Families Managing Money in Hard Economic Times

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  • Topic: Household income in the United States, Middle class, Family
  • Pages : 5 (1782 words )
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  • Published : April 4, 2013
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Families Managing Money in Hard Economic Times Asha Holmes
Prairie View University

Abstract
This paper observes articles that analyze the outcome of families and how they manage their money in a tough economical time; the articles also show the things that are necessary with the rising of pricing and the toll it’ll take on a marriage. (Brown 2009) suggest joint accounts make it harder to keep track of money with the high prices, radical spending and the ease of two incomes available at all times. While on the other hand (Henry 2012) proposed that having a joint account is the best way to go having more than one account and is worst to keep track. Leading us into another important factor budgeting with children (Lock 2011) Stating that if a middle class family spent what a lower class family spent on their children they would save a lot more money annually. (Blanchard 2009) Leads the argument in stating how you can cut down on household cost by changing the high costing habits that are hard to overcome.

Managing money is hard enough; throwing marriage into the equation can be even more difficult, not only do you have to take in consideration your spouse financial needs and wants you will have to change how you once did things. Such as your weekly shopping spree, lunch out with the girls, or going to the bar with the fellas, every day you see marriages fall because of the lack of communication dealing with money prices rising and falling on the day to day basics. Once a person decides to take the vow to another person everything has change, what is yours is mine and what’s mine is yours. Not everybody can conform in such a manner; it’s something that you would have to acquire over a period of time. If it is not you would not be able to support your family and be financially stable in a tough economic time. (Brown 2009) says “the problem with regular joint accounts is that it is so easy for people to lose track of their money” says Michael McAuliffe who runs family credit management services. With joint accounts no one really gives any thought to small expenses like having lunch out. But these are expenses keeping us from meeting your financial goals”. Being in a relationship period you will have to cope and come together to keep the household together Brown states here that sharing account is not healthy for managing money with all the small expenses that can add up over a period of time with such ease to money with two incomes being pooled in to one account. Not only do you have to watch yourself and you’re spending habits but also your spouse and his or spending habits. It will get to a point where you will both realize that you will have to cut back and watch what you buy, just as fast as money comes it also will leave in the blink of an eye. Brown also points out that it is so easy to lose track of the daily expenses, which is partially true depending on the characteristics of the person you will marry including yourself. You can be very cautious of what you spend while on the other hand your spouse likes to splurge more than every blue moon communication and the correct type of managing is the key. Not everybody can follow one rule and it work for them, I can wait until the last minute and work expeditiously under pressure whereas the next person will have to do everything under a precise hand and time management or it will just not get done. This is the same concept dealing with real life situations such as budgeting money. Some people cannot even carry cash because they will spend it the first chance they get, or even before they get their money they will spend it in their mind making the money nonexistent before it can even reach their bank account. Having a family (Henry 2012) says “Were a team and having a joint account and savings account makes me feel more like a team. I think completely separate money is a slippery slope and three or more accounts are just too much to keep...
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