My Money, Your Money, Our Money…What Money?
I never imagined I would be thinking about “our” money at 21. My plan was never to get married this young. But then I met an amazing young man, and here I am
On Monday’s post I talked about knowing where we stand financially. Consolidating our finances was the first step in eliminating the “my money, your money” mentality and turning it into “our money” mentality. Honestly, the first couple months we had several arguments concerning the division of money ownership. This really scared me because my parents still fight over money, and was (still is) very unpleasant. Also, of all the common things couples fight about, money disputes were the best harbingers of divorce. For wives, disagreements over finances and sex are good predictors of marriage. And for husbands, financial disagreements predicted whether divorce was an option. Once, we started treating it as our money, we haven’t argued about our finances.
I am not trying to single out the single people, here! :p But if you are considering getting married, or are in a long term committed relationship, make sure you can speak freely to your spouse about finances. You do not want this to be an awkward or uncomfortable subject between you because believe me once you start buying stuff together you will have to talk about money.So, have you spoken to your significant other about your finances?
Something else: I am actually in charge of the budget, and deciding where the money goes. My hubby and I discuss it, but I am the one who ends up doing all the research and the paperwork. I’m also in charge of paying the bills! If only he dedicated as much time on personal finance as he did on fantasy sports. Sigh! I guess it’s a good thing I am a Money Freak!!!
Does speaking freely about money make your relationship better?