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Thursday 10 December 2015

FAMILY FINANCES 2

Last time I tired to look at the reason why many women view monies collected from them by their husbands to solve family issues as loans rather than their own contributions to the upkeep of the home.

In some cases such issue have led to serious quarrels and you hear men complaining that when the woman asks for money, the man does not see it as a loan but an obligation being fulfilled. I am yet to know any man (except he is a Gigolo) who does not fell proud to e able to meet the needs of his wife.

In other to solve this problem, I will strongly recommend that couples run a joint account where both of them will be signatories to the account to handle such emergencies. The man may decide to set aside say 10% of his monthly income which will be paid into the joint account. The woman on her own may decide to contribute say 5% of her own income.

Whatever monies is deposited in the joint account will be controlled by both of them as no one can withdraw from the account without the consent of the other.

Another suggestion is that families should try as much as possible to operate a monthly budget. Sit down with your spouse and outline how much the family will be spending on a monthly basis. This is especially important in a month like December when the family expenses is likely to rise without any corresponding rise in income.

Budgeting has many advantages including helping to curb impulse buying and keeping your spending on essentials only.

The Lord bless and keep your home.

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