Money Managing Tips
Four powerful tips for managing money together
Veronica in Houston, Texas:
"Our wedding is in three weeks. We are both 28 years old and
have lived together for two years. We make equal incomes and work about
the same number of hours, but I seem to take care of all the financial
aspects of our relationship. I feel burdened with this and concerned
that once we have a mortgage and kids, this will get worse. Since he
doesnt know whats going on with the check balancing and bill paying,
how can I get my fianc├ę interested and involved in our finances without
damaging our relationship?"
four ideas for more effectively managing your money together:
Divide financial tasks
If you have a joint checking account, decide who will be responsible for
balancing the account. Decide who will do the monthly budgeting and who
will compile the information for year-end tax preparation. Who best
understands and manages joint investment accounts? In deciding how to
share the responsibilities, think about personal preference,
reliability, and skill with each task. If one spouse tends to do most of
the financial paperwork, then the other might take on additional duties
around the house.
Make joint decisions
Independent financial decisions that affect the both of you are not
acceptable in most healthy relationships these days.
that spending and money profiles are formed early and are now habits.
These habits are compounded by a myriad of experiences. Whatever budget
goals you develop, they must embrace and allow for both your spending
style and your spouses. For example, if you have a shoe fetish and
regularly spend $100 a month at a shoe boutique, keep the habit that
gives you joy, just fit it into your budget. You might change where you
shop. You can get those cute summer flip-flops for $20.00 at Target or
J.C. Penneys, and you just saved $80 a month.
If your spouses attitude is different from yours when it comes to
money, that doesnt mean it is wrong, just different.
Lastly, schedule a regular weekly or
monthly meeting to discuss finances
or update each other. Set a time limit, stay focused on the subject at
hand, stay objective. When you've finished, reward yourselves with a
movie, dinner out, or something you both consider fun and within your
We all learned many sad lessons from
September 11, 2001. Among them was how difficult it has been for the
spouses left behind to deal with family finances. One young widow I saw
interviewed on television didnt know where the mortgage and car payment
books were, or who the payments needed to go to. Sadly, she also learned
there was no life insurance. They were newlyweds in their twenties, and
they thought they had time.
It is so important for you both to know about and be involved in the
financial aspects of your relationship.
Additional Information on this topic
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