Working Together

Posted by: Michael S. | Jan 06,2008


It’s the new year and time to renew your vows.  What vow is that?  The vow to be financially responsible.  What, you didn’t say that at the altar, gazing into each other’s eyes?  If thus far in your marriage you’ve dealt with finances separately, you can at the very least get together at the start of the year and figure out what you collectively want to achieve as a couple.  One person might sign the checks every month when paying the bills, but that doesn’t mean that financial management should be one-sided.  

It just doesn’t make any sense.  My wife and I divvy up the chores.  She does the laundry, I do the dishes (oh, how I long for a dishwasher).  But every chore is done to help our household to keep going.  Financial issues should be tackled in the same manner.  One person might be better at calculating debt and interest, while another might be better at budgeting.  Even if one person is a financial mastermind and the other has his/her head in the clouds, that person just cannot be kept out of the loop.  The financial well-being of the household is at stake.  

It may be a lot to ask to have a monthly financial meeting in which you discuss finances.  It might not though – some married couples meet on a weekly basis.  But if you do not even meet together at least once a year than don’t be surprised if your spending and debt management get out of hand.  

Do you know every expense your wife makes?  Does she know about you?  It’s important to get on the same page – both figure out what you want to achieve financially throughout the year and how you can best go about achieving it.  

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