During the holiday season, it is a time to reflect and spend time with loved ones. It is also the busiest and most stressful time of the year due to travels, planning around the weather, presents, food, decorations, cleaning, etc. It seems that every year, expectations for the best holiday season and gifts to last the next year increase. However, what happens if money is tight and you can’t get that one thing your loved one wants the most? What if this is your reality all year round? I mean, money can’t buy you happiness, but it can help cover the necessities like food and shelter and everything in between.
Life can throw some pretty wicked curve balls and one of them is a change in income. You may have to cut in half due to a new addition to the family or the loss of a job. You may have to be the breadwinner for while or downsize on a home. Or you may make bank and see what to do the money you have so you don’t go wasting and/or spending it in one place. Our society runs on money, but what do you do if you find yourself in a position where money is scarce and needs are plenty? Some ideas include planning ahead, creating a budget, save as much as possible, and decipher needs versus wants.
Let’s take our scenarios and ideas from a marital standpoint. When planning ahead, it is best to plan for the worst case scenario and go from there. This could be the death or illness of one or both of the spouses, having no income whatsoever, etc. After deciding the worst case scenario, create a plan for and your spouse where if the scenario was to happen, then it would only be a minor financial setback. It is better to be prepared for something that may never happen than have it happen and get the wind knocked from you.
To make things a bit easier, we are going to lump creating a budget and deciding needs versus wants together. This category can look different for everybody and can be done in many different ways. One effective way is figuring out things that you can and cannot afford to change. For example, in the can section it can be eating (i.e. going out, kinds of groceries, drinks on the way to work, etc.) or clothes (you can find some cute things at your local thrift stores for a cheap price). In the cannot section, you could have your mortgage. After putting everything in a section, it’s time to see what you need to change in the “can” section in order to not spend more than you take in. Keep in mind that you may need to change these multiple times as life goes on and as incomes change.
Once you get that paycheck, it can be super tempting to go out and spend it on something that will temporarily make you happy. Avoid the temptation! Instead, file your money in your budget and save the rest, except for a small amount that you can call your own. Let’s face it, it was hard to get through to the next pay day and you deserve a reward. Just be conscious of how much that reward costs. Set aside $5-$10 for yourself and put the rest in budget and savings.
There are many things to consider when going into a marriage, and a big one is who will be the major breadwinner (the supplier of the income). For some couples, the husband would be the only one while the wife stays home or vice versa. Or both spouses will have careers and have someone else take care of the kids (if any). Whatever the scenario may be, it is important to not only have a plan set and in order, but both spouses need to be comfortable with whatever changes may occur or need to occur, as well as the current plan in place. In recent years, the idea of women staying at home and taking care of the children and home while the husband is at work all day has been seen as shameful and horrible. While men and women are capable of doing wonderful things in the workplace, being taking care of a home and all within is a very noble and needed thing. It is also something that both the husband and wife should work on together to keep things running as smoothly as possible. A marriage is a partnership and that partnership involves caring for a home and all within it, as well as caring for the finances and responsibilities involved.
Finances and money are difficult to talk about sometimes, but are so important. Please don’t forget that in a marriage, it is important to be open and honest about it and to work together. Your solution may not be the same as other families or the current trends, but just be sure it is a safe and well working solution with you and your spouse.
Until next time,
Toni Jo Despain
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