Who takes care of the money in your household? If you are single the answer is obvious, but it can sometimes be a struggle if you are married. Financial problems rank toward the top of the list in a marriage, so it’s important that one or both partners take control of the money. There are several options when it comes to controlling the finances.
Sometimes it’s a complete joint venture. The husband and wife work completely together to track spending, saving and every aspect of cash flow. Both partners share accounts, one checking and one savings account. This makes budgeting simple and both parties are always completely aware of the financial situation.
Another example is where one partner has complete control over the finances. They pay all the bills, track all the expenses and all income. Every single dollar that comes in and goes out of the household is controlled by that person. Both still share checking and savings accounts but one is oblivious to their “real” financial shape. This can lead to many financial problems including over spending by the unaware partner.
Example three would be similar to the previous example but the opposite partner is always well informed. Maybe a family meeting happens every week and they discuss their financial situation and future goals and plans.
Yet another example would include separate checking and savings accounts. I know a few people who use this technique and I’m baffled as to how everything works out. All the bills and monthly expenses are cut in half and it’s his and hers with everything. In my opinion if you are going to be married everything should go into a single pool, otherwise why get married? I can see where this would lead to financial problems quickly.
A final example is nobody takes care of the fiances. You may laugh but this is pretty common in today’s society. There is no budget, credit cards are maxed out, no one knows how much money is in the checking account, etc. These types of financial problems are common and will quickly lead to marriage problems.
So… who keeps us with the finances in your household? Do you share responsibility? Have you experienced that financial problems quickly lead to marital problems?