Getting married comes with a brand-new set of responsibilities. Financial support is expected to meet, and sometimes exceed a certain level. Before money become problematic, there are a few things you should discuss with your spouse. It starts by researching money tips on journeytobillions, and finally, learning how to share the financial load responsibility.
1. Head of Household
The person that is designated as the head of household is usually the person that makes the most money. But this can also be the person that is the most responsible with the money. Having someone designated as the head of household allows them to veto any bad spending decisions. This is done to avoid stalemates on financial arguments where there is no winning side.
2. Responsibility of The Homemaker
If one person works while the other stays home, then the role needs to be clearly defined. A homemaker is a full-time job in itself, and can include setting up/paying several bills. Whichever spouse is designated as the homemaker needs to have their responsibilities clearly defined. Their awareness of current bills will be vital in the financial well-being of the household.
3. Are the Bills Fairly Balanced?
When two spouses have completely different careers, one will make more than the other. It’s unfair to put the bulk of the financial responsibility on the spouse that makes less money. A discussion is always needed to fairly balance out the current bills against the take home money of each spouse.
4. Personal Spending Limit
It’s important to have a spending limit for personal items and hobbies. When that limit is reached, the other spouse needs to be informed before any money is spent. This is the core of sharing expenses in a relationship since any outrageous expenditures would be spending your partners money.
5. Rent or Lease?
You have to decide early on in the relationship whether renting or leasing is the best home option. Both of these have long-term ramifications to your financial stability. Since both of your names will be on a home, this is an important decision to go all in on.
Jot down all of the subscriptions in your household. Everything counts, including gym memberships, online merchants, streaming websites and the internet. If the majority of the subscriptions fall under one spouse, then adjust your sharing responsibilities accordingly.
Do you share a pet, or did you have one before getting into a relationship? Do you plan on adding more pets to your household? Everyone treats their furry friends differently, so couples will have to decide whether they want to share the financial responsibilities of a pet. Vet bills, supplies and food add up, so a discussion is needed about sharing this load.
Having children is a big deal in any household, and is a decision that completely changes the dynamic of sharing expenses. Plan ahead, and be wary of the number of months your partner will be out of work. Even if maternity leave is offered, be prepared to shoulder the financial burden just in case your job declines this benefit.
When money is tight, your options for getting out of the hole become limited. If you are in sync financially, your partner can help lessen the burden. Money problems are temporary, but a strong relationship is forever.