There are several ways couples can successfully manage their finances. However respecting each others' feelings is important to keep in mind when deciding how best to handle the family finances.
Most couples use a joint account but in some cases there are financial advantages to using separate accounts. If one person has a less than stellar credit history, keeping those records separate until that person can improve his or her credit rating may be a good idea.
For individuals who have had prior marriages plagued with financial problems, it may be important for that person to have their own money. Often as a marriage or relationship matures, this becomes unnecessary.
Since it is rare for both people in a relationship to earn exactly the same amount of money, finding a fair way to share in paying bills is a concern for some couples. There are several options couples use when it comes to paying bills.
One way is for each person to put an equal amount of money into a joint checking account that is only used to pay bills. The biggest disadvantage with this system is if one person earns a lot more money than the other they will have more discretionary money.
Another way is for each person to put an equal percentage of their paycheck into a joint account that is used to pay the bills.
The most common way for couples to pay bills is to pool all their money into one account.
There is not one right way for two-earner households to manage their money. The most important thing to remember is that you respect each others' feelings when handling your family's finances, and that you work together to find a system that works well for your situation.
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SOURCE: Kathy Prochaska-Cue, Ph.D., family economic specialist
December Calendar
1-2 4-H Shooting Sports Leader Certification Workshop, Gretna
2 Teen Supremes
3 Fair Manager's/ STAATS Scholarship Applications Due
25-31- Holiday Closedown
