tips to run the family finance

In any contemporary society, three classes of couples could be identified, namely: the salary earning, the self-employed and the one employed/other self-employed couples respectively.
The Salary Earning Couple -The salary earning couple simply means that both the husband and his wife are gainfully employed either as public servants or factory workers. In this case, their income is fixed, prompt and regular, too.
The Self-Employed Couple -The self-employed couples are into private business either jointly or severally. In this case their income may not be fixed, prompt and regular.
The One Employed/Self-Employed Couple -One of these couple is gainfully employed with a fixed, prompt and regular income. The other is into a private business wit a non-fixed, non-prompt and irregular income.
The Ideal Status Irrespective of above classes of couple, it is ideal that the husband’s income be higher than that of his wife as the bread-winner of the home, according to the biblical stand point. A husband would stand his grounds where he does not shy away from his financial obligations and responsibilities to his wife. He must not be among the class of husbands who cleverly shift their financial responsibilities on their wives.
However, most women, by virtue of their educational status and parental influence earn more than their husbands either as business merchants or public servants. It is not biblically ideal for a husband to be under the control, influence or manipulations of his wife’s finances. Nevertheless, he should not be too spiritual or envious that he rejects here financial assistance. Most women are tenderhearted, merciful, generous, loving and caring. They could give everything they have to their husbands, shouldering his financial responsibilities but on the condition of trust.
The financial management responsibilities in a Christian home are the exclusive preserve of the husband but not without his wife. They should make their budget and agree on their expenditure not as individuals but a couple.
Budgeting is not only vital but also essential to effective Financial Management in a Christian Home. This budget includes items such a Tithes, Feeding Allowance, Rents, Electricity and Telephone Bills, Transport, Fuel and Maintenance of the car, waste Disposal, Children’s Allowance, Savings and others. Budgeting allows for the allocation of sufficient funds to each of the items. The husband could keep labeled envelopes for each item. The wife must conduct a market research prior to the family budget to compare the prices of items to buy, having the overview of the market situation as it affects or may affect their budget.
Restricted Expenditure A Christian couple must live within their income. They should not borrow except for capital expenditure. God’s commandment in this respect as contained in Deuteronomy 15.6 is that: “you will lend unto many nations but you will not borrow.” Ellen G White in her counsel on Stewardship wrote, as follows: “Many, very many, have not so educated themselves that they can keep their expenditure within the limit of their income. They do not learn to adapt themselves to circumstances, they borrow and borrow again and again and become overwhelmed in debt, and consequently they become discouraged and disheartened. We should be on guard, and not allow ourselves to spend money upon that which is not necessary, and simply for display. We should not permit ourselves to indulge in tastes that lead us to pattern after the customs of the world, and rob the treasury of the Lord.”
Several marriages ended up in divorce because of greed and lack of budgeting. For example, a civil servant on grade level 03 would buy an elegant food flask in the month of January, latest shoe design in February, expensive attire in March and so on, throughout the year. At the end of it all, he would argue that any civil servant, irrespective of his level, who succeeds in life, is a pen-robber!
Family Finance -Planning and Policy The income of a Christian couple is better managed, using the economic tool of a scale of preference, with a clear boundary between the family needs and wants. It could come under the following Financial Policies:
Subsistence Economic Policy -In this home, all members of the family, including the children live on wages. They all contribute directly or not, to the Family Economy. For example, the child may have to play the gardener for a living in the home. As a girl, she may play the Nanny or Sales girl or something else!
Socialist Economic Policy -In this home, the couple, with or without other members of the family, contribute equally or otherwise to the upkeep of the home., Decisions as regards the family expenditure are taken by one partner on behalf of the other. The husband and his wife are joint owners of the family heritage.