Friday, February 5, 2010

Your Money And Family: One-household-Two-Incomes Model

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My wife and I are both functioning as working couples, both have fixed salary and withdraw it at the ATM at the end of the month. In other words, our household maintains the component of two main incomes. At our early marriage, we both have a little commitment; we only have car loan and the rest is for ours, we don't pay the rent because we live at my mother's house. So we absolutely enjoy our excess money at our pay day. And then my wife asked me a weird question; "Can i be a good housewife where I can take care of your cloth, your food, and your life; rather than concentrate to work?" "Are you sure what are you talking about? Because it really doesn't sound like you at all," I said. At that time, I think I should consider the question that she had just raised. So that she can fully concentrate on doing job as a housewife. Therefore, I intend to share to our readers about One-Household-Two-Incomes Model Pros and Cons

One-Household-Two-Incomes Model: The Advantages.
#1 Money that matters. 
The main reason why most of the family in Malaysia have two sources of income because it is about money especially those who living in Klang Valley and other places which have relatively high cost of living such as Penang and Johor. Money is a real dilemma which force both husband and wife to work. Though, most of the working couples in Kuala Lumpur area is still having a financial hiccups for years.

#2 Financial Relief to Husband or Primary Source 
With the power of two main incomes, the financial burden of a family is literally distributed to wife a little if it's not equal, that give a definite relief to husband or wife (if husband is so lazy and declare himself as a full-time dad). For husband like me, I feel a little bit relief that my wife and I had a mutual agreement, which she wants to support in terms of money so that we can live in comfortable zone. I shall say that we, for the time being, have never incurred a major financial crisis. In addition, we hope that we will not face it in the future.

#3 Reducing Debt
Every month, we have excess 20% of our combined salary and we decide to put into our ASB account. Most of our home appliances such as fridge, microwave, LCD TV, Laptops, and Wii Nintendo (I think we made a bad decision in buying this gaming console, hehe!), we bought them using our own money without applying any small debt; AEON Credit or Maybank Zero. Having an excess cash encourages us not to make a small debt which can be a large debt if we snowballed all the small debts we have made over the years.  

#4 Argument from my wife; Women to become financial independent.
Once upon an evening, My wife expressed his opinion that women at this era should get a job and don't be too solely dependent on a husband. Imagine that if the husband were passed away or even worse, decided to take their marriage into a divorce, unfortunately the wife were left with no source of income. No money to support her expense and their life were at survival stage. The wife were forced to take minimum wage job. We have heard many cases of a divorced wife didn't get the basic right from ex-husband.  Because of that, a wife should establish a platform of financial resource from the start so she can structure her own financial plan, where the wife can live without lean on everything to husband.  

If we discussed one-household-one-income model merely on financial matter, fathers or the breadwinners feel the financial stress in their head as they are not allowed to fail or dysfunction. The loss of income such as employment laid-off, termination of employee, and VSS, is not an option because they have a wife and children to take care of. As for my opinion, one-household-one-income model faces many financial problems especially for a young couples at early stage. But eventually, they will overcome with that matter as they have established proper financial framework. 

One-Household-Two-Incomes Model: The Disadvantages.
#1 Losing ground on emotional support 
While One-Household-Two-Incomes Model gives you a lot of benefits in financial perspective, it may hurts your family in emotional perspective if you have a children to look after. My wife and I have no other choice but to send our children to nursery, babysitter, or even hire a maid. Hence, our son will grown up without our much attention because we are busy making money here and there to achieve our financial goals. As we working for 8-hour long, our son spends their 8-hour time with strangers around him that have no family relationship. He may not remember anything when he become teenager, but he may not feel emotionally connected with both of us as we seldom show our love and affection on him. In a long run, our son will not appreciate us like we hope to. Thus, this environment is not healthy for our son. In fact, he needs someone with a strong character like her mommy to be his role model who can give full attention to him. 

Take this one example; I have a friend who living with average income, have a wife and three kids. He admitted that he has a lot of financial issues. He cannot afford a spacious house. Consequently they live at low-cost house that cost him a small monthly installment. Sometimes he has difficulties in fulfilling the demands from their kids about their school cloth, shoes, as well as the school fees. However money is not the major concern to him, he said that he doesn't need to dig more money. He already found the treasures of his life; his wife and kids. He just needs quality time to spend with his family. He happy just to live below his means. "I think people who has a lot of money brings more sadness than happiness. They become stress as they feel their money is not enough to quench their thirst. They become greed and they will not stop because nothing will ever satisfy them," he said while threw a smile at me.    

Eventually, I got the answer to my wife's ultimate question when Amirul came and invaded our life and the answer is no. I decided not to practice one-household-one-income model as I desperately need of my wife to support the backbone of the family because I cannot bring money to our home adequately.  There are still many financial goals we need to achieve before we convert to one income one household model. With upcoming baby this year, I need to create a new source of income where i can get it by doing a part-time job or commencing a small business. Or.. Change our lifestyle, we live within our means, living frugally with one motorcycle and a house in a village where the rent or monthly installment is still rock bottom.

1 comment:

  1. I agree with your wife when she said that A wife should be financially independent bcs right now I'm in the situation where I have to depend solely on my hubby and I'm not happy abt it. I always try to find some ways to earn some money on my own.


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Dear Readers, welcome to my personal blog. This blog is about the story of my little family and its members. You can find my posts are mostly about parenting and family matters. Some of my posts are not concerning parenthood at all like cooking and shopping because I would like some diversify in my parenthood blog. Sharing information to my fellow friends and loyal reader is the main reason to build this parenthood blog.

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