couples who have a goal of one person leaving their current profession). It is beneficial for couples who plan to only have one wage earner in the future (i.e. This approach to managing money together can be very meaningful for couples that have one partner with inconsistent income. pay down debt faster, increase emergency savings, investing, or fun, big goals such as trips, purchasing a second home, etc.). The other person’s income is put into a separate account and can be used for big goals of the couple (i.e. So, one person’s income is put into an account and all bills of the couple are paid from that account. So, you set up your life to live on one person’s income. The main difference is that you “act as if” there is only one income to the couple. This is a variation of the “What’s Yours is Mine Approach.” In this approach you still combine everything as a resource for the couple as a whole. You may each have employer sponsored retirement accounts, but the money you are saving and your investment strategies are specific to your household’s goals. You may have additional accounts for savings, but again you both have access to these accounts. You will have one main account where everything gets deposited and from which things are paid that you both have access to. The “What’s Yours is Mine: Approach:Ĭombine everything. One person may pay the bills, and move money in accordance with what you both agree upon however, all income is combined into one shared resource. 2 Approaches to Managing Money Togetherīoth of these approaches to couples finance are about managing everything jointly. It’s getting these big decisions right that can make a real difference to whether money is supporting your goals as individuals and couples within your relationship. What we do encourage is having conversations and being willing to change your couples finance approach if something isn’t working. There is research supporting one of the two categories, which I’ll talk about later in the article, because it’s important to me you are aware of it. Within these two approaches there are some slight variations on how couples can manage their finances.Īt MPower Co, we don’t push one approach over another. managing money completely together and 2. There are two categories to couples finance: 1. This article will walk you through five approaches to managing money so that your approach to managing money works for your relationship. There is no one right way to approach managing money in a relationship. They had never talked about the approach to couples finance that would work best for them. I was recently talking with a couple about my course MPowered Couple.
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