FAMILY FINANCE
Money is the leading cause
of divorce in North America
Important tips you must observe and discuss before marriage or early in marriage
BOOK: Love, Sex and Relationship
Be careful whom you hook up with, whom you have children with. You could be laying the foundation of a life of trauma and endless pain. SHARED CUSTODY can be severely painful for mom/dad & child.
BOOK: Love, Sex and Relationship
Be careful whom you hook up with, whom you have children with. You could be laying the foundation of a life of trauma and endless pain. SHARED CUSTODY can be severely painful for mom/dad & child.
BOOK: Love, Sex and Relationship
Be careful whom you hook up with, whom you have children with. You could be laying the foundation of a life of trauma and endless pain. SHARED CUSTODY can be severely painful for mom/dad & child.
Let's Talk about Money
Things To Do
Both partners should discuss the following questions:
1. Who should be the chief minister of finance?
Who is better at handling money?
Consider thriftiness as opposed to being a spendthrift.
Ability to prioritize value over mere preference
Who has the time.
Who has the knowledge ( technology, banking, basic accounting skills e.g. making a budget, etc)
2. It's never "my" money but "our" money. Each person must dispense with the singles mentality that I can spend the money I earn unilaterally. After marriage, It is no more your money but the family's money. Remember. Whatever you earn, you earn on behalf of the family.
3. Have a common pool for basic expenses. Can have another account for savings. All earnings by both partners should be deposited into this pool of funds. Basic expenses should be defrayed from this common pool. In this way, no single person can claim the credit to any financial achievement or accomplishment.
Dispense with the idea that, "I'll pay these bills and you pay those bills". The brain may trick you into thinking that "you pay for it, so you own it". Untold problems have resulted from this practice.
Let's Talk about Money
Things To Do, cont'd
4. Return a faithful tithe & offering. Make this the first expenditure on the budget. Even the heathen sometimes testify to the blessings that follow.
5. No major spending without the knowledge and collaboration of both partners.
6. Spending to in-laws should be discussed and agreed upon, as much as possible.
7. Plan a budget for vacation for the entire family. Plan a budget for vacation for both of you only (without the kids). After the kids have departed the home (empty nest), you should still have a loving, intimate relationship to sustain the marriage.
8. I encourage families to have life insurance. This ensures that In the event of death, disability or sickness, the family's standard of living will not change drastically.
1 out of every 2 families report that the absence of the primary wage earner is felt financially in the first month.
I have seen where the loss of the primary wage earner has resulted in the change of address (wife and children transitioning from middle to lower class lifestyle, and the kids forced to attend schools that they would not normally attend).
Lack of finances to adequately support the family due to the absence of the primary wage earner has resulted in depression, drinking, use of drugs and consequently mental health issues.
9. Make a will.
Parents should consider making a will, especially when there is a legacy that they need to bequeath to their posterity. The lack of the proper transfer of wealth and resources has resulted in the feud and the disintegration of many family relationships. Some families, after the death of the primary bread-winner, are condemned to changing their quality of life. Some have had to relocate, change the schools for the kids, live on minimum wage, and some even become homeless and become involved in drugs and alcoholism.
It is also a good idea to include contributions to missionary and charitable endeavors in your will.
10. Teach your children about money.
Be deliberate about this branch of parenting lessons.
Teach them to invest rather than squander their money on things calculated to impress. Invest rather than spending on perishable assets.
Teach them to remember the poor and needy, rather than spending for self-aggrandizement.
Teach them the importance of caring for their parents in old age.
Teach them their duty to support the children and grandchildren with which they may be blessed.
Teach them to be thrifty and yet, generous enough to support causes that enhance the welfare of humanity.
11. When spending on clothing and other household items, priority should be given to quality. Purchase that which will last rather than that which will satisfy a short term desire.
Life is a
One-time gift
Understand it &
Live it
NOT YOUR MONEY
BUT OUR MONEY
Here I respond to a very important question regarding family finance. I share fundamental tips that should be observed when dealing with the family's money