Each of you need to know how to handle budget matters.

In a relationship there are two of you.  You are in it equally and therefore add to, as in income, as well as subtract from, as in spending, and everything else in between.

This means you both – equally – fall into the ‘Need to Know Category’.

Set time aside each week, say one hour (more if needed), to go over all the finances from the past week.  Knowing how hectic life can be is a known factor, but this one hour date each week is essential to staying on top of your finances – getting a handle on it right away if it needs fixing.

It’s not handled by one and not the other…..it’s something that is shared – done together.  The income of it, the saving of it, the spending of it, the balancing of it.  Each should know where the money has gone…and why.  Spending should not be done without the knowledge of it to the other.  Special occasion gifts might be the exception to the rule.  But other than that, set a limit – say $50-100., that cannot be spent without letting the other know first.  Keep it all above board.

Too often we hear, “Oh, he takes care of all the bills, I have no idea about that”.  Or, “She’s better with money, so she handles all of it, I don’t have time, or a clue on how to do it”.  As soon as the relationship starts to get serious, work on the budget together.  If already in the relationship, start now….right now. Make a spreadsheet, so it’s all there, in black in white.

As time moves forward in the relationship, knowing what you have, and how to save, how to budget and stay within it, and how/when bills are paid so there are no interest charges or late fees, is common sense.  It’s doable and easy…… no excuses not to.

It is inevitable that we all take our last breath.  Knowing all about every aspect of your Financial Health over the years together, will be one less thing the remaining spouse/partner will have to try and figure out at an already stressful time.