Talk money without acrimony/wealth/plan/how-a-couple-can-talk-about-money-without-fighting/talk-money-without-acrimony/slideshow/66937175.cms
Little everyday decisions and significant life changing ones require joint effort from husband and wife.So, how can we make decisions about money somewhat less combative?
His, hers and ours/wealth/plan/how-a-couple-can-talk-about-money-without-fighting/his-hers-and-ours/slideshow/66937180.cms
Allocate money as his, hers and ours. Except for a few exceptional cases where a common pool of money is easily used without complaint by both parties, earmarking is a good idea. It offers discretion and freedom. When one judges the other's expenses as wasteful, it leads to endless heartburn. Much better is the practice of letting the other spend a portion of the income freely without questions.
The common pool/wealth/plan/how-a-couple-can-talk-about-money-without-fighting/the-common-pool/slideshow/66937176.cms
The contribution to the common pool should be based on agreed principles and budgets. Many couples find the division of money and assets unpleasant, when the relationship is cordial. In that case, assets should be held jointly.
Do not strive for consensus on every little money decision. Identify decisions that trigger the most argument and make time to sort it out. Couples find it difficult to agree on big ticket decisions like where to live, how big a house to live in, how often to renovate it, and how lavishly to decorate it. Agreeing on a spending limit for large expenses is an effort worth investing in.
Don't skip this step/wealth/plan/how-a-couple-can-talk-about-money-without-fighting/dont-skip-this-step/slideshow/66937177.cms
Some couples skip the discussion on money out of pure denial of their actual monetary status. These households struggle with the social conditioning that the husband should play the superman provider. Every member of the household should know that money is a limited resource, and that decisions have to be made by evaluating one spend against the other. Making the spending decision a family effort is also a good way to involve children and help them understand how to allocate money.