Working as a Family
So you've gotten married, bought a house and are having children, but did your finances get updated along the way? Or do you and your spouse keep throwing money at a joint account and wonder why your debt balances are creeping up? If this sounds familiar I have news for you, you're not working as a family towards your financial goals. Most households have one spouse that earns more than the other, this leads to the higher income earner either struggling to keep the house a float, or having more disposable income than the other, both these situations can lead to resentment in their own right.
This is a classic case of not merging your finances and streamlining your goals. I'm sure you both want the same things! You want to pay down debt, update your bathroom, plan for retirement, and so on. In order to do this things, it usually requires a banking overhaul. No more secrecy, all funds go in and out of one pot. You do deserve some money to spend however you wish without being accountable to your spouse, think things like coffees, lunches, manicures, etc. However you both should have the same amount of disposable income, the rest of your funds are to go towards your goals. This way, if one spouse runs out of money and the other is banking theirs for a bigger purchase, what does it matter? It's their choice and provides that element of autonomy.
If you're tired and confused from all of the funds transfers flowing through your accounts, let's talk about implementing the family strategy and how working together will get you everywhere!