- Choose the "account manager." Most tasks are more easily accomplished when one person takes the helm. Money management is no exception. One of you is probably inherently better suited to the task, so let that person take the lead.
- Recognize that being the account manager does not equal being the boss."Resist becoming drunk on your imagined power," Stanley warns. Wielding the proverbial purse strings does not give you the right to pull them tight at will. Always remember you're part of a team. Resist the using your role as an excuse to belittle or control your spouse.
- Diligently communicate important financial information. As the designated money manager in your relationship, you will always have a better grasp of the details of your financial reality. That said, it's important to impart enough information to your spouse that he/she can have a meaningful say in important decisions. Preserving harmony means never using his/her lack of knowledge as an excuse to get your way.
- Stick to a mutually agreeable system. If your partner has been put in charge of the household finances, don't make her/his job harder than it has to be. If the system requires that you deposit checks on a given day or curb impulsive spending, do your part.
- Tweak the system until it works for both of you. While its important that both of you try to comply with the system, it's equally essential that the system be allowed to evolve to fit the needs of both partners. If your wife is having a difficult time tallying up each and every purchase, add some padding to your account. If your husband is overusing his ATM card, try using a set amount of cash for daily purchases instead.
All this said, I'd like to add, find a system that works for you both and use it , use it , use it. If you will start young understanding the value of saving for emergency expenses, large ticket items (houses cars etc.) then the everyday stresses of life can become a little less stressful. Just a thought.......
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