5. Allocation of Responsibilities
This is perhaps the trickiest of all steps. Rarely are both partners equally competent at handling finances, hence an understanding of each others’ blind spots is essential.
Jobs can be allocated on the basis of this understanding. As far as possible, divide the responsibilities equally. When both are equally active in managing the household finances, the chances of a flaw get automatically minimized.
It is also important to review these responsibilities from time to time so as to bring about desirable changes in the existing set-up.
6. Maintaining Separate Credit Cards
It is desirable that both of you have separate credit cards in your own names. This makes the process of maintaining separate credit histories much easier.
Further, in case of a death or divorce the process of obtaining a mortgage or a loan also gets simplified.
If you haven’t been talking about your personal finances too often, who knows, a money dialogue could even play cupid and get you closer to each other.
