Finance Friday: Living in the Light

Photographer: Salvatore Vuono, freedigitalphotos.net

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.

1. Discuss your financial goals.
2. Set a household budget.
3. Set a spending limit where you both agree to consult one another when purchasing anything over a specific amount.
4. Consider opening a joint savings account where you pool your money together for a common goal.
5. Be honest. You financial situation needs to be visible to both parties involved.
6. 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.
7. Use technology to help schedule when to pay your bills, track your spending habits, and calculate your net worth.