Whose responsibility will it be to manage the marital finances? The person who gets this "honorary" position will definitely be a visionary, thick skinned and even a decision maker. There will be times when you may not get an opportunity to discuss a situation with your spouse and have a short amount of time to make a decision. This is one reason you should make sure that you are talking about money.
Maybe you and your fiance' haven't decided who will manage the money? Look at these six factors that should help you in making the decision.
1) What is their track record? Do they pay their own bills on time or do they complain about having to pay bills and they don't have enough money. If someone is not paying their own bills on time, what do you think will happen when they are mismanaging money for two?
2) When is the last time they looked at a copy of their credit report? Did they voluntarily order the report on their own or did they receive it because they were turned down for credit? If they are regularly getting their credit report each year, it says they are involved IN their finances. Being credit conscious is a benefit and not a detriment. Monitoring your credit means they will not be surprised by what's on their report.
3) How did they handle their last unexpected financial emergency? Did they run to mom and dad? Did they take on a part-time job? Did they have money in savings? It is crucial especially in marriage that at least one spouse has great financial problem solving skills. They will always be solution oriented instead of victim oriented. A person who is victim oriented doesn't know think they can fix different situations. They sit back and let things happen to them.
4) Are they comfortable talking about money? (Not arguing and creating stress) .This person would be able to talk with you now about money and ways to eliminate some of the stress. Furthermore, they are seeing the big picture and thinking beyond your wedding day. This person will not be afraid to look at their bills nor their credit report. No matter what unexpected financial situation occurs, this person should be able to keep a level head and make recommendations to move the couple ahead.
5) They are able to be trusted with the household finances and pay the bills. Not be the person that is supposed to pay the bills, yet choose to SPEND it on something else. Once you say "I Do", how the finances is handled will affect everyone not just the money manager. This person will also pay the bills and not take advantage of the fact they are the money manager and go on a shopping spree in addition to paying the bills.
6) They are good at administrative skills and do not need to be reminded that bills are due. Sure, you may see this person as going overboard when it comes to bills, money management and even keeping track of different items such as the wedding budget; however in the long run this will serve your marriage well.
What do you believe is another good factor that would aid in deciding who should manage marital finances?
