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A lot of people have been married for years but still find it very difficult to get their finances in order.
This might be due to various reasons such as the famous, ‘your money is our money and my money is my money’ that most Nigerian ladies not just say, but usually adhere to when they get married, and other problems that would be explained in this post.
Money problems in marriage are pretty much expected, but they’re easy to avoid at the same time if you can avoid these 4 financial problems in marriage.
Not sharing expenses
This is one of the major money problems a lot of marriages experience in Nigeria. Despite the fact that a lot of young people now have access to information that is relevant to financial independence, a lot of women still assume the husband should bare most if not all the expenses.
However, splitting the financial responsibility to an equal 50/50 is not realistic because women have expenses that men will never have to worry about. At the same time both partners rarely make the same income.
Therefore, a better approach would be to look at the overall expenses and income of the family, and then come up with a budget that works for both partners. Paying for all the expenses by one partner might come with good intentions from the start, but after a while it would create tension and pressure.
Keeping money secrets
It is no brainer that keeping money secret is not healthy for any relationship. Not only would it ruin the trust, it could also lead to resentment from the offended partner.
This does not just apply to keeping secrets about some extra cash you have somewhere, it also includes not letting your partner know you have loan to be paid, if you have one. It might seem embarrassing but it’s the right thing to do. That way you would be able to figure out a better and easier repayment plan which might include your partner helping you pay some of it and vice versa.
You should also let your partner know your credit score, as this would help both of you when you want to apply for a loan together for a new home or other heavy purchase.
Leaving one partner to manage the money
In a lot of Nigerian marriages, one partner manages the money and that is usually the husband and recently the wife. This is fine when that is done because the partner managing the money is better at money management, but that does not mean you should leave the entire money
decision and management to just your partner. Sometime s budgeting and keeping records of expenses can be overwhelming, so you need to work together to ease the stress. Also, anything can happen to the partner who manages the money, would you be fine financially without your partner?
You might not know the full details of how every Naira is spent, but at the very least, you should know how to access your money in the event of an emergency.
Not budgeting properly
As stated earlier about splitting expenses, having a budget in place will help you figure out how to manage the family expenses. Write down all of your income and expenses, once you have all this info, you can decide how the expenses will be split. Don’t forget to budget savings e.g. travel, and short-term major purchases for a car or a home.
Also, be prepared to review and change your budget when the need arises like when you get a raise, or an addition to the family. When such changes happen try and see how you can save more or where you can cut expenses depending on what the situation is at the time.
However, if you realize that you and your partner are not good at managing money, you should visit a financial institution for financial advice on how to manage your money. In most cases, getting financial advice is free.
Finally, note that marriage and money are never easy but can be quite satisfying when you have it clearly stated out and in control through proper planning and consistent efforts towards your financial freedom as a couple.