“Money makes the world go round,” is a popular truism, which cannot be ignored. Money plays a critical role in family affairs and is one of the significant issues which must be tackled during the courtship, preparations for wedding, and all through married life.
The attitude of each of the spouses towards money can significantly impact the relationship thus the earliest clarity on available sources and application of such funds as accrue to the family cannot be overstated.
Decision making process
In a cash economy, where financial resources play the primary role for the acquisition of goods, services and other assets, it is vitally important that this inescapable reality is confronted, openly discussed and its significance clearly explained and understood at the inception of the relationship.
The double income phenomenon of today for most couples in an educated society implies both opportunity and pitfall for the union. It is an opportunity, if the partners are willing to draw a family budget together and to adhere to its structure so that deviations are minimized and only allowed through a shared decision making process.
A mutually agreed decision making process and any amendments thereof down the line will help to inculcate a sense of mutual trust and confidence in the management of the family finances.