Even before my hubby and I got married and moved into our first home together, we opened a shared bank account. Since I worked in banking for many years, I knew that we both needed to understand how we handled money individually, as well as together, and we needed to create some sort of “flow” before marriage. Since I managed a budget much better than he did, it was only natural that the responsibility of paying the bills and making sure the bank account was being handled correctly fell on my hands. I didn’t mind this, as my experience in the field made it effortless for me.
After that huge mortgage bubble exploded, my hubby was out of a job. Rent still had to be paid, food still had to be put on the table, and our gas tanks had to be filled. He didn’t know this at the time, but with each pay check that came in, a portion of that money was put into a separate account for times like this. It was due to this fund that we never missed a rent payment, and our bills were always paid.
I was reading an article from Genworth Financial titled Women’s financial power grows faster than savvy, and thought of myself. There was a time that I was uncomfortable with investments, but now that I know more about them, I feel a lot more confident in allocating some of our savings into some sort of investment for our future, as well as funds for our daughters. I know that by the time my girls are in college, prices will be astronomical, and it’s never too early to start saving for your children’s education. Being in control of our financials is a little daunting at times, but I feel that we have made pretty good decisions so far.
Who manages the money in your household?