JaGa are currently fighting about Money due to Jagat's unemployment and lack of income. There has been a lot of tu tu mein mein between them and forum members about this. Now I could throw Kerosene on the fire... but, I would rather discuss and learn how to avoid such problems. I am single and not really mingling😆 but, I did give some thought to how such issues could be approached.
Previously JaGa kept their finances separate. That made some sense but, is no longer possible. So, what to do?
1. Sit down and do up a budget, so both partners comprehend how much money there is or isn't and how much discretionary spending room they have.
2. Though they have kept their finances separate to date, JaGa should consider consolidating to one joint bank a/c in addition to their separate accounts. It can be embarrassing and difficult for one partner to have to ask the other partner constantly for spending money because they don't even have access to a joint account. If he had such access then Jagat could have gotten his phone paid up and seen that they didn't have enough funds to spend on clothes without Gauri having to tell him.
3. Budget follow-up. Not only make up a budget, but follow up. Record expenses as they take place, so both parties can concretely see how much they have expensed and estimate what funds are left.
4. Equal amount of discretionary spending. Once you agree to combine finances then each partner should have equal amount of discretionary spending available to them regardless of whether they are the earning member or not.. So, neither partner feels they are unequal in the relationship because they are not currently earning or earning less.
5. Job Search - If one partner is unemployed then the couple should jointly set a budget for his/her job search! It takes money to find a job. Transportation, interview clothes, networking meals, etc. They should discuss the searching partner's search strategy and ensure funds are allocated in the budget in keeping with the search strategy.
6. Guests, gifts, and other discretionary spending - If only one partner is earning or there is general shortage of funds then the couple should jointly consider cutting back on discretionary expenses like guests, gifts, reduce cable bills, etc.
7. Setting aside money in every budget for a rainy day - Its good to save a bit of funds for rainy days when there are unexpected expenses (car trouble, unemployment, illness, etc.)... JaGa should have done this before, but now should think about doing this going forward.
8. Budget for medium term and long term goals - they may want a vacation to give us a break from chik chik or they may want to start saving for that fab Hospital they want to run. If that's a mutual goal they share then they should slowly budget for it now that Jagat is not getting his ancestral "haq"
Married or not... Please add on your suggestions for successful money management within marriage.
Edited by AnjanaYYZ - 13 years ago