Traditionally, women stay at home to manage the household, prepare the meals, and take good care of the children and the husband. But now, things have changed. More and more women are joining the workforce to help with the expenses involved in raising a family. In fact, the workplace has shifted with men and women employed instead of the latter just being at home to handle usual household duties. In 2012, the Prudential Company has conducted a study and discovered that 53 percent of the respondents on their survey were women who were also breadwinners in the family. On the other hand, 22 percent claimed to be living with their spouse, with their partner making more money than them. Moreover, there is a significant increase in the percentage of households that involved both spouses who are in the workforce. This is why the society is starting to accept this shift in roles that women play in the household in addition to simply being a homemaker.
However, there is the issue that arise when women make more than their spouses. The same holds true if they are the principal or sole provider for the family. Sometimes, tensions exist between partners, which can also put a strain on their finances. To avoid this issue, the following tips may come in handy to eliminate such difficult situation between husbands and wives.
1. Accept your situation wholeheartedly
The traditional role that women used to play in the society is to bear children, accomplish household tasks, and make sure everything is in order. They are not typically the ones who make a living for the family, which puts this responsibility solely to the hands of the husband. However, things have changed tremendously over the years, and the modern household includes career women who help their husband in earning money for the family. There are also instances when mothers or married women are the ones who make more than their spouses. But then, there are some people who still linger to the traditional setup where the women are merely housewives while the husbands are the sole breadwinners. This is why if you come across people who are opposed to the concept of women as employees, you may feel uncomfortable about facing such reality in your situation in the household.
However, instead of living up to the expectation of the society, you should develop an empowered and confident attitude towards your situation. Embrace fully the fact that you are helping the family by making a living for them. After all, your efforts can lead to giving your loved ones a comfortable life that they deserve. So, own it and don’t ever allow other people’s opinion influence your goals for the family.
2. Obtain the right insurance coverage for the family
Nothing can get more unsettling than not having a sense of financial security for yourself and the family in case unexpected situations occur in the future. This is why it makes sense to buy insurance for you and your loved ones. You should think about the right policy that matches your particular situation, so your beneficiaries are secured even after your death. Your goal is to allow them to maintain their present lifestyle and not stress out about their finances. If you are unmarried or single, then you may choose to buy life insurance and choose a family member whom you can designate as your beneficiary. The said individual will be the one to settle your expenses in case something unexpected happens to you in the future.
Deciding on the best life insurance coverage policy can get challenging since you need to make sure you will be able to maintain the premium payments while meeting all your present expenses. This is why you should decide on the monthly premium that suits your financial situation. Be aware of the terms and conditions applicable to your policy, and determine if these are ideal to your specific needs and financial goals.
3. Build your emergency funds
There are always surprises that come our way, which we have to be prepared for to avoid financial strains. To avoid additional stress in your life, it is best to build an emergency fund that can save you during the rainy days. Keep in mind that even if you are making a ton of money right now, there are still some situations that are beyond your control, which can affect your cash inflow.
As you are the sole provider for the family, it is important that you secure your household’s finances in case tough times occur. You can never tell what may happen in the future, and various factors come into play that make life unpredictable including the economy and your health. Thus, minimize the risks by having an emergency fund that you can lean on. Experts recommend that you secure a minimum of 6 times your salary per month as a decent amount for your family’s emergency funds. However, in times of emergency, when you have no one else to look to, you can always approach licensed money lenders in Singapore as they offer services such as low income Singapore, personal loan, short term business loan, fast approval foreigner loan and also instant payday loan. This might not be the best choice but you should always keep an alternative route if anything helps in future.
4. Budget with your spouse
Make it a point to include your partner when it comes to budgeting your money. Always remember that raising the family should be a team effort, so never attempt to do everything on your own. You need to seek the help of your husband, as it will make him feel appreciated and not dispensable at all. This means that there should be open communication at all times whenever you discuss financial decisions. Keep things in order by sharing responsibilities, as you need to understand that you are never alone in raising the family. However, you have to realize the fact that managing your finances as a couple can be a bit tricky. You need to consider numerous things that dictate how much you can save including household expenses, individual spending habits, lifestyle, and financial obligations with your relatives, if there are.
When you budget with your spouse, you need to agree with certain aspects such as prioritizing needs over wants, tackling your or your partner’s debts together, and setting your short-term and long-term financial goals. When it comes to long-term plans for your finances, you may want to discuss major purchases that you both have been planning for, which can impact your retirement. But do not overwhelm yourselves by taking on so many things. Just work on creating a budget per month, then be sure to stick to it. Your goal should guide you in limiting the items you spend for and avoiding unnecessary expenses.
It is also worth looking into creating a plan to settle all your debts. Make a list of your existing debts beginning with the ones that have a higher interest rate, then work towards paying these off slowly. Once you have completely paid off your loans and debts, it will be much easier to meet your savings goals as a couple. You also have to address individual needs since you and your partner may have some things they consider as a part of their lifestyle that matter to them. These may include clothing expenses, hobbies,gym membership, and haircuts, to name a few. Set up a reasonable allowance for your individual needs, but never feel accountable to your partner. Always listen to one another, develop an open mind, and never resort to fighting about how the money is used up since all you need to do is to stick to the set amount or budget.
Most importantly, setup a weekly meeting for your budgeting concerns, which can help you monitor your spending. This is the time to also review the past week’s expenses, how much you have saved, and perhaps discuss future expenses that you both have been planning for. As long as you allow open-mindedness, understanding, and mutual respect towards each other, you will be able to meet your financial plans and avoid strains or tensions in your relationship.