Posts Tagged ‘household finances’
On Monday mornings, I always like to do a review of the accounts and update my ledgers after any weekend spending. Granted this past weekend was light on the spending until the unexpected car repairs, YET the great thing was that those repairs did not impact household budget. The car is driving good and me and the kids are safe in it!
After updating ledgers and semi-planning for the week, I already knew it was going to be busy I got the twins up. Oh yea.. oatmeal pancakes would be the breakfast request. So I prepared them for them. So yummy and healthy! Breakfast was over and the twins accompanied me to some meetings that morning.
The day prior, hubby and I spent more time talking about the business. I was presented with several business opportunities and we began weighing them out.. i.e. my investment, return on investment, length of time it would take to see a return. This day, I decided to do some research on other areas and came to a conclusion of how to handle a couple of things.
If you are business owner, do not be so excited that you do not weigh all the factors when it comes to your business. It could be the difference between business success and failure. I am REAL big on not being upside down in my business. I admit when option 1 was presented I was very excited because it would free me up in a certain area when it came to marketing. Upon further review, it would be really upside down – where’s the benefit to me! If it doesn’t benefit me, it doesn’t benefit the family.
Money and Marriage Lessons for Today
1) Maintaining your car is important. I love how my husband had checked out my vehicle and wanted to make sure it was safe for me and the kids.
2) Small things mean a lot. Don’t take even the smallest thing for granted.
3) For business owners, ensure you are looking at the entire picture. Being upside down in your business doesn’t benefit you or your family. Actually can cause a lot of stress and strain.
Money and Marriage Encouragement for Today:
The grass may always look greener on the other side BUT it still has to be mowed!
This would be a day when I began cleaning up emails, twitter accounts and FB accounts. The account has been quite buys as of late and I don’t want to mish those couples that could need my assistance. I spent part of my day working and the other half preparing for a busy weekend. The twins are always excited when Friday comes since they know they will have extra time on the weekend with hubby.
I started early before everyone got up. So when hubby came down to leave for work we took a little time to talk about Bride and Groom Money Talk FAQ. Business discussions are also very important when you are dealing with finances. Business finances can easily affect the household finances if the business is not generating income. Caution! Be sure to treat your business like a business and not a hobby.
We discussed the current projects that I would be working on all weekend in an effort to finish them before the deadline. I shared with my husband that I would need to talk things through with him on the projects and get his feedback. Therefore, we’d have to juggle our time with the kids so we could accomplish all the things that I needed to get done. He said okay.
This day was spent in planning mode more than anything. That’s the most that we discussed money that day.
Money and Marriage Lesson Today:
1) Treat your business like a business and not a hobby.
2) Try bouncing ideas off your spouse when it comes to business and watch what happen.
Money and Marriage Encouragement for Today
Do not become silent about money due to financial issues. Solutions begin to flow once people begin to talk.
I was reading about a study that was recently completed by American Express Spending & Saving Tracker survey claimed that financial issues created more tensions in their relationship than anything else. Then it went on to state, “The majority of people prefer financial independence instead of dependence on a partner”.
When couples get married it does not mean that you have to lose yourself including financially because you are married. I am not saying that either spouse should have an account where money is kept hidden from each other in case you decide you want to bail out on the marriage. The message I want to convey is this, prior to your uniting your finances was your responsibility whether you handled them good, bad or indifferent. Once you are married, those finances are still yours, good, bad or indifferent. Whether or not you and your mate choose to open joint accounts is another discussion that should be had and a decision should be made.
Should spouses have a separate account. I believe spouses should have a separate account in addition to whatever they have decided regarding joint accounts. My husband and I have a separate account that we use to pamper each other and have some extra that we can pamper ourselves that does not hinder the household finances. What does that do for the marriage? That removes stress from the marital finances because in every relationship there is a shopper and a saver. If the shopper gets out of hand and now they are unable to pay all the bills, the saver (if they are the money manager) will not be happy.
If the husband and wife also have a joint account, then they know that one person is not shouldering all the financial responsibility. There is nothing wrong with dependence within balance. Seems to me as if there are spouses (whether husband or wife) that could be losing their life and identity once they become married. There are husbands and wives that have given up jobs and stay at home for one reason or another and that does impact the marital finances.
When financial issues arise the amount of stress it places on a marriage can affect so many areas of their life – relationships, employment, credit and much more. I would encourage all couples to do what is best for them. Develop a financial plan for your marriage and work your plan, even if you have been married for numerous years. You can start today right where you are.
Today, I was doing my research and reading on Marriage and Money of course. I came across this story on Abcnews.com titled Marriage and Money: Husbands get the financial benefit – which I would strongly recommend you read.
This article discusses how women today are bringing home more income than their husbands. Some find it difficult to cope with. I must share with you, my husband and I have always been of the mindset that it does not matter who brings home more or less as long as the household bills are taken care of. We have experienced in our marriage seasons where his income has been greater for several years and then other years mine has been greater. Regardless, we have always taken care of our household and did not let that become an issue for us.
Caution: Do not get caught up in what “SOCIETY” has to say about the husband bringing home more money than the woman or even vice versa. What husbands and wives should focus on at the end of the day is what works for their marriage, are their mutual financial goals being accomplished and are the household finances being taken care of. That is all that matters.
Do not even allow friends or family members to speak negatively about either spouse’s earning potential. It is all about you and your husband (and kids if applicable) but that’s it.
This morning I decided to write on money management in the household based on several things I have read as well as some discussions I have had. Whether the wife or the husband is the money manager, it is crucial to marriage that the other person is knowledgeable of the household financial climate. If you are the money manager and you are not sharing with your spouse what is going on with the finances, what message are you sending?
At the end of the day, if a financial situation happens and you are not able to pay the bill or meet the unexpected financial situation you are going to be the one that will get blamed. Why? Because you are the one managing the money and aware of what the income and expenses are. You consciously chose not to include the other person. Does that make it right that you get blamed? Absolutely not. What this should say to you is this – I need to include them whether you talk about it once a week or even once a month to start – begin talking.
Money is a part of marriage and you should not wait until an emergent situation occurs to begin talking about finances. When you are talking about finances because of a crisis, your emotions are all involved and you might not think as clearly when you are discussing what your options are in resolving the matter.
You are on the same team and therefore work together versus against the marriage. You can get a lot more accomplished.