If you’ve been married longer than a minute, I bet you’ve had a “conversation” about money.
As a couples therapist…err…financial planner… I’ve witnessed many of these first-hand.
And the discussion always pivots around one spouse’s disapproval of the other spouse’s spending.
Wouldn’t it be great if you could never have one of those “discussions” again?
One solution is to become filthy, ridiculously rich. A more practical solution is these 3 steps:
a. Calculate how much you need to save each month for college, retirement, a down payment, etc. (this is best left to a professional, so talk to your financial planner. If you don’t have one, check us out).
b. Then, open the appropriate accounts and set up automatic savings.
a. Add up the costs for your mortgage, groceries, utilities, nannies, kids’ activities, date nights, etc.
b. Open a joint checking for all the shared stuff.
c. Set up direct deposits to cover the expenses proportionate to your income.
a. Open individual checking accounts and direct deposit whatever’s left.
You don’t really care that he buys $15 salads for lunch, or that she spends an arm and a leg on camera equipment.
You care that your spouse is spending money on – according to you – frivolous things at the expense of saving for long-term goals and family expenses.
But if you both save first and budget family expenses second, the important stuff is covered. Then you can join as many wine clubs as you want without hearing a word about it.
Pro tip: This also sets you up for romance. Nothing says “I love you” like paying for gifts, date nights, special vacations out of “your” stash.
This blog is for educational purposes only and should not be considered financial or legal advice. These statements have been simplified to illustrate the concept. Consult your Financial Planner or Estate Attorney for help with your specific situation.