There are tons of tips for managing your family budget. For some, they are useful and work great, for others they are not. And the problem is not in the councils themselves, but in how income is distributed.
The family budget is the amount of upcoming expenses, limited to a certain amount of income. Most often it is compiled for a month. Therefore, the budget is formed based on the distribution of income in the family. Three main types can be distinguished:
- joint;
- single person;
- separated.
Each type of family budget has its pros and cons, as well as the principles on which it is based.
Joint family budget
This is the principle of a common "boiler". When all the money received is added to a common envelope or wallet. Each of the spouses can take money for both planned expenses and personal needs. And here is the main drawback - the size of these expenses may not suit one of the spouses. Therefore, it is worth discussing in advance the question of how much everyone can keep for themselves or determine the limit. This can be singled out as a separate expense item.
This method of budgeting is based on the following principles:
- absolute trust;
- joint decision making on all purchases;
- none of the spouses reproaches the other for the amount of earnings;
- responsibility for spending lies with each of the spouses.
If even one of the principles is violated, then such a scheme will not work. Reproaches of excessive spending and small earnings will appear, which will lead to larger quarrels.
Sole family budget
With the sole control of the budget, all the family's money is in the hands of one of the spouses. He manages them, draws up a budget for the month, but also bears full responsibility. This method is somewhat similar to a joint budget: incomes also add up to one envelope, but only one of the spouses can spend it.
Basic principles:
- absolute trust in the one who manages the money;
- one of the spouses is fully responsible for the costs;
- expensive purchases should be discussed in advance;
- the principle of openness of expenses.
The money is in the hands of a more responsible, competent or manager of the economic department, usually the wife. On the other hand, the other half are often completely unaware of the real financial situation in the family, the cost of utility bills, food prices, etc. Quarrels arise over the lack of money, accusations of squandering and unwillingness to earn more are pouring in.
Another sore point is pocket money. When one of the spouses gives everything they earn, he has no money left for his own small wishes, gifts for loved ones, the opportunity to sit with friends or colleagues in a cafe and other situations when his own money is needed. Hence all kinds of stash and concealment of income, which can lead to various suspicions and scandals. To avoid such a problem, it is important to discuss the amount of pocket money in advance, or to allocate a separate envelope for this “other expenses”.
Separate family budget
With a separate budgeting method, each spouse is responsible for a certain share of the costs. For example, a wife buys groceries, and a husband pays loans and utility bills. There is another option, when absolutely all joint spending is divided in half, even trips to a cafe. In both cases, everyone is fully responsible for their share of the costs.
Often such relationships develop in partner marriages or when mature, already financially successful people get married. One of the advantages is that everyone has their own wallet, often the spouses do not even know the real size of the income of their half. This eliminates scandals for unreasonable spending, it becomes possible to delight each other with gifts and surprises.
The stumbling block is the period of parental leave, the loss of a job or the illness of one of the spouses. In this case, one of the parties can no longer fully contribute to the family budget. These situations should be discussed in advance. For example, create savings, buy insurance. At such moments, the other half must pick up the situation and take most of the costs for themselves, otherwise it is no longer a family, but a neighborhood.
Which way to choose? Much depends on the upbringing and methods of managing the family budget by the parents. For example, if in the husband's family it is customary for all the money to be in the hands of the mother, then he will subconsciously shift responsibility for financial issues onto the shoulders of his wife, giving her a paycheck. Or a man completely supports his family, it will be natural for him to strive to control all cash flows. Strong income differences, a tendency to waste and financial frivolity can also have an impact. You may need to try all three methods to figure out which one works best for your family.
