Money and Working Together as a Family
Money and finances is responsible for over 50% of the divorces in the US today. To be honest, money is not at fault. What is at fault is how we manage money as a family. The question becomes: “How we can we control money vs. money controlling our family?”
Open Communication about Finances
To be successful as a family unit and manage money properly, we must have an open-line of communication with our spouse and kids. Literally, being able to talk about money openly can be one of the best things we can do for the health of our marriage. Running our family and a household like a business is critical to success. We have to be able to identify cost and expenses vs. income. Also, it helps if we can identify expenses in our life that are a “want vs. a need.”
Managing Family Money with a Weekly Meet Up with Our Spouse
Every single week my wife and I will talk about our bills. We sit down and do a quick recap on money spent the previous week and what is coming up for the remainder of the month. We also keep track of what we spend in several different categories (mortgage, groceries, utilities, car, clothing, etc). When we have reached the limit on one category, we are done for the month and no more spending (with the exception of necessities – we won’t let our kids starve! LOL!)
Choose Who Will Do the Bills
In our house, we have tried several different ways to manage the monthly cash flow. For us, when we both did the bills there were too many chefs in the kitchen. Plus, my wife doesn’t have the emotional tie money that I do. Meaning, she is great at not getting stressed when it comes to cash flow. To be honest, I get very stressed when it comes to seeing money going out. So, I am not the person who should be doing the bills.
Thanks for checking out this week’s Five Minute Thursday on MONEY!
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