HOW to ACHIEVE EFFECTIVE MONEY MANAGEMENT at HOME

There is no doubt that one of the ingredients of successful marriage is 'Money'. Couple in marriage supposed to have money to be able to manage the daily affairs or activities of the family. Without mincing words, Money is the vehicle of successful marriage. No marriage can succeed without money.

It is always difficult for a family to get adequate money for their sustainance in view of the fact that human wants are insatiable. There is no limit to which individual can need money. What is important is that couple should be able to manage the little money they have to meet their needs and thus ensure peaceful coexistence of the family.

If the wife is not working (i.e. a complete housewife), it means the entire family would depend on the income of the husband. However, if both the husband and wife are working and earning income, depending on agreement between the two, the family can operate joint account or separate account. Which ever be the case, couple should plan how their money would be spent to avoid financial problem.

For effective money management, couple should:

- first make allowance for necessary deductions like 'tithe' if the family is a Christian or Muslim faithful;

- make allowance for emergencies or unforeseen circumstances;

- the balance should be appropriated into family needs. However, family needs are in two categories:

Primary needs: allowance should be made for:

- house rent fee (if the couple is occupying rented apartment);

- maintenance of building if the family having separate house

- Foodstuff;

- medical care;

- Clothing

Secondary needs

After the appropriation of money for the primary needs, the balance should be for the secondary needs, which include:

- the school fee of the children;

- telephone bills;

- transportation expenses;

- newspapers / newsmagazines;

- Servant's or housemaid's wages;

- Driver's wages;

- Cooks' wages;

- savings or investments

- thrifts/ contributions;

- Fuel for vehicle;

- repair of vehicle;

- pocket money

- others.

There is no gainsaying that if money accruable to a family is well managed, there would be peace in the family and such family would achieve its objectives.