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Honey, Where's the Checkbook... Thumbnail

Honey, Where's the Checkbook...

Financial Planning

To expand on our previous discussion of money and marriage we will discuss how you should pay bills when one spouse earns more than the other. This can be a difficult subject matter; the good news is that there are multiple ways to handle this and not just one “right” way to do so. 
 Once you have established a budget (don’t cringe!) you may decide to split the expenses proportionally. For example – you make $4,000/month while your spouse earns $2,000/month. If your combined monthly expenses total $3,000, you would contribute $2,000 and your spouse would contribute $1,000. Any money left over (ideally) would then go into individual savings or be set aside for emergencies.
You may also decide to put both of your paychecks into one account and pay all of your bills out of one “pot”. If you decide to go this route, you will likely want to designate one person to pay bills (and make sure that you BOTH understand how much is earmarked for expenses, and what amount is extra).
These are just a couple of ideas to consider. Whatever you decide, communication is key (sound familiar?). Knowing each other’s expectations, as well as your ability to contribute to household finances, goes a long way toward maintaining happiness and financial security. This may mean having weekly (or some other frequency) discussions to make sure you and your spouse are on the same page.

“Money isn’t a romantic subject, but marriage should be seen as entering into a financial as well as a romantic partnership.” – Sheryl Garrett

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