In Summary
Say that the Shs450,000 has been able to take care of the bills, with a number of sacrifices here and there. When you get a promotion and start earning Shs700,000, do not increase your spending to Shs650,000 and keep saving Shs50,000. Increase your savings instead
Last weekend, our marrieds cell group had an interesting discussion on money. How does a couple handle money? Should you get joint accounts? Should the wife contribute anything to the household income or should the husband take care of all the bills? What about if she earns an income? How do they decide who pays for what? So many questions flew around the room and it made for an exciting interaction.
Each couple has to decide what works for them and what they are both comfortable with. But there were some things we agreed needs to happen for any couple to be comfortable with the discussion about money.
No secrets There needs to be transparency. Now, I know many people will scoff at this for what might seem like good reasons. But it is the principle behind the idea. It is good for both you and your spouse to know what is on the table. When that happens, you are likely to put it to better use; of course you might have different priorities but there will be also be similar goals. And that is somewhere you can start.
Being transparent will enable your spouse to trust your motives. It will also enable them help you plan because they will likely have good ideas on how you can invest or use the money.
The assumption is that you are with this person because they have good qualities in them, so listen to them. All that said, do not demand that your spouse reveals their earnings. Let them be willing to tell you. And when they do, do not abuse the trust or information. Use it wisely.
Plan ahead It does not matter if you are earning peanuts. Plan for that money. Plan on how much to save, what to use, how to use it and all such things. Plan, agree and set clear goals for how a joint account will be used if you want to open one. Plan for a windfall in case you get one.
Plan for the extra money you will get once a promotion comes in, even before the money comes. Here is another thing. Say you have been earning Shs500,000 and saving Shs50,000 while using Shs450,000 for all your other needs.
Say that the Shs450,000 has been able to take care of the bills, with a number of sacrifices here and there. When you get a promotion and start earning Shs700,000, do not increase your spending to Shs650,000 and keep saving Shs50,000. Increase your savings instead.
Continue using the Shs450,000 for the bills and start saving Shs250,000. You have goals right? You need to build a house, start a family, start a business and many other things. Your ambition to get these things needs to trickle down into your pocket. The cliché, “Forewarned is forearmed” will never run out of relevance. Use it.
Save and reward Some of us are good savers. Others are good spenders. Learn to balance the two. Between you and your spouse, figure out who watches the coins keenly and the one who spends them well; who has an eye for business, and who has an eye for accounts.
Then deploy the resources accordingly. You are a unit and are better off working together. If you haven’t started saving, start. It doesn’t matter how much you start with. Saving Shs50,000 a month with leave you with Shs600,000 at the end of the year and there are lots of things you can do with that amount.
In all this, do not forget to reward yourself occasionally. It could be a massage, a movie or buying yourself and a few friends a kalayi of roasted meat! The idea is to reward yourself for having worked hard to earn the money. Just remember to spend after saving, and within budget.
cbeyanga@ug.nationmedia.com
0 comments:
Post a Comment