Set the financial table right away…..

Whether you’re married, or living with a roommate(s), you are giving in some way to the sharing of running the household. The knowledge of where the money is coming from, how much, and where it’s going,, should be known to each.  Put it all on the table.  Discuss it. Agree to it.  Then, each week readdress it.  Make sure it’s working in all ways.  If not, fix it.  Now.

Married with children?  Either both parents work or one is the stay at home parent and may (or may not) work from home.  If the stay at home parent doesn’t bring home a paycheck, he/she is contributing by saving the couple money by not having to hire a nanny, which is a huge expense taken off the table.

The married couple, with children or not, will have other finances…..retirement and savings accounts, insurances, etc. which are shared, and need to be handled together.

If living with roommate(s), as each begins the venture of sharing a home together, the subject of cost of doing so needs to be addressed immediately.  Before the lease is signed or the moving truck arrives, have everything in writing….how much each is giving to rent, utilities, food etc…. anything that will be shared.  This is imperative and should be a separate account  from your own personal account, with each person knowing where the household account information is kept, and when and how every penny was spent.  Do not think that because the other person is a good friend and would never not pay their share…..it, sadly, does happen.

Each adult individual, married or not, living together and sharing expenses should have complete access to any and all financial information relating to the cost of the household.

Money can change a relationship, and often does. It can end a relationship, and often does.

Be open and above board with money in these situations.  Lay it all on the table in the beginning.