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| Michelle and Freddie 3 March 2012 |
To get a marriage off to a solid start, it is best to
discuss the matter of finances or money candidly from the start. Here are some
time-tested tips for the newlyweds:
1. Communicate with
each other: This is the key to a healthy financial relationship. Without open
discussions, small differences over the management of the household finances
and budget can turn into big issues.
2. Respect for each
other: Respect the feelings or outlook of your partner on money. Accepting
different opinions and outlooks is the first step towards finding common
ground.
3. Shop together:
Do not burden one partner alone with the shopping. Make it an outing and by
doing this both partners will know and see the prices of commodities. Ignorance
of prices and price hikes may create false expectations.
4. Be informed: Sit
down regularly and exchange facts on the household budget status and other
financial issues. Jointly go through the monthly bills and review it.
5. Work according
to a budget: Together prepare a budget and treat it, as is your guide to help
you achieve your financial goals. Once there is consensus over the budget,
adhere to it strictly. When necessary to deviate from it, make it a joint
decision.
6. Pocket money: In
addition to the normal household budgetary items (food, mortgage bonds,
transport, etc.) also allow each partner the freedom of having pocket money out
of the budget to spend as they wish.
7. One step a time:
Tackle one financial issue at a time. Do not try to establish a budget and then
in the same breath make investment decisions all at once.
8. Equality and
diversity: Recognise the role of the breadwinners but also those who do unpaid
work – a husband studying full time or a wife looking after the kids at home
should feel that their contributions to the marriage per se is equal important.
Remember, money cannot buy happiness. To feel free, secure,
loving and in charge requires emotional maturity and not cash in the bank.
Danie
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