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Families and Money Management
Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension
It's usually a bad idea when one spouse takes charge of
all the finances. Should one become incapacitated or
die, the other spouse may be lost. No matter how you
divide financial responsibilities, schedule a monthly
"money date," so that you are both aware of financial
issues.
Establish a joint checking account for paying monthly
expenses, and decide how much each person contributes.
Keep a joint savings account for common saving goals
such as a home or vacation.
Examine your division of financial chores and money
strategies every few years. Review the goals that money
enables you to attain as a couple. Couples often ask,
"Do we have to have a budget?" If you answer yes to all
of the following questions, you probably don't need a
budget:
- Do you find it easy to save money and accumulate investments?
- Do you have a stable, predictable paycheck?
- Are you likely to maintain your current income for the foreseeable future?
- Do you rarely indulge in large purchases, expensive hobbies or exotic vacations?
The sad truth is that those who need to budget the
most are usually the ones most turned off by it.
They see budgeting as a drag on their lifestyle. It
doesn't have to be that way. A sensible budget ought
to be a guideline, not a noose around your wallet.
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Last update: Tuesday, May 05, 2009
