Every good Marriage Counsellor will tell you to get married
to someone you love who also has potentials to create some income. This
counsel is on point because “two is better than one”, and this principle applies
to every area of life including family finance. Without prejudice to peculiar situations where
one of the spouses is extremely rich, and a second income is not required, for
ordinary folks like you and I, combined income will certainly take you further
in life than a single source.
As a matter of fact, single sourced family income is one of
the biggest issues in marriage. It does not matter whether the job goes or
stays, the mere fact that the destiny of a man, his wife and probably kids is
depending on one source is enough to cause stress in the family. We have had
bitter cases where marital love flies out of the window and couples begin to do
the most bizarre things when the single source of income ceases to produce.
As desirable as it is to have both partners contributing
financially, due to economic and social constraints, circumstances abound where
families just could not avoid living with a single source of income. We can
pray and try to change the situation, but how do you live with the situation
and still be able to meet your family’s long term aspirations?
Learn Budgeting
Having a financial plan for each year, month, week, and days
will help your family to follow a safe roadmap that can lead to tangible
results. The partner earning income has
to be transparent to share the plan with the other spouse, and with transparency
comes discipline that is critical to budget implementation.
Cut the Fat
It is important you shed the weight at this time. Every unnecessary
attachments and appendages with financial impacts must give way. It is
important you steer your family to safe harbours financially before you begin
to think of those ever present extended family commitments. Remember, a
drowning man will certainly stand a chance of survival if he is not hugging his
baggage.
Step Down
I am sorry to say this, as it may not sound very tasteful.
There are times when you need to scale down on your tastes and lifestyle
choices. This may mean moving out of that expensive neighbourhood, cancelling
that exotic vacation or even opting for a cheaper but efficient car. Stepping down helps you to at least be real
with yourself and sets the stage for faster financial recovery.
Deploy the available additional
capacity
Why use two housemaids when Mrs is unemployed? What is wrong
with Mr dropping off and picking Madam at work every day and save the cost of
driver’s salary? I tell you, couples can
achieve amazing things if they learn to collaborate with each other in times
when one of them is redundant. This is
also the best time to explore possibilities that you could hardly think of when
both of you were working. Most importantly, instead of drifting apart due to
financial pressure, this can be an incredible time to bond with your spouse doing
things you could hardly ever find time to do before.
Go for wealth
creation
A sudden job loss or career accident can be a great opportunity
for a life changing turnaround. I hear stories of women looking for job for 10
years, and their husbands are gainfully employed. There is something wrong with
that. Man/woman, instead of looking down on your jobless wife or husband, due
to the years of fruitless job search, you can discipline yourself and save your
earnings to provide capital for a great business idea that will take your
family to the next level. Capital
raising experts maintain that the easiest source of seed capital is what is
called the 3 Fs, Family, Friends and Fools. When you invest in your spouse, you
are directly investing in your own future.
There maybe more, but I believe with these few, you will
overcome the despondency and bitterness so common with carrying the financial
burden of an entire family, and begin to soar towards financial comfort.
