Get on the Same Page

Many couples have no idea what their spouse is spending on a daily, weekly or monthly basis. Maybe it’s because you separate accounts. Maybe it's because you see it as his/her money -- or because one spouse manages all the money. Either way, it’s time to start talking! 

The first step is to realize that you're in this together. You have joint financial goals you want to achieve, and you both will have to work to change your communication habits. Start by selecting a time to discuss your goals and finances. For example, the Burkes have set aside Monday nights after the kids have gone to bed to review and update their finances.

When you sit down to discuss finances, review how you both spend money and determine how you can make it simple. Does one person take large amounts of cash out of the account to use for expenses while the other uses a credit card to get the points? You might be living above your means and not even know it! Our recommendation is to use one joint account for flexible expenses such as gas, groceries, utility bills, etc. It simplifies things and helps you accurately track spending in one place.

Lastly, make sure each of you have some fun money -- either in cash or in a checking account with a debit card -- to spend how you want. This is important to ensure success for your new money management system, so you both will feel there is "our money" and "my money."