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Managing Household Finances Team Effort

No one likes to be left out, and this is especially true for couples and their finances. Many couples split household duties; one may do all the cooking and the other all of the housework or yardwork.

Managing household finances is not one of the duties that should be taken solely on by one partner and here are a number of reasons to keep the communication open around money: leaving one spouse in the dark about money matters can be emotionally daunting if the one doing the finances is no longer able due to disability, suddenly passes away, or even leaves the marriage one spouse may think they are protecting their partner from extra worry and stress about bills, but in reality they may be building distrust and what could become a financially destructive situation the spouse handling the finances may be getting their advice from other family members or co-workers and other non-professionals using money to control or exclude a spouse can lead to marital discord and divorce. Whether married or not, a couple should know how much they have in assets such as Tax Free Savings accounts, Registered Retirement Savings Plans and liabilities such as mortgages, loans and credit cards. The saying ‘two heads are better than one’ is often applicable when a couple talks about savings strategies, debt reduction and a retirement plan.

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