Traditionally men managed the household finances, although there is no convincing answer to ‘why men?’ Wouldn’t a women’s patience automatically make her a better and calculated investor? Should the aggressive men choose risky investments for better returns? These questions have no right answer, except that this topic is alive as evidenced by the societal changes. Discussions welcome.
50:50 Responsibility
The fact that a couple has decided to enter in a partnership indicates that we are sharing our responsibilities and knowledge. It is important to have control of one’s finances at all stages of life. Independence and self-esteem are key to individuals and to feel so, it is important to take control of each partner’s finances.
Share information
Though couples or families share a home, they are entitled to their free opinion about money. Money though powerful does not mean the same thing to any two individuals. It is important to share individual perspectives on money so that they are aligned in their views on money.
Team work
Despite functioning as a team at all times, it is also important to find time to share the home financial situation. Keep lines of communication open so that we know what to expect of the unexpected. Attacking a problem together is more successful than dealing with it alone. Also, plan appropriately to share the estate documents that will be needed if one partner expires. Find ways to help your partner.
Source: http://www.huffingtonpost.com/patrice-c-washington/the-great-debate-who-shou_b_4374774.html