So what’s your money strategy?
When I was still single, I don’t care about money. I spend most of my salary shopping and eating out with friends. In fact, I don’t have that much savings. When I started to have my own family, everything else is different. All of a sudden, it’s all about the expenses at home AND kids and their future. I started to care more about money and started to look for ways to earn even while at home. Even my husband is all about save, save and save.
I recently came across this article about the different money strategies married couples make. One couple said they keep their money separately and pay for their needs using their own while another couple splits everything in half. There is also a couple who is only given a budget by her husband while another couple assigns who will pay what expense. There is even a couple where one saves while the other spends.
So I started to think, what is our money strategy? And how effective is it for us?
I fall under the “husband gives me budget” category. I have to admit that I don’t earn that much and what I get from freelance writing and online business is not even enough to keep the family going. I’m just lucky that my husband can provide for us while I stay at home and take care of the kids.
So how does our money strategy work?
It’s simple, actually. My husband gives me a budget for the week. I get everything from that budget – grocery, bills payment and other emergency expenses like medicine or buying something from the grocery when the kitchen cabinet runs out. Sometimes when there is still money left, I even get our “unnecessary expenses” from that budget like movie dates, coffee and food take outs. Then I list everything we’ve spent for the week. This way, the husband will know where the money went when “accounting period” comes.
Why it works for us.
My husband controls the money since he’s the one providing for us. But that does not mean I don’t have an important role to play. By giving me a weekly budget, we are able to control our spending and limit everything with the “necessaries.” Also, we can still provide a legroom for other bills and expenses. At the same time, we are able to monitor which spending we can limit or remove to be able to save more for the kids.
Also, whatever is left in the weekly budget goes straight to the bank. We treat ourselves once in a while with movie-coffee dates but most of the time, we just buy everything we need in the grocery then cook at home. Saves us a lot of money too.
What about my personal money?
I save it, of course! Everything that I earn is what my husband likes to call “buffer” in case financial difficulties happen. I just put everything in the bank and get some for myself in case I need to get a foot spa or a new pair of shoes. Although my earnings from freelance writing is solely for myself, we still treat it as part of our savings. This way, I am still able to contribute to the family without asking anything from my husband when it comes to my personal needs.
Every couple have their own way of dealing with their finances. How about you? What is your money strategy?