How do spouses effectively manage their finances?

WELL, money is the number reason of marital problems, separation or divorce of husband and wife, not only in our own country but also in the United States and other countries. This is a problem of married couple that cannot really be ignored. While it is true that some people can handle irritating in-laws, still so many finds difficulty in settling financial issues and concerns. Sometimes either couples disagree on matters, or are too hesitant to discuss it openly. When couples could not discuss openly about managing money when they were still dating, then you will expect that after honeymoon, big money problem is evident. Failure of discussing about money to spouses will result to unhappy marriage… wherever you will stay. One thing that might break a relationship is that both came from varied saving and spending way of life.

In my own married life experiences and in all honesty, money took part a major role in the downfall of our fourteen year of marriage. My husband who is now resting in peace was a compulsive spender. I was the one who was good at saving our hard earned extra money. One thing, he refused to let me handle our finances. His belief was that “he worked hard for it, so why would he let somebody to handle and control it?” That experience that I shared with you might work to others. However, here are some money management techniques married couples uphold to do:

Leave it to the expert. “Well, if you think the husband or wife is more capable to handle your finances and can manage it very well, you can just leave to whoever more effective in handling your money.”

“He pays the bills, she handles savings.” The set-up goes like this: husband puts his salary in the checking account, and wife puts hers in the savings account. The savings account isn’t touched at all, since, they consider it as their savings. As for allowances, husband says that anything in excess in the checking account goes to a “leisure bucket."

“Combine your money and set an allowance for each other.” Husband and Wife have been married for close to ten years, and both put together their money in a mutual fund before dividing it up according to their budget. “We talked about it a long time ago how we would handle our money,” says the wife. “At the start of the year, I draw up a budget sheet with all the things we need to pay for—say, utilities, food, education of children, house rent, etc.” The two pay for their utilities with credit cards. Along with agreeing with a budget, both of them assign allowances for each other, and set aside some money for savings per month.

“Husband leave it all to his wife.” Certain couples have been married for 13 years. And between them, it was a given that wife, who decided on being a housewife to raise their two kids, would handle the money. “Every pay day, the husband’s salary automatically gets transferred to her account via Express Online Banking.” Once the wife gets her husband’s salary, she promptly fixes the family’s budget, setting aside money for bills, utilities, and the kids’ tuition. She also sets aside money for “family days,” when they all go out for lunch or dinner on weekends.

As for personal purchases, the wife allots a certain amount for her husband to spend on things he wants. However, he still has to discuss big purchases with his wife.

“I have an expensive hobby: I collect and restore old artifacts. So when I need pricey items, I still ask my wife for her opinion if I should buy it or not,” says the husband. “Just because it’s my money doesn’t mean I can or should spend it however way I wish -- I’m married now, and whatever I do affects my family.”

Have a great weekend everyone!