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How do you ladies navigate finance after getting married. Specially in this economy with double income households.
Does the man provide while all your earnings go into investment or it's a joint account situation. Also about the trips/vacations/getways and investments ( home renovations or decor )
Money for in-laws (gifts, spending money for parents etc)
Some personal insights would be beneficial of what worked for your relationships.
The man should be the main provider in marriage and you need to have your own account, saving your own money. He should be taking care of the household, mortgage, utilities, Groceries, needs for kids, etc. even your own needs. Your money is your money and his money is for the family.
Some people have a different outlook and put all their money in one account to pay for everything then they take remaining shares to their own spending in their own private accounts. Each relationship is different but I wouldn’t do 50/50. Women need to protect themselves financially in marriage more than so when they are single. Ensuring there is also a prenup to protect your assets/finances is important.
I agree with this, but however am uncomfortable having that conversation or bringing that up. My husband fully expected to contribute most of the finances, not only because he is at a higher bracket, but because I am currently pursuing my education. I dont know how this will play out once I am making bank, but we seem to have an understanding that if we do decide to have a child, he will be providing.
How do you broach this conversation? What was successful? What was not?
I'm not married and I have been living by myself (+cats) for around 5/6 years now.
So I don't know really know what my marriage finances would look like. It would depend on a lot of different factors.
I definitely want to have my own (possibly secret) accounts for emergencies and to make investments for myself.
Realistically I would only marry a man who made more $$$ than me. I'd like to have a joint account for joint things. Because I feel like in a marriage you're money basically becomes one anyway.
If he made waaaaay more than me, I wouldn't contribute to a joint account, his money is OUR money. My money is my own.
If he makes more than me, but it's not an extreme amount more, I'd probably contribute based on our own income. Not 50/50. I'd still want him to provide more than me.
I want to add, I'm not planning on having kids, so contributing due to income is reasonable to me. But if I was going to have kids, I'd want my husband to provide everything financially because my career will suffer and I'd have to give up more. So I'd want that reassurance.
I created a list of pre-marital questions to help with these discussions. It covers everything.