Money management, like other areas of marriage, requires a true partnership. But sometimes it’s simply easier for one spouse to hand over all the responsibility to the other.
How many times have you heard, “My wife handles all the money” or “I don’t pay attention to the finances – my husband good with math”?
Of course it may seem effective. My dad handed over his paycheck each week to my mother who set the budget, paid the bills, and made sure we had food on the table.
But think about it – for the person “charged” with handling the money it can quickly become a lonely burden.
Anyone who’s taken on an “assigned” role in a relationship understands the potential danger. You cook dinner night after night, but after a while wonder why your wife doesn’t offer to pitch in occasionally.
You’re constantly cleaning and picking up around the house but it soon becomes apparent that you won’t being getting help anytime soon from your husband.
The role becomes monotonous. You start to feel under appreciated. Frustration sets in and if you’re not careful a little bit of resentment can develop.
Do we doubt the same thing doesn’t happen with money matters?
While one partner is free from worrying about the finances, the other is left figuring out how to make ends meet.
To make matters worst, the best laid plans of the financially responsible party can be shattered by the purchases of her spouse. As you’re planning to pay down the family’s massive credit card debt, your husband is busy charging away.
Personally I believe both parties should have a working knowledge of the family finances. Yes one spouse may actually do the work in paying all the bills but I feel both people should be involved in the discussion.
Not only does this help relieve the financial pressure placed on one person’s shoulders, but it gives the other spouse an accurate picture of the family’s finances, making it less likely they’ll spend irresponsibly.
One hour a week spent discussing the family finances can do wonders and help prevent the type of financial discord that often leads to divorce.
BMWK? How do you handle the financial decisions in your marriage? Does one person in your relationship bear the brunt of the financial decision making? Do you set time aside each week to discuss money matters?