I periodically find myself reflecting on how my mother was able to teach us to be content with what we had, though looking back, we really did not have much ‘stuff’. There were 13 of us including our parents and as far as I can recall, our needs were always met while she would stash money aside for a rainy day. Our father simply entrusted our mother with the finances. I admire our father for having the wisdom to yield to her ability to manage financial matters.
It seems as though many couples fail to not only recognize the person in the relationship who is better equipped to manage finances but also refuse to entrust those matters to that person. I have heard couples claim that they are equally strong in terms of managing finances, but I believe because we are all uniquely made, it is unlikely that there is such a thing as being equally strong financially. If a couple is blessed where they are both strong in that manner, one would still have the edge in one aspect or the other, at which point, the responsibilities ought to be designated appropriately.
Just as a company has various roles for each leader, mainly a Chief Executive Officer (CEO) and a Chief Financial Officer (CFO), I think that couples should look at that model when trying to determine money management in the home. The CEO handles the overall running of the business, while the CFO deals with the details of the finances. While I am sure there are situations where one person has to assume both roles, I think it offers a much smoother lifestyle when the roles are divided based on strength, regardless of gender.
Finally, it is important to note that I am not suggesting establishing ‘secret’ accounts because both members should know what is going on financially. It is just a matter of respecting each other’s strengths and using them to build a strong home.