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Finances Should Be A Joint Household Effort

The management of finances should not be seen as a job for a man or woman in a household, but a joint effort between partners.

Eunice Sibiya, Head of Consumer Education at FNB says, “Being equally involved in household financial matters makes it easy for partners to plan and work towards a common goal such as securing comfortable retirement.” Many women allow men to take complete charge of the long-term financial planning, while they only focus on basic day-to-day tasks. This could be very risky and you still need to inform your own financial destiny and legacy. Consider the following:

  1. Plan for your retirement

Failure to plan early for retirement will put you at a disadvantage if you take into account that:

  • The retirement age for women is 60 years, whereas it is 65 for men. This therefore leaves women with fewer years to save for retirement.
  • Generally, women outlive men meaning that women would need to stretch their finances for some 30 years after retirement.
  1. Plan your finances

Set clear goals with your partner that you can both work towards. This will ensure that you avoid unnecessary debt and continue providing financial support for your family.

  1. Spend mindfully

Be cautious about what instant gratification and keeping up with the latest trends can potentially do to your pocket and your family’s financial wellbeing.

  1. Review your finances regularly

Review your saving and investment strategy at least twice a year to ensure that your savings are in line with inflation or if you need to top up and be able to meet your retirement goals.

Watching your money grow every month is a great motivator to keep yourself on the right track towards achieving your financial goals. Don’t be tempted to spend your hard-earned savings on non-essential goods as that will set your family back financially.

Source: FNB. Image: Pixabay

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