Being in charge of the household finances can be a lot of pressure. Most people think it is just paying your bills on time. While yes that is of course important, for not only as part of the monthly expenses, but also to keep your credit score in top form, but to take it to the next level, making sure you are contributing enough to savings accounts and limiting unnecessary spending is just as essential. As most American’s live paycheck-to-paycheck, it is important to build up an emergency account that has 3 to 6 months of expense reserve, but before we get that far, there may be something that may not occur in every household, which is keeping your significant other, involved every step of the way. After all, it is both of your money, so it should be a team effort.
Sometimes the thought or discussion of money can be overwhelming and would just rather your spouse deal with it, and while yes that is still alright if you do not want to be the one paying bills each month, but you should still know every aspect of your finances, such as being able to log into all accounts, knowing the bank account and credit card balances, and reviewing spending over the course of the month so not only your spending is examined, but the entire household. It is not meant to set up a potential argument, as perhaps spending could get someone on the defensive front, but more as an overall review to see where in the monthly spending that corner could be cut, or eliminated altogether.
Like anything in life, when things are going good you need to celebrate, and when things could be improved, you need to take a hard look and see where things can change. The burden does not have to fall entirely on you. If a month goes by and you have saved extra money, then you both should be happy, acting as each other’s cheerleader, motivating each to continue to succeed, but also be there to encourage the other if you fall short. Get your spouse involved with your monthly expenses, discuss allotted money for items such as food, gas, spending, and both stay current on account balances and check for any unnecessary spending. It is both of your life savings, protect your future, and stay motivated.