People need to know that it is ok to not be the financial savvy person of their relationship. Most relationships have one person that does the bulk of the budgeting and planning and one person that doesn't.
There are two things that can't happen. First, the person that does not handle the finances cannot be a completely silent partner. They need to provide input on what they feel is important and needs to be put in the budget, what goals they feel are priority and be able to give their input on anything else financial. The need to be supportive of the financial person and understand that they need feedback and understanding of the big picture and current financial status. They also need to understand the financial person is carrying a lot on their backs and need to be appreciated.
Second, the person that is responsible for the brunt of the finances can't feel that their doing the majority of the budgeting is unfair. They need to understand that the non-financial person probably gets bored the second you start talking about the budget. The financial person can get frustrated when the non-financial person acts like they are disinterested or that money doesn't matter.
There is a fairly simple and straight forward remedy to this situation: have weekly meetings. They should take less than 10 minutes. The non-financial person should be ready with anything they feel is important to them that should be included in the goals and budget. They should be attentive and supportive. The financial person should have what they want to cover bullet pointed and short and sweet. As you get more in tune with each other and get in a rhythm you can change your meetings to every paycheck or bi-weekly.
By doing this everyone's needs are met, everyone knows where the budget is at and what goals are being met and no one can say they didn't know what was going on.
In this episode we will go into more detail about sharing responsibilities including how to prepare for the worst case scenario of the non-financial person being responsible for the finances after an unexpected death and other talking points and ways to get your financial needs met.
This week's topics:
- Best times to book for Thanksgiving and Christmas from CNBC
- We recommend Kayak, AirFareWatchdog, Costco (if you have a membership), google.com/flights.
- Financial Rule of Dumb: Your emergency fund should equal 6 months worth of household expenses.
- Listener Question from Dev: Recommended best practice for combining or separating bank accounts for newlyweds.
- Sharing responsibilities when it comes to money
- Carmen's Corner: When to introduce a wallet or purse
- And much more....