Why it isn’t a catastrophe if husband and wife wed their finances
You could be man and wife faithfully wedded to each other without a penny in your account and a combined net worth equaling zero, but you may revel in the thought that you have each other, and you are happy with that. If you have risen together from humble backgrounds it is easier to make a joint pitch for financial growth and foster a mutually beneficial relationship that is poised on the growth curve. It is much simpler to merge each other’s backgrounds with minimal assets because you have a lot less to boast about but a heck of a lot to aspire for in the cheering ambiance of romantic love and mutual admiration.
But as a marriage progresses and acquires the trappings of a career, business and home, and a car and mounting personal assets and growing children, the couples start to reappraise their individual and mutual goals and aspirations. It may dawn on one or both partners that a joint financial endeavor could seriously benefit the family. Here we share our thoughts on why it would be in the couple’s best interest to pool their finances
Shared finances are the reverse side of shared aspirations
Many relationships though founded on the bedrock of romantic love and respect flounder in the seas of incompatible earning power. The husband might have forayed confidently into the fine arts or music or related fields only to discover post wedding that these vocations are emotionally fulfilling but they do precious little to pay the daily bills. If the wife remains a home maker this situation could become the recipe for financial instability. Worse still, such situations could result in one or both partners compromising on their goals and aspirations. Perhaps one way out could be for spouses to review priorities and discover new age vocations and pursue commensurate educational qualifications to carve out more paying careers.
A couple we knew turned to radiology and phlebotomy and studied hard to acquire technical certifications in their respective areas to forge well-paying careers in the healthcare industry. The realization dawned on the couple that they had now substituted penury with high value education loans that were screaming to be repaid. What steadied their financial ship was the decision to pool resources and to double their repayment and throw in windfalls that came their way.
Joint financing overcomes the friction of income disparity
It’s easier to talk about equality of sexes in every aspect of life and living but much more difficult to ensure it is implemented in the routine of the daily marital grind. The wife might be earning $9 per hour to start with while the husband brings in larger wages and a heftier contribution to the household expenses, or it could be the reverse. The steady acquisition of assets and personal belongings over a period of time could entirely be through the efforts of the larger income earning partner.
The status quo might still be blissfully maintained without rancor or ill will for years to come as husband and wide grow to love and nurture each other, regardless of their income disparity. The tables could just as easily be turned when the wife may overcome career setbacks to forge ahead and earn double what her erstwhile high income partner was drawing. It may not matter significantly because thus far nobody was exercised about the disparity in earnings as the expenses were jointly pooled and taken care of. Besides, if one partner was earning more, the other was contributing physically, mentally and emotionally to keep the home and children together. Ultimately, handling finances jointly becomes the glue keeping the family intact, where mutual disparities in earnings have little impact on the family’s growth and development.
Sharing earnings is a vote for increased transparency
Couples may tend to start life together maintaining separate accounts but that could be a blow to transparency in the long run because what remains hidden between partners could one day come back to hurt the relationship. Suspicions and secrecy are mutually coiled snakes that squeeze out the spice of trust and mutual respect that keeps a relationship well oiled. Having mutually merged accounts brings matters out into the open and partners become accustomed to asking and clarifying and accepting mutually agreed spending patterns. It’s a win-win situation where there is little scope for hostility and suspicion.
What works for a marriage is teamwork
A successful marriage cannot be divorced from teamwork. The years together, the roller coaster rides from the depths of depression to the heights of ecstasy and the bonding that children bring about ram home one significant factor – the teamwork that made it possible to persevere as a single unit. Rising and falling together the couple retain their zest for life, facing, tackling and overcoming hurdles together as a team. The magic worked purely because the couple refused to separate their financial lives and chose to merge aspirations with their combined resources.
Joint financing is the panacea for easier parenting
More than most couples care to acknowledge, it is kids that keep their marriage intact. Changing diapers, the travails of maternity, the doctor’s visits, the sporting disasters and the schooling lessons are memorable because of shared responsibilities and financial bonding that made things smoother. Children help break the invisible yet strong barriers that finances tend to create if they were tackled individually. They drive home the truth that nurturing the family overrides all financial considerations and dissolve the distances that disparate incomes may otherwise create.
Working hard to succeed in joint financing
Though short term solutions may work it is the long term resolve that makes joint financing tick.
- Create monthly budgets and stick to them without demur. Spend quality time creating a structured budget that takes care of essentials without cutting too many corners, and work sincerely to stay within that budget. Budgeting is a powerful tool purely because it compels us to acknowledge the limitations posed by our earnings and devise ways and means to contain expenditure that ensures we stay on track.
- Enforce a strict expenditure ceiling, a kind of glass ceiling that should never be breached by either partner – a ceiling on the amount that can be spent on any product or service or need, personal or familial. This enforces fiscal discipline and minimizes misunderstandings and quarrels. It also implies that financial decisions will always conform to a mutually accepted standard.
- List your short term objectives and long term goals and review their progress periodically and affect changes as your salary and earning levels increase or as your needs undergo change. It’s the easiest and most practical way of ensuring the family grows along the lines that you have mutually dreamt about and aspired for.
A successful marriage is all about teamwork, and there is no future in growing separately as individuals each pursuing his or her separate goals. This is a logical conclusion as the very purpose of marriage is to unite two souls, not separate them so each follows its own trajectory. There is always a deeper sense of fulfillment in uniting finances. Car Title Loans San Bernardino 325 West Hospitality Lane, San Bernardino, CA 92408 (909) 575-0671