join | what's new
Home Site Map Crafting Ideas Family Fun Parenting Home & Garden Holidays Funbook Forums
Your online source for free family fun, craft projects, parenting advice, and more...
Tell a Friend or Two
Cratfs & Fun
Kid's Crafts
Kid's Recipes
Holidays
Family Fun
Our Experts
Ages & Stages
Education
Home & Garden
Just For You
Parenting
Fun Stuff
Pets
Humor
Games
Message Boards
Photo Gallery
Blogs
 





 
.

New Marriage, New Budget

family

Recently a reader asked, "How do my new husband and I divide our finances when I am the only one with children?" Having been in a similar situation, I think you and your partner should consider a few things.

First, I like to consider marriage a partnership, I think most people do. With the multitudes of financial information available now and the interest women have taken in their finances (not to mention the interest the media has taken in women and their finances!), I think we have gotten away from this concept. So, let me say that ideally you and your husband should have a financial partnership, not just a romantic one.

What does a financial partnership entail? Well, let's start with the basics (we won't go into investments here). You should both agree that the children and their expenses are part of the household budget...they go right up there with food, electric, phone and everything else (mostly since they consume the majority of these things!). Sit down and determine your household budget and then get a joint checking account to cover those expenses. Each partner should also get a separate personal checking account for personal expenses. You will have to decide what is determined personal and what is determined a "household" expense. You will also have to decide how much you will spend on each child for activities, clothing etc. Again, these come out of the household budget. If you receive child support, this money will go into the household budget, however if you receive alimony, that will go into your personal account.

Other factors also come into play. If you are receiving a wage for your work, you and your husband should determine a percentage of each of your incomes that will enable you to jointly pay all of your household expenses. A percentage is a fair way to determine this, particularly if one of you makes less than the other, that way a fixed dollar amount won't totally leave one of you without a personal reserve. If you are not receiving a wage and/or are a "homemaker", then you should still, if finances permit, maintain a personal account and receive a wage for your work from your partner. If finances do not permit for you to receive a wage, then you may want to look into the various, scam free, home business or work at home opportunities available.

Now, if you are having issues that relate to a "They're your children, you pay for it" type of thing then your issues are more than just financial and you may need family counseling. Determine how you want your family to operate before worrying about where the cash goes, and be consistent! It may be that a new, previously childless partner is having difficulty adjusting to "new father or motherhood", so these items will have to take precedence over monetary ones. Be patient, remember that a formerly single person, perhaps never married, all of a sudden has to share everything, not only with a new partner, but with new partners. Making concerns, both financial and otherwise, will serve everyone better in the long run and help everyone feel in control of a new situation.

Did you enjoy this article? Rate It!
next article


about the author
Michelle Kennedy is a freelance writer and former owner of The Money Maven.

 

Coming Up

Father's Day!

Father's Day is coming soon. Celebrate dad this year with crafts, recipes and plenty of other ideas. Here are a few examples to get you started...

More Coming Up...

Free Newsletters
your email address:

Recently Added
New Stuff

new on familycorner.comMissed the last couple of newsletters? Haven't visited for a while? This section highlights articles and crafts that have recently been added to FC...


Coming Up


Granola on a Stick


Mug for Dad


Fireworks Flowers


Cake Balls
We Recommend
FamilyCorner Photo Gallery

Did you know that FamilyCorner has its own photo gallery? Did you know that YOU can upload your own photos to it? That's right, and it's completely free!

Here are some of the fun benefits of sharing your photos in our FC Gallery:

  • Send your own photos as an e-card
  • Watch slide shows
  • See beautiful sunsets and other great scenic shots
  • Brag about and share pictures of your loving pets
  • Share photos of your children and grandchildren
  • Create your own individual album and post in category albums
  • Keep your favorite pictures organized online
  • Rate images of other members
  • ...more!
Join us in the FC Photo Gallery. It's completely free to use, just another fabulous reason to be a FamilyCorner subscriber.

Start your own album by visiting our free gallery today!

Family Podcasts

Hosted by Caroline & JacquieFamily Matters Radio
Hosted by Caroline & Jacquie. Choose a segment below to begin listening!

Secrets of Happily Married Women
listen to part 1Do you feel like you are constantly on overdrive? Juggling career and family, attending to everyone's needs but your own, and all the while struggling to maintain a sense of balance and harmony in your marriage? You can actually start getting more out of your relationship by doing less and we'll tell you how with Dr. Scott Haltzman, author of Secrets of Happily Married Women. Hear part 2

When Mars and Venus Collide
listen to part 1It's a common scenario: a husband returns home from work stressed out and eager to kick back on the couch and watch TV. A wife returns home from work stressed out and wants to talk about it with her husband. What happens? Neither is on the same page, anger and resentment set in. We're going to find out how stress is impacting marriages today and what you can do about it when we talk with bestselling author John Gray Hear part 2

 
FamilyCorner.com Magazine
OUR FRIENDS
Family Stickers
Letter Stencils
MomsMenu
Main Street Mom
She Knows
Baby University
Personal Fitness Zone
Amanda's Blog
MORE GOOD STUFF
Newsletters
Advertising
Services
Submissions
Media Opportunities
Link To Us
Shop
Feedback
Staff

POPULAR AREAS
Family FunBook
Forums
Kid's Crafts
Coloring Pages
Household Hints & Tips
Photo Gallery
Blogs
e-Cards
Reminder Service



Contact Us | Copyright Notice | Privacy Policy | Terms of Use/Disclaimer

Copyright © 1997-2007 FamilyCorner.com Magazine, Inc. FamilyCorner.com® is a registered trademark of FamilyCorner.com Magazine, Inc