Planning for the financial future of your family, is crucial for the stability of your marriage in many ways.
Unless you budget your hard-earned income, money could drain away from you. When there is no money for your basics, the happiness of your relationship will end, and you will fight with your partner, for almost everything. You cannot live through your married life, just with your love. You need money, to enjoy a good standard of living and a comfortable life.
Most of you earn lots of money, but do not know how to handle it. Spending your money without planning, is a mistake you often indulge in. It is no use earning lots of money, if you do not know the tricks to hold on to it.
Your mindset that you will always be earning tons of money, and that you can spend it mindlessly is a mistake, that could cost you a financial disaster. When you are financially destroyed, your relationship will also be destroyed.
A simple trick of planning the financial future of your family, will cut down your risk of going bankrupt. The tricks involved to make you financially secure is easy, provided you sit down with your partner to plan it.
You may also like to watch
Shall we now glimpse into what the financial planning for your family involves?
The no 1. Planning for the financial future of your family is pooling your money together
The best way to plan your money, is to combine your income with that of your partner. You must make a checklist about the amount needed for your repayments, children’s education, medical insurance, day-to-day expenses, groceries and recreation.
Divide the expenses mutually between both. It will do you a world of good, if you have a joint account for mutual family expenses. This way, you can avoid needless arguments about the money spent. Both should also have a separate personal account, which will be all yours. Your joint account should be for mutual family commitments. Your personal account should have money for your personal use.
Dividing your income, is that important for the happiness of your marriage. Just because you are married, you cannot forgo your personal wishes, and your partner too cannot forgo his\her personal desires. When you cannot fulfill your close-to-heart desires, because you had given all your money to cater to your family expenses, you will feel betrayed and cheated.
When you do not have personal money, it will definitely lead to many unwanted conflicts between you. Having your own money, over which your partner has no say, is an essential financial management you cannot underrate.
No 2. Planning for the financial future of your family is cutting down unwanted spending
If you analyze your spending history, you will find that you are spending lots of money on many unwanted things. You get carried away by the flashy things, the world market has to offer you. Your credit cards make you feel rich, without you really being rich.
When you go shopping, you do not hesitate for a moment, to think whether you need the thing you long to buy. You buy whatever catches you fancy, only to let it rust away without using it. This is not the way to spend your money. You must avoid being tempted, at any cost.
Do not eat in costly restaurants. When you eat out often, it will make a big dent into your budget. Avoid going in your car to nearby places. It will save you lots of money on fuel.
When you think and spend, you will find you have more money in your kitty.
No 3. Planning for the financial future of your family is saving money
You do not save money for your future, as you are smug that nothing can go wrong with your finances. This where you fall flat in your face. No one in this world, thought Covid 19 would destabilize their finances.
During that traumatic period, many were thrown out of their job. Money became that hard to get. Only those who had saved money, overcame the toughest period the world has ever faced.
So, anything can happen in your life. You must be prepared to meet it. Saving money, saves your life. When you and your partner save for your retirement, you can lead a peaceful life in your old age. So, saving money, should always be your first spending.
No 4. Planning for the financial future of your family is teaching your children the value of money
You do not teach your children, the value of money. You pamper them with costly things, they do not need for their age.
Do you know why you spoil your children with needless things?
You lead a hectic lifestyle. You feel famished by your constant work-related pressures. Your energy level, hits the rock bottom due to your heavy work load. Many a time, you do not have the vigor to spend quality time with your children.
Naturally, you feel guilty that you are unable to spare time for your children. To abate your guilt, you buy your children whatever they demand from you. You gift your children, costly toys\mobile phones\vehicles, and console yourself that you are being a good parent.
No.
You are being a bad parent, when you bring up your children without teaching them the value of money. When your children are pampered with costly gifts, they grow up thinking that money is easy to get. As your children grow into adults, they will demand more and more costly things from you.
The never-ending demands of your children will transform into a big headache in your life. You often wake up, only when your money drains from you because of your wanted indulgence to the needless demands of your children.
Teach your children the value of money, from their young age itself. It will do a world of good to your children, when they understand that every penny counts. You will also be saving lots of money, when your children refrain from demanding costly things from you.
No 5. Planning for the financial future of your family is avoiding debts
Unless you understand that your credit cards are plastic loan sharks, you will be spending money unthinkingly. When you swipe your credit cards, as and when you like, you will only get deeper and deeper into debts.
Once you plunge your life into debts, it would be quite impossible to come out of it. When you borrow money from loan sharks, your life will become terror filled. When you borrow money from friends, you will lose their friendship. When you borrow money from banks, they will be at your throat, when you delay your repayment.
CONCLUSION
Your married life feels relaxed and comfortable, only when you have enough money for your livelihood. Your relationship with your partner is a lot tension free, when you do not struggle to make both ends meet.
On the contrary, when there is no money for your survival, all hell breaks loose in your relationship. So, hold on to your money, to hold on to your relationship. The stability of your relationship, is that much directly linked to your financial stability. One cannot do without the other.
Leave a Reply