This is the follow-up article to Managing Family Finances: Part 1. Be sure to check it out before you start reading this article. Thanks!
So, let's continue Break the Touch Barrier, we considered the common and traditional option of family structure, when a husband is working, and she doesn’t (well, or vice versa, which does not change the essence). Now let's consider the option in which both he and she are working fulltime. Based on what has been said in the first article, both spouses must, in such a case, contribute only half of the family budget, which is $500 each.
In this case, the money should be exclusively used for family expenses. And if a spouse has some personal need he or she has to fulfill, then they will have to use what’s left of their salary for that
Perhaps some of you would ask me right now, why is it so difficult? Here is my answer, when you live with a person not for a day or two, but for years, various kinds of misunderstandings arise. Some are solved immediately, some last for months or even years. Very often one spouse uses his position in his own interests to lobby for his personal needs and enforces them as those, that are important for the whole family, while, in fact, they are not. This leads to a natural reaction from a partner, and, perhaps, from the whole family. This is when arguments begin to arise, so thus, you have to establish these rules, that a spouse has to fulfill no matter what. It is therefore very important to separate the financial side of the relationship of the spouses from their personal relationships. If one spouse does not bring money home, but instead, does all the household chores, then this does not mean that he or she now has no right to vote.
It is also very important to understand that housekeeping and raising children are not the same thing. In general, I would single out three main areas of family activities:
- family finances;
- housekeeping
- parenting
So, in my opinion, the first two points are equal, and the third point is the one on which the spouses should work together on. For example, if the husband fully assumes the first point, which is providing for the family, for himself, then the wife must assume the second point, and that is to keep the house in check, and to provide the family with all the needed products and alike. And when it comes to caring for the upbringing of children, this is something, in which both spouses should play a role in. While, a husband will naturally spend less time with his kids, this doesn’t mean, that he is avoiding his duty in this aspect, it’s just the nature of things, everyone is entitled for some free time, in which a person can and should do things, that he or she enjoys.
Now briefly on the topic of investing in the future. I believe that any family simply must take care of their future. A family that does not invest in its future has no future. Thus it is necessary to separate long-term goals and short-term goals. In general, it is a very good thing if the family has saved enough money to live for 3-6 months in case of loss of working capacity + some savings for the child’s study, some global goal like buying a house + some savings for a new refrigerator, a TV or a microwave.
