I am committed to learning as much about finance as possible. Today, however I want to discuss something that concerned me for a long time. Before I married my husband, I heard so many people say that husbands and wives should keep a joint account and work through their financial situations. Knowing how uptight I am about my finances I was seriously concerned about whether or not marriage was for me. Yes, seriously. I can laugh about it now, but with financial issues being one of the number one causes of marital failure, I was terrified because I knew that I would want to be in charge and my husband may also want that role. While dating, I usually showed less interest in men that did not share my same financial goals. Thus, I believe money within a marriage relationship should be as transient as possible. Husbands and wives should be able to live freely knowing that a joint account is not the only option available. If a joint account is not for you, here is what I RECOMMEND.
- Discuss your financial goals.
- Set a household budget.
- Set a spending limit where you both agree to consult one another when purchasing anything over a specific amount.
- Consider opening a joint savings account where you pool your money together for a common goal.
- Be honest. You financial situation needs to be visible to both parties involved.
- Utilize each person’s strengths. For example, if one person isn’t good at paying bills on time, the other person should be in charge of the bills.
- Use technology to help schedule when to pay your bills, track your spending habits, and calculate your net worth.
Lately, during Finance Friday the discussion has turned ...