Let’s talk about money

Once upon a time, when a man took a wife, he assumed all the financial responsibilities of the household. It was his job to go out and work to support all the members of the family, and his wife was a homemaker and caregiver, especially for the children they shared.

Back in those days, it was possible to get a good job as soon as one left school. One could remain in that job until retirement, when pension would kick in and the man and his wife could then grow gracefully into their twilight years.

Snap back to reality in 2019, when the idea of one income being enough to support a household seems impossible and the prospect of getting a job that can be held until retirement is almost laughable based on the current economy. Many families require multiple incomes just to make ends meet, and, of course, women are a very active part of the workforce. Even with all of these changes, there are still some elements of the traditional relationship that are expected to be maintained – for example, women are still expected to be the caregivers in the family, whether they work outside the home or not.

When we take a look at the typical family today, most women are breadwinners, and in single-parent households, she is often the sole breadwinner. This is pretty easy to manoeuvre because it’s clear who is responsible for the household. However, in a situation where there is a couple and both partners are working, how do they decide who pays for what?

So many women think that the man’s money is to take care of the house and their money is for them to spend on themselves. But is that fair, especially when we examine so many cases in which women are earning more than their partners? Personally, I think this is an important conversation that so many couples fail to have.

Each couple’s situation is different, and therefore, the formula will have to be adjusted to suit their unique circumstances. But when it comes to money, so many couples find themselves facing challenges and conflicts because they fail to work out how they plan to address their finances.

How much money does it take to run your household?

It’s important that each couple work out simple goals that they can quantify and set a timeline to achieve, for example, the amount of money it takes to run their household monthly. They can start by creating a budget to cover the main expenses and then decide how much each partner will contribute to said budget.

Working out finances is integral to the overall success of the relationship, and it can affect whether or not the couple stays together. This is another issue that requires open communication, and both parties must come to the table ready to find solutions.

It’s doable, and it will make everything run smoother. If necessary, seek professional assistance, like from a banker or financial advisor. Get your money right so you can get back to the loving.

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