Sharing the Marriage Debt

There was a time when the husband was the bread winner in the missionary, lost and Gi generations, but since women asserted themselves influenced by the feminist movement and the call for equal rights among some of the Baby Boomers and certainly the Generation X, the role of the wife has changed. The working mun and the professional woman has emerged and are demanding equality in the home and their independence. Some husbands cannot handle the sharing of authority and responsibility. Conversely, some husbands are also insisting that burden of house responsibilities, especially in the area of finance should not be placed on their shoulders alone. How does this thinking affect the marriage?.

Let us discuss the financial management of the marriage and the family. There is a misconception that love will keep a marriage bonded. Oh yea! Among the Baby Boomers who have redefine old age, accept change and are anti-authority, such thinking is outdated.The Generation X who accept diversity, reject rules and who are users of technology have taken time to develop their careers by delaying marriage. Therefore, the love only thing will not cut it, given the lifestyle of this group. Hence, financial management and decision-making become key features in the marriage.

What then is the best way of dealing with the financial issues of the marriage? Here are some ideas:

1. Discuss whether there will be a joint bank account. Some persons may want to maintain a level of independence within the marriage and may accept the idea of a joint-account, but keep his or her separate account while making contribution to the joint account. The joint- account should be used a saving account to finance mortages, house repairs, groceries, travel, children education, medical and emergencies.
   
2. Know what is the total income of the family, as this would allow the pursuance of large projects, for example the purchasing of real estate.
3. Each partner needs to establish a budget and determine what each will contribute to the joint account. Equal amounts could be made, if salaries are on par; but where there is disparity, a formula could be used, for example if the either partner is earning 60% of the family income, then that partner could contribute 60% of the agreed monthy savings for the joint account and the other 40%.
   
4. Determine who pay what utility bills.
5. The grocery bill should result from a decision on what sum should be spent. This could be an expense paid from the joint-account, or the partner who earns the most takes this responsiblity, with the other partner handling the incidentals.
   
6. Discuss all finacial matters.

Once the above guidelines are accepted the marriage should be on a strong financial footing and right on track for a lasting marital relationship.

Have fun at the table.