It is rightly said that marriage is a union of two hearts and souls.
However, it is also true that it is the amalgamation of your finances, yet sharing money can be difficult for some couples who tend to bicker about it.
So if discussing money matters has been wreaking havoc on your relationship, then you need worry no more.
This write-up reveals best kept secrets about the way happily married couples manage their money. So you can use these tips to have a more open communication about money with your partner.
1. Choose the one who will take the lead on taxes and debt
A smart way to run your household is to willingly delegate responsibility. Choosing the one who would keep track of taxes, credit cards or debt and essentially work as your home’s financial minister can be helpful. The other spouse could look into other matters such as major purchase decisions like buying a home or car.
2. Pick a way to divide the expenses
Some believe that is imperative for all bills within a relationship to be evenly split. However, this isn’t always the case. Splitting your expenses 50/50 cannot work if your spouse is a homemaker or simply works part-time along with taking care of your kids. Factor in the housework they do and their income to decide a fair way to divide the expenses. Some households even choose a ratio where the main breadwinner covers 80% of bills and the spouse who works part time covers 20% of them.
3. Discuss your finances on a monthly basis
Just as your bills keep piling up on a weekly and monthly basis, it is critical for you to discuss your pending debt and financial status with your spouse routinely. You can set a meeting for the first Sunday of the month to talk about money matters in the supportive environment of your home.
