent with one another, setting up a budget and separating accounts can bring peace with one another in a family. As compared to many other pieces of advice out there try this today and see the success. It is now clearer that your marriage could highly benefit from more bank accounts.
Having a healthy financial planning is very important. Emergency arises unexpectedly and it is very draining when you do not have enough financial preparation. Emergency could be medical bills, housing and etc. Should have need any financial assistance, you may wish to visit Easy Credit as they have a handful of loans that are available for you to choose from. Money is very important so start saving up today!