His Money? Her Money? What Gives?

I’m interested in this ever complex issue of how couples manage their money.  When a couple marries they must decide how to manage the money.  Will they have combined accounts, separate accounts, a spending allowance? 

Bottom Line: It is Your Financial Future (what benefits one benefits the other).  Who spends what isn’t as important as whether you agree on a system that works.  Mutual agreement is the main issue.

Agreement on Goals: It’s important that you both discuss your short-term and long-term financial goals.  Maybe you both agree on eliminating debt but you differ on the timelines to accomplish these goals.  You need to be on the same page.  There are times when compromising is necessary. 

What is the Payoff?  How much arguing about money does it take to finally agree on your finances?  Is one of you or both being selfish?  Are you resentful over the debt your spouse brought into the marriage?  Have one or both of you made big purchases without discussing it with the other?  It doesn’t take long before the money fights begin to take their toll.  If you want marital peace, you must work together on your financial picture

It’s about Respect.  Making financial decisions independently can put stress on your marriage.  Asking the opinion of your spouse on an upcoming decision communicates that you value and respect their input.  Respect is a 2 way street.  If you give it, you will get it back. 

The power of Teamwork.  You and your spouse are a team.  While you may feel like you’re competing against each other at times, the fact remains that working together toward a goal makes marriage more fun. You may have heard the acronym: TEAM: Together Everyone Achieves More.  The more you work as a team on finances, the more peace you’ll find in your marriage.

Do you and your spouse have a good plan that works in your day to day finances?  Please share your comments so others can gain more from this post.  Thanks

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