Who manages the finances in your household ?
I know this is a delicate topic — money is something I tend to avoid discussing on my blog as it is both personal and considered by people in different ways—some people are very open on this topic, whilst others think this is a very private matter. So, please, I do not wish to be nosy . . . just interested, as I have read different approaches to household finance and wondered how it worked for you.
Many a marriage has broken up or been strained over finance—too much money, not enough money, wasting money, credit card expenditure, saving money, household debt, partners having different goals . . . it really can be the root of all evil but we can't live without it no matter how hard we try.
In Australia, 75% of wives either completely manage or has some say in the family finances. This is quite a change to my mother’s generation where far fewer wives managed the finances. This created a major problem when their husbands died and the widows had to manage their money alone for the first time. I can remember my mother telling me stories of a few of her lady friends who needed help making phone calls to the bank as they had never done it before.
When we were first married, my DH managed all the finances, however it didn’t take me long to see that it wasn’t working. DH wasn't the best organised when it came to paying bills, he had other more important things on his mind. So when we came home one afternoon to find that we had no power due to a late bill, I decided it was time to take control and I have ever since and so far the power has remained on!
I manage all the day-to-day finances, making sure the bills are paid and the money is where it should be. I don’t discuss the day-to-day finances with my husband as he trusts me to do the right thing. It is not because he isn’t interested, its just that he knows that I am in full control and everything will be paid on time —he also knows that I will discuss any anomalies with the bills if they arise. We aren't one for sitting down once a fortnight to discuss money or bills, partly because the bills we get each month rarely vary. I decide when things will be paid and how much we spend on things like food, but once again this doesn't vary a great deal each fortnight.
We do discuss the big ticket items and generally agree (sometimes after some discussion) and what we buy is based on a mutual decision that we have both reached. Interestedly, I’m not one for months of consideration before buying something, I am more likely to make a quick decision — DH needs a little more time to “think” so I need to remember this and allow him his "time"!! However, when it comes to computers he does "his thing" and I have very little involvement — he knows what he is buying and if it is value for money. I wouldn't have a clue! And when it comes to the kitchen, I do "my thing". it seems to work quite well.
With me handling the household finances, DH has time to focus on other things — this is part of being his helpmate.