2023 Author: Anita Thornton | [email protected]. Last modified: 2023-05-22 03:30
The question of finances in a couple can be a source of arguments and discomfort. However, it is important to review your entire approach with the arrival of children, so a conversation is in order!
Having only a joint account
What a mistake! When one of the spouses makes a personal expense that he pays from the joint account, the expense may seem superficial compared to the expenses of the family! Whereas if the 2 spouses keep a personal account, they each remain sovereign of their little treats and their cost! The joint account is used for rent, groceries, current bills, etc., while the personal accounts cover all the more personal expenses for each.
We pay for everything equally
The situation of the spouses does not always make it possible to divide the expenses in half. If at the beginning of the relationship when both earned practically the same salary this was the only way to happen, once the income changes, it is important to review the contribution of the spouses to the household expenses. If, for example, the income of one of the two represents 60% of the family income, it is normal that hecontributes 60% of expenses.
Finances are taboo at home
Situations like this should be avoided: I find him spendthrift, but I don't dare tell him. I find her far too frivolous, but if I tell her, she'll have trouble… Everyone's relationship with money is different, so in a couple it's normal for spouses to have different attitudes. What is less is that they do not talk about it in order not to hurt the other. Even if it's not easy, it's really important to talk about money with your spouse. The ideal way to bring up the subject and open all the doors of discussion is to make a new family budget that takes into account all the expenses, from the smallest to the largest. This very realistic portrait will give you the true picture and allow you to make decisions accordingly. The Canadian Bankers Association offers a starting example. Several software are also available to help you in this task.
Taking care of finances alone
It is quite natural that one of the spouses takes care of the finances quite naturally, often by skills, if not by affinity. However, carrying the burden of family finances alone can be very heavy for one person. Especially if this same person is in a couple where finances are taboo and where there is only one joint account!
We spend and we get into debt
The arrival of a firstchild is a great opportunity to get into debt! We want to have a house to welcome him, furniture of course, and a bigger car and everything for baby. It is said that a couple's expenses increase by about 30% when they have a child… If in addition, we have spent like crazy to buy a house and all that comes with it, it is sure that the budget will have a hole impossible to contain without debt. Whoever handles it ends up with the burden of proof (that the finances are well managed) and the other with the burden of doubt (are the finances well managed?) If both agree for a monthly meeting on finances where they take the opportunity to take stock and update the balances, the pressure will be relieved, I promise!