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Handling money in a relationship
Plan as a couple on how you can effectively and sufficiently spend what you earn. PHOTO BY Edgar R Batte
What you need to know:
- You can decide to have a few rules that govern your money habits and also a limit of how much you can spend on yourselves as individuals.
- Money eases a relationships but it can also break it if poorly handled, writes Annet Katusiime.
Money is a good factor in a relationship and as we grow our demands increase thereby the need to make more money.
However, the most important bit is to understand how to handle money for the better of the relationship.
Money in most relationships brings tension and that is why most couples will avoid the subject, especially in the early stages.
But this is a crucial subject to ignore at any stage of a relationship because it is one of the ways through which you will understand someone.
Interestingly, if you are careful, you can tell a lot about a person by the way they handle money.
Money itself is not a problem but the issue is how one controls it and spends it.
To many, relationships become insecure the moment they lack money and it can be a source of conflict. However, how can you limit money-related issues in a relationship.
Honesty
In a relationship, honesty about money is a serious point that every couple should keep in mind.
Talk about money as often as possible including how much you earn and how you can resolve an emergency.
When you understand the financial position of each other, it gives you a clear vision of where you are and where you want to go thus working towards just that.
Make a joint budget
This is a great tool that makes planning easier as it gives a sense of direction where money to accomplish certain functions will come from.
It is not easy but it calls for openness about incomes and expenditure by both partners.
You can start by allocating a portion of your income towards family needs.
Spend wisely on relatives
High dependency levels are evident in most families but you need to allocate what you can afford.
Helping relatives is not bad but it should not stretch your income than you can afford because it has the potential to drain you emotionally, which might become a problem to your relationship.
Offer help when it is needed
Encourage your partner to reach their full potential in whatever they do after all their success helps the whole family as a whole.
Make investments
Family heritage is built by what the next generation inherits from its parents. Plan for short, medium and long term to invest in projects that will support your family even after you have died.
Balance work and life
As the saying goes “work without play makes one dull”. Work is important but you must create time for you and your loved ones.
Work hard but know when to stop to focus on family responsibilities. This will reflect not only in your work but progress in terms of leadership.
Good leaders have sound family governance and it is from here that they pick good skills to help others.
However, if you burry your life in work, chances are you will miss out on the beauty and love that family brings.
Money is good but knowing how to make it, grow it into assets as well as balancing it with life is greatly important.
Set rules and limits
You can decide to have a few rules that govern your money habits and also a limit of how much you can spend on yourselves as individuals.
For instance, you can decide on spending Shs100,000 on yourself and anything above that you should seek the consent of the other.
This creates due diligence and also gives a couple the freedom to use their money in the way they want without affecting the family well-being.
Additionally, you should review your financial goals on a weekly, monthly, semi-annual or annual basis.
The review should identify gaps and subject yourselves to accountability in the event that there are gaps.
The accountability should ensure that you close everything that has not gone according to plan.
The writer is a certified financial literacy trainer: [email protected]
