Know what it costs to run your household
ALL WOMEN - whether married, living together or single - should be in control of their finances.
Tendani Mantshimuli, consumer economist at Liberty Retail SA, said being an equal finance partner did not only mean sharing expenses, but also to be informed and in control of your life.
She said women must know what it costs to run their households.
"Have your own bank account. Many women feel when they move in with a partner or get married they no longer need their own bank accounts. A personal bank account is important so you can build your own credit record," she said.
"If your partner passes away, his bank account (or your joint account) will be frozen and you will have no access to it or any of the money in it immediately." Mantshimuli said it was important for women to have a will, even if they do not have many possessions.
"If you are financially dependent on your partner, think about the impact his passing would have on your life. A life policy could help you get on your feet again if your partner died," she said.
Mantshimuli's advice:
Your money decisions need to be fair or resentment will grow. By taking part in financial decisions you are empowering yourself.
Bring all your expenses and monthly bills to the table and write them down so that they are in black and white and you don't forget any.
Next, you both need to go through them and decide how to split them fairly.
If your partner earns less than you, he should still contribute in some way. If he cannot give equally towards expenses and if you don't feel comfortable paying more than half, cut back and downsize.
Make sure you can afford your lifestyle otherwise cut back to avoid getting into debt. You could do this by getting a cheaper place.
Be open and honest about your finances with your partner.
Money can cause big relationship problems, which often come from keeping things secret or not talking about things.
Make sure you each have your own bank account. However, it is a good idea to open a joint bank account for joint expenses like bills and rent. Or each one could pay for specific things.
Women, be financially independent
Know what it costs to run your household
ALL WOMEN - whether married, living together or single - should be in control of their finances.
Tendani Mantshimuli, consumer economist at Liberty Retail SA, said being an equal finance partner did not only mean sharing expenses, but also to be informed and in control of your life.
She said women must know what it costs to run their households.
"Have your own bank account. Many women feel when they move in with a partner or get married they no longer need their own bank accounts. A personal bank account is important so you can build your own credit record," she said.
"If your partner passes away, his bank account (or your joint account) will be frozen and you will have no access to it or any of the money in it immediately." Mantshimuli said it was important for women to have a will, even if they do not have many possessions.
"If you are financially dependent on your partner, think about the impact his passing would have on your life. A life policy could help you get on your feet again if your partner died," she said.
Mantshimuli's advice:
Your money decisions need to be fair or resentment will grow. By taking part in financial decisions you are empowering yourself.
Bring all your expenses and monthly bills to the table and write them down so that they are in black and white and you don't forget any.
Next, you both need to go through them and decide how to split them fairly.
If your partner earns less than you, he should still contribute in some way. If he cannot give equally towards expenses and if you don't feel comfortable paying more than half, cut back and downsize.
Make sure you can afford your lifestyle otherwise cut back to avoid getting into debt. You could do this by getting a cheaper place.
Be open and honest about your finances with your partner.
Money can cause big relationship problems, which often come from keeping things secret or not talking about things.
Make sure you each have your own bank account. However, it is a good idea to open a joint bank account for joint expenses like bills and rent. Or each one could pay for specific things.
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