How to manage a family budget so that everyone is happy

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

A simple way that will allow each of the spouses to spend money on what he wants.

I recently bought a game console that I have long dreamed of. I brought the purchase home and bragged to my wife without shame. By the way, she is not at all interested in such entertainments.

“Great,” she said. "Is this the new prefix that was talked about on the radio?" No judgment whatsoever. No questions asked about the price. No moralizing. How is this possible?

The thing is that my wife and I give each other pocket money.

When we receive a salary, we put a certain amount of money into the account. Then we take the same amount for personal expenses. After that we pay bills and taxes. The remaining money goes into savings.

We used to blame each other for spending a lot of money on personal whims. I go to games, and my wife to clothes. These costs have been a hindrance to our larger goals.

So my wife had a great idea. You have to pay yourself first. You can spend your personal money as you please. And for this no one will condemn anyone. Each of us is free to dispose of pocket funds at our discretion.

This system has many advantages. We've kept your credit card spend to a minimum. We know exactly how much money we have and how much we can afford to spend. And we show children a good example of financial planning.