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C H I C A G O W E D D I N G & P A R T Y R E S O U R C E
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H O M E S , M O R T G A G E S , F I N A N C I A L P L A N N I N G , & I N S U R A N C E
ISSUE: TOGETHER OR SEPARATE?
potential problem:
Although many financial
planners recommend each partner keep their own
bank account and then contribute to a joint account
for household expenses, others advise against it.
It doesn’t promote financial honesty. And if you
don’t know how much money you have together, it’s
difficult to plan for the future.
solution:
Combining your finances encourages
accountability, flexibility, patience and trust, which
will make you a better team. Create a budget that
allows each partner to spend “X” amount of dollars
each month (without nitpicking what they spend it
on) and agree to discuss any expenditures that go
over.
ISSUE: GROWING MONEY
potential problem:
Striving to achieve financial
freedom beyond simple solvency is great, but
sometimes it can mean working so hard that couples
end up spending a majority of their time away from
home and each other.
solution:
Light a fire under yourself to seek
out options in your line of work that are more
efficient. For example, instead of cutting hair at
Supercuts, a stylist could rent a booth at a fine
salon and work less for more money. Also be open
to certain small expenditures, such as hiring a
housekeeper, that could free up time for the two
of you to spend together or that would allow you
to pursue additional revenue-streams that may be
more enjoyable and flexible in the long run, such as
photography, writing a book or a shared at-home
business.
ISSUE: WHO CONTROLS THE MONEY
problem:
Because one partner is often better at
money management, it makes sense that he or she
might end up handling all the bills, bank accounts
and investments. But problems can arise when the
other partner is completely out of the loop and feels
nervous about their financial situation, or, worse, a
disaster like bankruptcy strikes without warning.
solution:
“Managing” is much different from
“controlling.” Handling the finances doesn’t give you
the right to make all the major decisions on your
own. In addition to agreeing to discuss any large
or unusual monetary transactions prior to taking
action, create spreadsheets that detail all accounts
along with access information, as well as having
quarterly meetings in which you discuss how much
money is in each account and where it’s going.
© CTW Features
For better or worse, money is
always an issue when two lives
come together. Here are some
common problems that may
arise and how to tactfully man-
age them
By Anna Sachse
Of Marriage and Money