Financial Statements For Families, Merged Or Separated?
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| Financial Statements For Families, Merged Or Separated? |
Let's check what's important in making financial statements for your family.
Managing Finances For Families
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| Photo by Jimmy Dean on Unsplash |
Financial problems are one of the most sensitive issues faced by everyone. Robert P. Kiyosaki in his book Rich Dad Poor Dad, argues that money is opened to everything, but all the decisions we face in this world must be related to money.
One more sensitive problem faced by a person is a family/marriage problem. A husband-and-wife relationship is inevitable. According to William Betcher, M.D, and Robie Macauley in his book The Seven Basic Quarrels of Marriage, it is argued that financial problems dominate problems in home life.
Can readers imagine what happens when the two problems are combined? What's going to happen? Marriage is a process by which the two individuals are united. There is no longer the term "I" but it changes to "We". So, wouldn't it be wise if financial problems could be decided together?
The question is, what should be done to make a joint financial Statements? Here we give tips so that financial recording for the family can be done well.
#1 Create Expense and Income Records
Having a good spending record can help everyone – not just married couples – to understand how effectively one manages personal finances.
When a couple is married, the recording of expenses and income can be done together by combining the financial records of the husband and wife, so that there is a new record named joint records.
Examples of expenses recorded together:
- Monthly shopping,
- Home maintenance costs,
- Children's school dues,
- and other costs that both benefit.
By having a joint recording, couples can evaluate the management of family finances, whether it is effective, what is balanced, and so on.
#2 Open A Shared Account
In addition to having savings in their respective accounts, couples can also open a joint account containing shared savings. Opening a joint savings account can be useful to meet the needs of the family. The flow of money in and out can also be tracked better through joint accounts.
#3 Agree on How to Manage Finance Together
Managing each partner's finances can be done in a variety of ways, but most importantly the two must agree not to trigger further conflicts. Whether it's merged or separated, of course each way has its own advantages and disadvantages.
When combined, couples will be easier to track where money comes and goes. When separated, make sure it's transparent to your partner.
#4 Communicate Openly Facing Problems
Decisions and ways of managing finances together can be done by mutual agreement. Do not let any more words of money husbands belong together but the wife's money belongs to himself. You can be open and outspoken about your partner's finances so that there are no misunderstandings.
This also applies to debt, if it turns out that the husband or wife has financial obligations that must be fulfilled, communicate with the spouse. Thus couples can help or at least be more careful in making family decisions.
Financial Statements For Families: Plan and Accept
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| Photo by Frank Busch on Unsplash |
Combined or separated, the two will go well if the family's finances are carefully planned and agreed together. In the future, in addition to personal needs, there will always be needs to be issued together. Therefore, it is very important to record and plan the family's finances.
Related Video - Financial Statements For Families, Merged Or Separated?
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