Financial Responsibility In A Marriage

When you were single, you had already established your own spending habits and preferences.   Now that you are married, it is imperative that you share financial responsibility with your spouse, whether or not you want to set up a joint bank account.

Money squabbles can cause serious problems in a marriage and can ultimately lead to its dissolution. This is especially true when both partners do not share the same financial philosophies.

Below are a few ways a couple can share financial responsibility in a marriage.

• Set up a budget.

A budget is a way to keep on track and agree on what is financially important for each partner and the couple.  A budget helps you to provide for a vacation, retirement, your children’s university fund, a house, car and so on.  As most couples can’t live the lifestyle of the rich and famous, a budget helps you plan and save.

• Who pays for what.

There is no right or wrong way of determining who pays for what in a marriage.  In some marriages, the man pays for the children’s school fees and house rent while the woman pays for feeding and the children’s clothes.

Alternatively, if the woman earns 60% of the total income, she pays 60% of the bills. What she does with the rest of her income is for her to decide.

A third method is for the couple to combine both incomes, set aside an allowance for each of you to spend as you please and trade off the bill-paying chore from the joint account.

We need to realize that in our Nigerian society, we see the woman as the helpmate and not the head of the family.  As a result, it is understandable that the woman here won’t feel pleased to shoulder the greater part of the financial responsibility in a marriage.  However, if a man is trying his best and the woman can help out, she should definitely step in to raise the standard of living of the family to that which both partners will be happy with.

Always remember that there is no hard and fast rule in a marriage and what works for me might not work for you.  Do not look at another woman with envy, saying to yourself why is she so lucky to have a man who cares for nearly everything while I have to shoulder some responsibility in my own marriage? Like someone once said, next time, if you don’t wish to shoulder any responsibility in a marriage, marry Dangote! That is, if you can.