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Family Finance: Who Should be the Finance Controller at Home?

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When it comes to family finance, who should be appointed the controller at home? Should it be the wife, or the husband, or whoever is earning more? Should it be the person who has the discipline to say "No!" to unnecessary expenses?

All of the above can be correct - if you want it to be.

Before we get into that, let us define the job of the home finance controller first. A home finance controller is the person who is responsible in making sure that all home expenses are kept under control. That person shoul be able to differentiate between expenses that are "must haves" and "nice to have". That person also is the one who has the discipline to say "No!" when it is unaffordable.

Now, before you start appointing each other (or yourselves) the finance controller of your (future) household, let us share with you a perspective.

In the experience of small business and micro financing, loans to mothers perform better compared to loans given to the men. Research has proven that mothers are more acutely aware of the importance of keeping to budget and paying loans on time to maintain their credit lines for future financing needs of their small business. Loans given to men, unfortunately, often perform below expectation, as they are more consumptive and less aware of the welfare of their children. Call it maternal instincts, but even when it comes to being financially responsible, women are found to be more reliable with money.

The same goes for most small-scaled family operated businesses. The duties of budgeting, financial and cash controllers are more often kept in the hands of the wives, while husbands focus on production and sales.

Given the above perspective, there are no rules set in stone that women should always be appointed the finance controller at home. However, there might be a good reason why they should. Think about it. Ultimately, it is for both of you to decide who, between the two of you, is more suitable to carry out the duties of the finance controller at home.

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