By Teri Cettina Posted By Chaoran Hu
1. Money has to be considered seriously
If you or your partner gets sick, loses a job, or you divorce, you both need to know where your money is. More immediately: "Two heads are always better than one when it comes to money, even if one of you is less experienced," says Janet Bodnar, deputy editor of Kiplinger's Personal Finance magazine and author of Money Smart Women.
2. Keep a seperate account for each member
Why: A joint checking account is a smart and easy way to pay for shared expenses like your mortgage, utilities, and childcare. This is true whether you and your husband pool your paychecks or each contribute a percentage of your earnings to "together" bills, or if only one of you has an income. After that, though, it's a good idea for each of you to have a small, separate account for your own, no-questions-asked spending money. This is especially important if you're a stay-at-home mom -- no one likes being on an "allowance" and having to constantly justify her spending to a working spouse.
Why: A joint checking account is a smart and easy way to pay for shared expenses like your mortgage, utilities, and childcare. This is true whether you and your husband pool your paychecks or each contribute a percentage of your earnings to "together" bills, or if only one of you has an income. After that, though, it's a good idea for each of you to have a small, separate account for your own, no-questions-asked spending money. This is especially important if you're a stay-at-home mom -- no one likes being on an "allowance" and having to constantly justify her spending to a working spouse.
3. Protect your own fiannce
Why: If you had a healthy credit history before you married, hang on to it. It's useful for joint purchases -- and if life throws a curveball and you need credit on your own.
Why: If you had a healthy credit history before you married, hang on to it. It's useful for joint purchases -- and if life throws a curveball and you need credit on your own.
4. Must have a life and diability insurance for parents
Why: Anytime people are dependent on your income to pay for their living expenses -- that would be your darling kids -- you need insurance. Life insurance is intended to help pay for family living expenses until your children are 18 or on their own. Disability is another important, but often overlooked, form of insurance that provides money in case a working parent is ill or injured and unable to work.
Why: Anytime people are dependent on your income to pay for their living expenses -- that would be your darling kids -- you need insurance. Life insurance is intended to help pay for family living expenses until your children are 18 or on their own. Disability is another important, but often overlooked, form of insurance that provides money in case a working parent is ill or injured and unable to work.
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