Last Updated on September 5, 2020 by Ellen Christian
This post on how to handle money and marriage has been sourced from Genworth Financial in partnership with the SheHeard Influencer Network. All opinions are mine and mine alone.
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When I was a child, my father worked full time outside of the home and my mother stayed home, raised my sister and I, and took care of the home. That wasn’t unusual in our neighborhood. All of my friend’s parents had the same types of roles. When I got married the first time, I expected to work outside the home but I assumed that my (ex-)husband would handle the finances. Unfortunately, it turns out that he was very bad at handling the finances and that role quickly became mine.
How To Handle Money And Marriage
There is no one way that’s best when trying to figure out how to handle money and marriage. The decision should be made based on skill rather than based on gender or amount of money earned. Some people have more self control when it comes to spending money than others. My ex-husband was the type of person who bought everything that he wanted whether that meant that our savings account was empty or the electric bill was not paid. Since we shared a checking account, that meant that our money was gone almost as soon as it hit the bank.
Now that I have re-married, my husband and I have our own separate accounts. I’m the major income earner in our home and I happen to be the one that is best with money. Each month he gives me a portion of his money to put toward our household expenses and put into the savings account. Any large decisions about what to spend our money on are discussed and an agreement come to on whether or not to do it. This way, we both have some freedom with our own money while making sure that the household expenses and future needs of our family are taken care of fairly.
Before you move in with someone, make sure that you have a discussion about how your finances will be managed. This article on 8 Tips For Protecting Your Finances Before You Move In With Someone has some great suggestions. Who handles the money in your house?
This post on how to handle money and marriage has been sourced from Genworth Financial in partnership with the SheHeard Influencer Network. All opinions are mine and mine alone.
Ellen is a busy mom of a 24-year-old son and 29-year-old daughter. She owns six blogs and is addicted to social media. She believes that it doesn’t have to be difficult to lead a healthy life. She shares simple healthy living tips to show busy women how to lead fulfilling lives. If you’d like to work together, email info@confessionsofanover-workedmom.com to chat.
I am lucky that my husband is good with money and we have always consulted with each other before spending more than a small amount. At this point, I handle all the money except investing in stocks/bonds/etc. Our division of chores seems to work well for us.
That is great. The important thing is to find something that works.
he brings home the money and I enjoy the challenge of paying the bills and getting the most out of our money
That certainly works!
That is exactly how we handle it in our home, too. I do most of the bills and he gives me money each month. We both work and have our own accounts, as well. We do have one joint savings for major expenses and trips, etc.
It seems to work well for us this way.
I “handle” the money. We both work full time and I blog as well. My blogging money is separate than our FT job income and stays in a separate account. Although my husband doesn’t handle the money, he also can use the debit card at his leisure. The only thing that man buys is snacks/food! lol Big expenses or large household purchases is something we collaborate & discuss before purchasing. But we both know our debts and our outgoing income which is really important.
That sounds really similar to the way we do things.