Ambiance Weekly
The Great Gown Giveaway Returns:
(relationship & advice column with Lady Lucille):
Question: The wedding is 6 months away and we have had a lot of discussion aboutmoney. With the talk of finances, I was wondering when you thought it was a goodtime for a couple to share finances, or should they ever?
Answer: Money, a single word that has the power to destroy many relationships. Money Management is a very critical discussion that has to be held in every household. There is no easy answer on how to maintain the checks and balances but communication is a key part of the formula for success.
Another thing that must be realized is that two people cannot manage one household budget. Two people can only agree on how the finances will be managed. A wise person once said that a couple needs four accounts to be successful. The four accounts consist of a savings account that requires two signatures in order to extract money, a household bill account that is used to pay for monthly expenses required for living, and the other two accounts are his and her personal accounts for personal spending on non-household items. These four accounts allow for the building of savings so that a common goal may be reached, a household fund so that a standard of living may be maintained, and personal spending so that no one is required to get permission to eat out or buy an item of clothing.
Now you may ask when these accounts should come into existence. The savings account can be established once an engagement to be married has taken place, if the two of you will be sharing the cost of the wedding. The household and personal accounts should be created once you are married and not prior to nuptials. A timeline should be established for after the wedding because there is no need to play house with finances even if you are living together. Money has the power to disrupt a relationship so finances should not be pooled until there is a legal union. Discussion on the matter is a very good idea just to be aware of all parties positions.