Thursday, February 21, 2008

Making Decisions Together

I recently read a post about financial management in the home. This article says that the most effective financial strategy for couples is to divide management duties between both parties. The article further adds that this approach to financial management for couples was found to be more preferred than to work together on every task or to leave money matters to just one person in the relationship.

I don’t totally agree or disagree with this. But in our case as a couple, we do work together on financial management. We consult each other on financial decisions and seek mutual agreement. But since only one of us works full time, we divide the roles of financial contribution but don’t divide the financial obligations we have, but put our financial contributions together in one pot and pay what we need to pay (like bills, existing loans, and others) based on a mutual decision.

As for budgeting and accounting, my wife does that but any decision made on allotment of funds for groceries, major purchases, loans (like Homeowner Loans) and investments, we make them together. We talk about it and consider the pros and cons, then we make the decision based on what we need and what best fits our situation.

No comments: