Who should run the money in your house?
One of the most important parts of managing a household is managing the finances. When it comes to who runs the money in the house, every couple is different - some prefer to let the woman handle it, some the man, and others share responsibility for it.
In the United States, however, this responsibility generally falls to the woman; last year, an estimated 83 million women were responsible for creating their household budgets, managing and balancing the checking account, and reviewing and paying the bills. However, in homes where stocks, mutual funds, or retirement accounts existed, the men primarily oversaw this aspect.
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Who should run the money in your house?
When deciding who should run the money in your house, there are a number of things to take into consideration. First of all, it is generally not recommended that one or the other have complete control or exclusive access to the accounts and the money in general. Even if a couple decides that one person should run the money in the house, it's still important for both to have an idea of what the money is going towards in the house and how much they have at any given moment.
So what exactly does being in charge of the family finances mean? Whoever is in charge of running the money in the house is responsible for seeing that the bills are paid on time, balancing the checkbook, making a budget, and anything else related to the money.
Managing money requires a certain amount of knowledge. The following tips will be helpful to those who are just learning to manage money:
First, recognize and fears or concerns you have about handling money or finances in general. Maybe you think you're not good enough at math. Or maybe you don't know how to make a budget. Or perhaps you forget to pay your bills on time. Whatever the reason, identify it and then go about educating yourself or resolving these concerns. For example, you can set a rule for yourself that you won't try and balance the checkbook without a calculator. Or you set up online bill pay so you don't forget your bills.
Get a general feel of your financial situation. List all incomes, assets, equity, debt, and any other pertinent information. From here, you can start your budget.
Make financial goals. These could be plans for college or retirement. Or a goal to save 10% of your income each month.
Save receipts and keep records. Managing your money will be much easier if you are able to refer to your receipts and statements. Make it a point to save each receipt and keep a special file for them.
Make a savings plan. Figure out how much money you can save each month. If possible, but back on other expenses in order to put a little more money away each month. Aim to pay yourself at least 10% of your paycheck each month.
Take advantage of information and tools. Money management software, Internet articles on investing, budgeting and other financial information, and online bill pay systems from your bank are great ways to make managing your finances easier.
As you go about deciding how you'll manage the money in your house, discuss your plan with your significant other so you're both on the same page when it comes to finances.
