Managing Household Finances: Create a Plan

31 Mar

330062_dont_forget

 

You wouldn’t build a house without a blueprint.  You wouldn’t plan a wedding or a major event without some sort of idea what the end outcome should be.  So if you want to tackle a difficult task such as say – having money in the bank the day before pay day or even harder, saving up a nest egg for emergencies, you must have a plan. 

I am fortunate enough to have a spouse that is on the same page as me financially.  We are both interested in creating and maintaining a stable financial status.  This creates a fantastic check and balance system for us!  One person is not in charge of the money, we both are!  We each have our roles and work together to see that we are working towards financial stability.  AND IT IS WORKING!!!  Here is what we do:

His Responsibilities:

  • Pays most bills or tells me when he needs me to do so.
  • Monitors banking.  Whether he is checking our online accounts or calling the info line, he keeps a close eye on all of our transactions.
  • Discusses important financial decisions before purchasing any large items. 

Her Responsibilities:

  • Creates a budget. 
  • Does the household shopping, maintaining the budget.
  • Discusses important financial decisions before purchasing any large items. 

I feel like we have created a fantastic system that works for usWe both feel valued as contributors to our financial well-being:  We do not feel controlled by our partner;  We don’t “sneak” purchases from each other; We do not feel that the other is spending, so I should as well!.  Do we make alot of money?  Nope!  Are we wealthy?  NOT YET!!!  Are we blessed?  In more ways than you can ever imagine!

We weren’t always on the same page!  Our first big argument as a married couple was over money and whether or not to combine our accounts!  I was in debt, and we both typically bought what we wanted when we wanted with no definite plan.  It wasn’t until we had a child and decided that I would stay home with him that we both agreed that cutting back was the only way – but we didn’t know how! 

So if you find yourself in that same position, start by making a plan!  If you are married, work with your spouse to decide what roles each of you will play and create a budget.  Dave Ramsey has some simple budgeting forms that you can use.  (And I highly recommend reading one or all of his books as well if you haven’t! BOTH spouses should read it if you are married.)

It’s a new month!  Perfect time to start!

3 Responses to “Managing Household Finances: Create a Plan”

  1. Gina May 24, 2010 at 2:12 am #

    This is great! I think it’s rare for couples to actually delineate who does what in terms of financial tasks. This helps you both be a part of your financial journey.

    • adventuresinmomville May 24, 2010 at 10:56 am #

      I agree! It is rare to see these days! I just think it is too much responsibility for 1 person to be responsible. You both have to actively work together to meet financial goals. Thanks for reading!

Trackbacks/Pingbacks

  1. Managing Household Finances: Keeping Track of your pennies! « Adventures in Momville - April 28, 2010

    […] Create a Plan […]

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