Thursday, September 11, 2008

Marriage And Money

When you get married, you have to realize that you do become one, even money-wise. All money decisions, especially the big ones, have to be mutually agreed upon.

Even before the couple takes the plunge, the issue of how to handle money should already be discussed. For a couple who both work, how much of their income goes into their joint account and how much can be used for discretionary spending should be considered. Here are the options:
  • Couples have their own personal bank accounts aside from the joint bank account which they contribute to. How much is contributed depends on your prior agreement.
  • Couples pool their money together and just get a certain amount of allowance periodically for their personal spending.
Two-income couples should also talk about kids and how that would affect their money decisions, whether or not one of the parent should quite the job and stay home, making them a one income family and changing the whole money management.

For a one-income couple or family, the money obviously comes from only one source. How to spend that income is something that must be settled even before the wedding itself.

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A part time ophthalmologist, part time micro business owner, part time graduate student and FULL TIME MOM struggling to find balance in the confusing world of multitasking :)