Financial Planning In The Family

Finances play great part in our life. If you live alone, you are the only owner of your money. But if you live in a family the matter of planning of finances becomes very serious problem. Especially for those people, who have just began to live together, because each of the spouses had his own habits and ways of spending money and it is often difficult to get used to the way of financial life of the other person.

Each family has its own way of allocating money in the family. The types of family budget are different. They depend on such factors as: the income of the each member of the family, the relationship between the spouses, their social status and their personal qualities of character.

If both partners work, in this case there are three main schemes of the family budget. The first is based on full confidence; call it “common bank.” All earned money the spouses put in one place, together take decisions on big purchases and the time of payment of fixed monthly expenses (such as, for example, utilities). And each of the spouses takes money from common budget for small purchases or daily expenses, without giving account to the other partner.

The second variant of the family budget is based on the partial financial participation of each partner in the common expenses. Such a financial partnership is possible if the family has clearly calculated basic monthly expenditure. The resulting amount is divided equally among family members or a certain ratio, the remaining money each spends like he wants.

The third variant is based on the principle of “different purses”. Each family member is self-sufficient in everything he needs and pays for common household and children on certain accounts. Spouses can discuss the areas of financial responsibility, for example, the husband buys food and pays all expenses for children, and his wife pays for the utilities. Or each buys everything, what he thinks is needed for a house and children, plus a half shares to pay for an apartment, buy food together. Money at the same time is in various bank accounts.

If one partner does not work, source of income is reduced to a single earner, but the responsibility lies with the expenses on both spouses. The only possible and almost inevitable model for the family budget remains in this case – a model of shared money. Financial comfort depends on the income provider. Psychological comfort – from harmonious relations between partners. Direct financial dependence of one of them could be the cause of the insecurity, lower self-esteem, state of oppression. Attempts of the working spouse to dominate in the decision-making, which regard financial matters, or large financial freedom, can exacerbate the vulnerable situation of non-working partner.

Economic recession has made lots of people taking care of their retirement and future, search for various ways to save money and retirement financial planners. Those who are concerned about their retirement well-being, are advised to go to this professional financial planner site – the proper spot on the Internet to get professional pieces of advice and learn how organizing personal finances is made.

Luckily we live in the world of high technologies. It wouldn’t be wise not to avail oneself of this really unique opportunity. Current online technologies give us a way to break the borders and look for anything we need all over the planet. Check out various social networks, check related topics, join discussions in niche forums. All this will help you be well informed about the events concerning your interests. Also, subscribe to the RSS feed on this blog to keep track of new publications on the topic.

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