Most married couples have issues in their marriages. These issues are not just because there’s no love or respect. They are not even about sex. Instead, most of the issues arise due to poor financial management.
Finance, most times, is the number one cause of marital strains. But the good news is that you can easily avoid fights and awkward situations when you make certain rules and agreements. These will not only save your marriage, but also make both of you more successful financially.
Try implementing the tips presented here, find out the ones that work best for you, and stick with them.
Whether you’ve just moved in together, are newly married, or your marriage has lasted for years, you will find these tips very useful.
Set your financial priorities together
The essence of marriage is for two people to act as one. Handling finances should not be left out in that regard. Discuss your individual financial goals (both long and short terms) and then find a way to unite them.
While setting priorities, think about the education of your children (even if you don’t have any yet), daily expenses, rent, the possible costs of building or buying a house, and many more.
You should also make plans for investments. Passive income is very necessary if you want to have more time for each other.
When you make plans with your partner, regarding which small and large expenditures or investments to make, you not only save towards these things together with one mind, communication is also encouraged in the process because it helps you two grow closer.
Making plans and having things to look forward to create stronger bonds between you and your partner.
Talking about money is not always the easiest thing for some couples, especially when it has to do with debt and the current financial status of each partner. However, it is important that you try as much as possible to be open and honest about such things, so as to avoid unwelcome surprises in the future.
Debt, loans, money goals, and credit history should never be kept secret.
Be clear with each other about your feelings, concerning how you would like money to be handled. Also be open about what you would like to invest in, and what your financial goals are.
When you understand each other’s financial philosophies, you will be better suited to create effective plans and agreements. Your philosophies reveal a lot about your characters, so you can find the best way to live together and avoid problems.
It’s also very important never to take any action, when money is concerned, without consulting with your partner first, especially when a budget has been agreed upon.
know each other’s money weaknesses
Each individual had unique experiences growing up. These experiences influence the choices we make, including how we spend and manage money. Some people spend money as soon as they get it, while others hoard theirs. Some are used to getting into debt all the time, while others abhor debt.
By knowing and understanding your partner’s money management weaknesses, you can work together to help each other overcome or manage them. This way, you build together in love, trust, and understanding.
Create a budget
You should create monthly budgets as a couple and track them. When you decide on how much the both of you will spend each day on things like food, house supplies, and more, it will be easier to keep track of your expenses and make more savings.
Read Also: 4 Secrets of people who have made it in life
Have a piggy bank
This is an interesting one, especially for newly married couples. Keep a box, in which both of you will throw in a certain amount of money every day. The amount you decide on depends on what seems insignificant to you (could be N100, N200, or even N1000). At the end of the month, deposit the money into a designated account and start afresh for the following month.
This is a fun way to save for a rainy day. It should be done separately from the normal setting aside of a specified amount from your monthly salaries. If the two of you take this daily ritual to heart, you will be surprised at how little drops soon form a mighty ocean.
Open a joint account
This could be a tricky one for some couples. It is not easy to give control of your money to someone else. Not only can it cause quarrels, it is also risky.
However, having a joint account can be a good way to be open with each other and work together towards a common goal. So the best way to handle it is for each of you to keep your individual accounts in addition to the joint account.
Having a joint account requires love and trust. It is, therefore, not recommended if it will only cause quarrels, rather than bring you closer.
Split the bills
It may feel convenient to allow your partner pay every bill and make all significant investment decisions. But it’s not the wisest thing to do since it leaves you uninformed. In the unlikely event that your significant other leaves or is incapacitated in some way, it will be challenging for you to handle things on your own. Debts may accumulate and bills may be left unpaid.
Also, splitting the bills will make you more organised since each person knows what he/she is responsible for.
At the end of the month, go over financial events together, so as to be well informed. Weekly meetings are important as well. You can discuss how close you are to achieving certain financial goals, if there are obligations soon to be due, and any other financial matters.
When you create time for such serious discussions, you become more at ease with your partner and also worry less about money matters, since you both know that you’ve made all necessary arrangements.
Plan for your retirement
The earlier you start investing towards your retirement, the better. Whether you are self-employed or a stay-at-home spouse, you should also have a solid retirement plan. Each partner needs to have one, so as to ensure that both of you are financially prepared, no matter what challenges you may face in the future.
Spells of hard financial times are bound to come
Without preparing for unforeseen circumstances, you can fall into a really bad place in your relationship.
Hard financial times can tear couples apart. No matter how strong the love is, the frustration and emotional stress associated with such times can dole out the greatest temptations.
It is therefore important that all couples have solid contingency plans in place.
For better for worse, till death do us part…
As a couple, you should work together to create a strong financial base that you can look back on with pride. It only takes a day at a time to ensure your financial happiness. Taking things for granted can bring consequences you never expected.
7 key ways women can effectively build a professional career while running a family
Juggling between work and family life has been one challenge faced by many women.
According to the World Bank collection of development indicators, compiled from officially recognized sources, women make up 44.94% of labour force in Nigeria as at 2019. It can be estimated that more than half of this number of working women are wives and mothers. This is quite impressive and shows an appreciable increase in the number of working women and working mothers to compared to what was seen two decades ago. However. The rise in the number of working women and mothers also increased some of the problems working wives/mothers faced both at home and at work. In fact, some of these problems remain largely unattended to in the Nigerian society.
In our world today, especially in the corporate world, where competitive nature is prevalent, a lot of women have risen career-wise and have carved a niche for themselves. Some of the career choices they made has put so many of them in a state of dilemma. i.e. juggling between their work as well as their family life, thereby making it difficult for them to strike a balance.
In addition, many husbands, especially in Nigeria where patriarchy is strong do not support the idea of their wives working. A few who buy the idea, do so grudgingly, thereby, not offering their full support and cooperation to their wives. This, however, has made a lot of relationships suffer.
Contrary to the above, many men give their wives full consent to work, pursue their dreams and professions. In Nigeria, there is an indication that most working mothers/wives are working not just for self-fulfilment but also to supplement their husband’s income in the face of persistent inflation and to assist their spouse financially.
A lot of people find it difficult balancing the strike i.e. their career and family, leading to some having to quit their jobs. Nevertheless, there are some women who, over the years were able to balance their professional careers with that of their family, and these women have become source of inspiration to so many women finding it difficult to strike the balance. And they are the likes of Oby Ezekwesili, Folorunso Alakija, Aisha Ahmed, Ibukun Awosika, Toyin Sanni, Ebelechukwu Nwachukwu and so many other women striving in their area of specialization.
According to Mrs. Ebelechukwu Nwachukwu (MD/CEO, NSIA Insurance Company Limited) in an exclusive interview with the Amazons Watch Magazine editorial team, she said that “balancing work with family life is quiet challenging to achieve but is very achievable. I think women more than men need to realize that it is essential to start early to focus on a desired career and we need to stay the course when marriage and children come. We do not have time to play around or to waste, and we must stay motivated and not burn out. Women, by starting early would already have set a pace, before family life comes in. Even when you don’t start early; women must realize that many times, we need to do more. We must stay the course”
According to Ibukun Awosika (Chairman Firstbank Nigeria) “In life, you decide on those things that are important to you, because as a woman I have all my visions and dreams and I want to achieve them. I want to also be a successful mother to my children and I want to be a successful wife to my husband; once I am able to balance it up, it will make a successful home. All we need is understanding. And we need a balanced home to have the right atmosphere. I also apply wisdom most of the time because the day my children matter most to me, I create time for them. The day it is my husband that matters, I create the time. The same goes for my work. If not, everything will crumble and that is why I need to measure the percentage of attention I give to them and that is why I can’t advise another woman on how to run her family because it is your circumstances that determine your kind of action; my home is different from any other home. I am happy to be married to the best man.”
Here are the 7 ways to help make sure both your career and your family flourish:
Having a supportive spouse is key to balance
Having a supportive spouse is key to balancing your career and family because he will assist in the responsibilities of taking care of the family. Having a supportive spouse will enable you reach your career height. They go as far as being supportive of their pursuits to seek higher education thereby supporting them financially, morally, emotionally and otherwise.
Though at times some when overwhelmed might grumble about a woman’s dedication to her job, however, as a woman the best way to resolve this concern is by being diplomatic. Nevertheless, when your spouse is being supportive, it is still imperative to give them top priority and also tend to their needs.
Planning and time management is crucial
Good planning and time management are crucial to balancing career and family. A lot of people are faced with the challenges of taking care of their young children/ pursuing their careers. Some will plan it in a way that they will pursue postgraduate degrees or career advancement when their children are older.
Also, when planning and managing time, figure out your family’s priorities. Have a calendar that includes dates when bills are due, a list of school and family events, extracurricular activities, birthdays, and more. It is always recommended to use a Google calendar, which can be easily shared and synced on smartphones. Set aside 15 minutes each Sunday to review and prepare for the upcoming week’s schedule. This helps eliminate surprises during the week. Also, have a time put in place to take care of yourself by going to a spa and exercising (like a yoga class). Remember to eat well and get enough rest. These are simple things a lot of working mothers/wives’ neglect.
Be focus and work hard
This is specifically true for women who want to compete for leadership positions and elevate higher in their careers. For you to get to that position you have to be focused and work so hard to avoid your gender being a hindrance to your success. There is often pressure from employers on women to convince them that their loyalties lie at work and not at home, since working mothers might not be able to afford to spend extra hours doing overtime or other work-related activities which can jeopardize their family. The best way to meet up with all the expectations is to be focused and work super hard. Multitasking will aid you to achieve your goals. Avoid time-wasting, casual internet browsing, gossiping, and long lunches. All these things cause distractions and make you less productive.
Hire a good house help/nanny
When trying to balance a professional career with family, it is advisable to hire someone that will take care of your children. You may decide to employ a house help/nanny or even invite a family member, like your mother/mother-in-law to come around and take care of your kid(s).
When hiring a help/nanny it is always imperative to do a background check of the person you are bringing inside your home so you wouldn’t end up creating a problem for yourself and for your family. Go for someone that has excellent experience and is adaptable to kids of various age range; caring for newborns and older children who need homework help.
The house help could cover the necessary functions, such as cooking, laundry, cleaning, and taking care of the children while both parents are at work. It is imperative to show your house help love so they can reciprocate and take good care of your children when you are at work.
Find quality creche for you kids
Using a Creche (for toddlers) is a good way of balancing your work and family for those that do not want to hire a nanny/house-help. There are some inexpensive schools you can enroll your kids, where they will receive proper care. Having them enroll in Creche will give you ample time to focus on your job and grow your career. You and your spouse can reshuffle on how you both can go for school runs. Choosing a Creche is not something you carelessly pick out and move on, the reason being that leaving your child in the care of others is a major act and needs your utmost attention. Before choosing a Creche it is important to take note of their services and leave room for evaluation to be sure they are in good hands.
Go for online courses
Getting an education is very important to a lot of women as it enables them to achieve higher leadership positions. Having a successful career has to do with furthering your education, whether through degrees or certifications.
For this to be feasible, since you are trying to balance your career and that of your family, it is advisable to venture into online professional courses/online Master/PHD courses. Going into online courses will give you sufficient time to take care of your family and also aid in self-development which is a good ladder to enable you climb faster in your career.
Create a family time
Making time for your kids is crucial, both during the week and on the weekends, to nurture your family dynamic and allow everyone to bond. Always create family time, like having a family breakfast and family weekend. The family weekend covers going to the movies/amusement parks. When you are having family time, avoid talking about work or checking your phone. Instead, focus on your kids’ interests by asking questions about their friends, classes, and hobbies. With older children, ask for their activity suggestions and try to meet their needs.
Get relevant economic and financial data on Nairalytics
In conclusion, being a full-time working mother can lead to feelings of guilt and stress because of divided attention between work and family. The key is to be focus on a plan, get organized, and find the right balance between profession and parenthood.
Great tips for landing a job during this lockdown
The coronavirus pandemic has had its impact on job opportunities, but here are some tips for landing jobs.
The economic lockdown and movement restrictions due to the coronavirus pandemic has had an impact on job opportunities. Some of them could be in the form of job losses, getting new jobs, or even changing the way we work.
Given the unemployment numbers especially in these challenging times, it might be hard not to be apprehensive.
According to a report from Bloomberg, Mark Hamrick, senior economic analyst for personal finance website Bankrate.com, said, “It’s important to remember that there is hiring happening. There’s always attrition and individuals leaving for other jobs.”
Robin Ryan, a career counsellor, said that just a few unemployed people are job hunting at the moment. Most believe that there are no jobs, they can’t be hired, or that only lower-level jobs are available.
Here are some tips for landing jobs during this lockdown.
Beat the system: Make a list of your recent jobs and your top accomplishments at each of them. Those are the items that should be on your résumé. To get past automated applicant vetting systems, enter your work tasks—budgeting, project management, graphic design, team leadership, etc.—in the first bullet point under each job. Don’t include extraneous formatting, such as text boxes, tables, footers, or headers, because application software can’t recognize it.
Assess your prospects: You have to find out if the opportunities in your industry are shrinking. According to Hamrick, “many people fail to see that their skills might apply to a variety of settings.” Consider some of the sectors that have stayed open in the lockdown—finance, real estate, food and other consumer goods, technology, and retail, plus suppliers and distributors for each. If that exercise doesn’t yield much, think about how your skills might help companies sharpen their online business. “There’s a need for people to help facilitate digital transformation,” Hamrick says.
Hit up recruiters (Recruiting agency firms): Let them help you with your resume and offer suggestions about things you might do to stand out.
Use your resources: Companies are filling positions needed to support virtual workers as part of their pandemic strategies. Many company websites might not yet reflect these changes, so try popular online job search websites, type in a company and your city, and you’ll get a better sense of what kind of hiring is going on.
Network: That friend-of-a-friend who previously ignored you. He’s home now and might be up for a quick Zoom coffee date. Connect with everyone you know in your field. (LinkedIn is good for this.). Those connections build on each other. You can ask mutual acquaintances to introduce you to people who can help and once that happens, you can fix a virtual coffee date. If that goes well, ask for an introduction to a hiring manager or supervisor. You’ve got nothing to lose.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Nigerian Breweries publishes names of over 100,000 shareholders who are yet to claim their dividends.
- 2020 FY Results: Sovereign Trust Insurance Plc records a 37% increase in profit after tax.
- CSCS Plc posts profit after tax of N6.93 billion in FY 2020
- BUA Cement Plc announces Board Meeting
- Infinity Trust Mortgage Bank Plc records a 60% increase in profit after tax in Q1 2021.