The Biggest Money Mistakes Couples Make

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Nowadays, honestly, it is very difficult for my husband and i to manage the financial budget with our two kids.I am a working mom as well as my husband. But, we are still experiencing shortage when it comes to our daily basic needs. I guess it is because we are paying a lot of obligations such as monthly dues on vehicle (motorcycle-daily transportation of my husband and i, going to office), aircon appliance, househelper plus diapers, milk and the needs of our babies like vitamins, snacks, etc. As a mom, I want to give the best for them but how could I give if my earnings are insufficient to all our needs. Pls advise..

yomi of AL 6:02AM November 20, 2010

While we were working I handeled all the financial stuff. I asked my wife if she was happy with the style of life we had and if so we could retire. We retired the next month at 55 years of age!!
I then turned over all money accounts to her and said if we go broke it's on you.
Best thing I ever did. She has become more aware of our spending and have managed to save money .
I do look at our finanical picture from time to time just to reassure myself.

Joe Wheeler of MO 3:48PM November 17, 2010

Marriage is what makes a couple.......share,trust,equality....you name it!That is why we get married! If one thinks of separation even before they wed....they shouldn't get married!What else share without marriage!

Religious man 10:41PM November 16, 2010

I disagree!!! I work with my husband, i receive salary every week that end up to the joint account that only him have an access. I'm getting usd30/wk. That's it no beauty parlor no extra exp. only what's necessary (house rent,food,L&W). It feels degrading and controlling, im loosing myself worth. NO car, NO credit/debit card, NO retirement/pension/SS/educ... Im hating the set-up...grrrrrrrr

popeye of FL 8:51PM November 15, 2010

my wife is better at managing our money. i love her for that. i completely suck with budgeting. She is a gift from God!

mark of CA 2:29PM November 03, 2010

Seems like you are preparing to sepatate from the start.

mike of IL 12:03PM November 02, 2010

I disagree entirely with this. One person should be in charge of all the money. More fighting occurs if there are too many people in the kitchen. The person who is the best money manager should be in charge.
We've always done it this way, and we have actually never had an argument about money. Not once. My husband has all the passwords, and knows where all the information is if I should get hit by a bus, but other than that, he stays out of it. We follow a budget, and stick to it. We discuss spending, and if the money is not available at that time, then we figure out a timeline. He is not stupid, if he had to suddenly become the money manager, he could, he wouldn't like it, but he could.
I say pick a spouse who is comfortable having one person in charge of the money, instead of worrying about having an unbalanced relationship.

Mary 10:26PM November 01, 2010

I grew up where mom took care of the bill paying (and not very well)...so after getting married and managing the bill paying (and not very well) He would then take over and manage the finances. I would get resenful, hide purchases etc. Things work out much better with communication. Both of us sitting down and paying the bills together. Discussing where the money is coming from, where the money is going, anticipated expenses (dental work, car expenses) and budgeting. I want to shop, he wants to golf. Works out much better with both understanding the finances and working together

Carol of NV 12:51AM October 25, 2010

Taking precautions for potential breakups only guarantees, generally speaking, that a split will happen down the road. Marriage is about commitment and working thru life's problems. And yes, you should talk to your spouse before buying at least major items. It's called a partnership for a reason. We have friends that do the separate, split the bills, separate accounts, etc., routine, and they never seem to get out of the immature, jealous, teenage level of life. Put it in one pot and go for broke! Otherwise, get out of the house before the sun comes up.

vinoman1953 of PA 10:24AM October 21, 2010

Krista- I'm sorry if I seemed overly pessimistic! You are right, couples need to work together to make their whole relationship work. But I guess I've seen too many people get in trouble by assuming everything will be okay!

Kimberly Palmer of DC 10:21AM October 20, 2010