Financial Stability in a Marriage Relationship: What Really Is It?
Nearly every youth today talks about some level of independence, particularly when it has to do with their financial lives. For some reason, this decision and drive to be financially stable and independent are not restricted to gender. Male or female, the desire is high and even growing.
Financial stability is a good thing, trust me. Being able to conveniently plan, sort, and live life on your own terms with the financial resources at your disposal unlocks a whole new level of freedom and independence for most of us. However, in a marriage relationship, things take a little turn — not necessarily negative, but obvious.
Let’s begin with this. Imagine while dating, you earn a hundred thousand naira as a young, single, Nigerian lady while your partner earns a hundred and fifty thousand. You wouldn’t say things are so bad for you two, would you? Well, I’m guessing that with both of you cutting your coats according to your clothes, you most likely would choose to live in areas where the rents are not so high. You could even still be living with your parents, eating out of their pots, and saving something reasonable on a monthly basis. More importantly, you’re able to afford the basic things you need — clothing, toiletries, lunch, etc.
Fast forward to a couple of years later. You might still be at the same job, earning the same salaries or perhaps, slightly higher, but this time, married. Fam! A lot is bound to change. Beginning with food, whatever extras you were able to avoid spending because you were with your parents are completely gone. As a family, your income is about two hundred and fifty thousand Naira monthly. From this amount, you both are expected to feed comfortably, be clothed nicely, pay rent, perhaps buy a car/cars, maintain them, pay electricity bills, medical bills, insurance, and in some cases, send money to your parents and siblings whilst still saving reasonably for the rainy day. There is no denying that this is a lot of work, one that seems nearly impossible. And I’m here to tell you that all of these are possible, if only you understand and can work around the concept of financial stability.
Financial stability is much more than just having money. It’s having money to meet your needs as at when due without necessarily running into debts that you might not recover from. In a marriage relationship, it is working your finances out with your partner in such a way that you strategically meet your family’s needs without crashing. What happens when the babies come, if you plan on having kids? What do you do when you have to take that course or exam which requires that you pay a certain amount of money?
Marriage is no child’s play. If there is anything you must be able to discuss comfortably with your partner, it’s money and money-related issues. This is necessary.
- What percentage of your income do you intend to put aside as monthly savings?
- How much do you both intend to invest regularly?
- The new car your spouse mentioned — is it a worthy financial commitment at the time?
- Who handles what in the house? For instance, are you going to split the rent, school fees, and every other bill, or does one partner focus on paying rent while the other feeds the home?
- Will you run a joint account?
All these and many more are questions you two should find answers to in a bid to ensure that your family is founded on financially stable ground.
I’m pretty sure you’ve heard the common phrase that says ‘no romance without finance’. Don’t be deceived, money is important. As a matter of fact, money can solve 80% of our problems.
Unfortunately, one major characteristic of money is scarcity. So, for something that’s so scarce, poor management means nothing but trouble. In my home, and yours, we need money to run a lot of stuff. This is why it is important that you understand what financial stability involves, and work towards building a home that’s a financially stable haven. You will be glad you did, and so will the family you’re building.