In addition to writing, Donna enjoys reading and listening to music. She is also a collector of contemporary art glass marbles. Check out her latest website related to manufactured log homes at www.manufacturedloghomessite.com.
Money can be the source of a lot of stress in a marriage. In order to avoid this stress, there are a few rules or guidelines that couples should strive to abide by--
- Talk about money. Money is a difficult subject to talk about, even in the closest of marriages. Couples should have frank and open discussions about money on a regular basis. Don't wait until a problem crops up. Set a certain time each month and review all the money coming in as well as all the money going out. Decide jointly what to do with any money that is left over or, if you are in the red, where to get the extra money to break even for the month.
- Understand each other's money personality. Are you a spend thrift and your spouse a saver? If so, talking about money on a regular basis is even more important so that you as a couple can compromise on a strategy to handle the family finances. Both need to understand how the money coming in should be applied to paying the monthly bills, to reducing outstanding debt as well as saving for retirement.
- Agree on accounts. At the very beginning of the marriage, the couple needs to decide whether they will have joint accounts, separate accounts, or a combination of both. Perhaps a joint account can be opened up to which both parties in the marriage contribute. This joint account can be used to pay the monthly bills as well as contribute to a retirement account. Then each couple can have an individual account with money they can spend as they choose. Or, you may choose to have joint accounts for all your money. Just be sure that you review the accounts together on a regular basis so that both parties to the marriage are aware of what is owned and owed.
- Decide who is in charge of managing and paying the monthly bills. However, the other party should remain actively involved and review all bills before they are paid. Then, in case of death, the surviving spouse will be aware of the family finances and can pick up the managing and payment of bills without a lot of extra anxiety.
The involvement of both spouses in maintaining and managing family finances is just one of the many areas on which a happy marriage is based. Don't let it be the downfall of your marriage.
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