Today we’re talking about how to manage your finances with another person. With so many varying opinions and preferences on how to do things, it’s often hard to find the best option for you and your family. This week we asked the women in our Simplicity Series their best tips for working together when it comes to finances, and here’s what they said:
“I find what works for us really well is having 4 accounts total. 1 personal account for each of our personal transactions (entertainment, clothes, etc.), 1 for all of the household bills and expenses, and then another for savings. This allows us to stay on one accord regarding finances and spending, but not so much that we aren’t under a microscope with our personal spending choices (as long as we both agree on the amount allocated monthly, bi-weekly, etc.)” – Lacoya Heggie, wife, mama, and founder of Hello Love Events
“Start with a monthly “finance meeting” to discuss how/if the budget worked that month. These meetings may be hard and filled with tears and potential arguments at first but as you begin to set and reach goals together as a team it gets easier to work together and not against each other.” – Shay Cochrane, wife, mama to two sweet girls, and photographer extraordinaire
“Three things: 1) One joint checking account > When we got married, everyone recommended having separate accounts- with one shared account for regular, shared expenses. We tried it for the first 3 months of our marriage and then agreed it was way too confusing. 2) Constant communication about expenses, needs, goals. 3) We recently took the Ramsey Financial Peace course and that helped us immensely, too.” – Beth Gebhard, wife, mama to 2, and co-founder of Choice Media and Communications
“Our money is very much shared. We confer with each other about any large purchases and we each have some fun money to spend on whatever we want. We also discuss bills and prioritize spending at the beginning of each month.” – Kerry Gardner, wife, dog mama, and publicist extraordinaire
“My advice for married couples is to talk about money, even when it’s hard! Talking about money can be uncomfortable, but it’s necessary. Money fights and money problems are one of the leading causes of divorce. That’s why it’s so important for couples to talk about money and get on the same page financially. We all have different money personalities – by nature, I’m a spender and my husband, Winston, is a saver – and that’s okay! Take steps to communicate about your budget, manage spending wars and sit down and create a plan together to reach your financial goals.” – Rachel Cruze, wife, mama, author, and finance guru
“Talk about your money and your schedule with your spouse openly and regularly. When you both get on the same page, it brings a new sense of unity to your marriage because you’re a team running toward the same goals. Dave Ramsey says, “I can tell by looking at your bank account and your calendar what you care about, because that’s where you spend your time and that’s where you spend your money.” Money is never about money, it’s really about your dreams, goals and values. When you are on the same page with your time and money, it really means you are on the same page with your values and priorities.” – Christy Wright, wife, boy mama, speaker, and author of Business Boutique
“Communicate. Communicate. Communicate. You need to be talking regularly about what is happening, where you are spending money, how much you have coming in and short and long term financial goals for your family. Also, Matt and I have different feelings toward finances. It absolutely drains him to be responsible for paying the bills. For years he handled it in silence but hated every minute of it. For me, it’s just something to mark off a to-do list. I don’t get as emotionally involved. So, one day I started paying the bills and managing our family finances and it was transformational in our marriage.” – Heather Adams, wife, mama, and co-founder of Choice Media and Comunications
