- 7 years ago
- Wedding: May 2011
How our “my” finances and “your” finances will be combined to be “our” finances has become a rather argumentative topic as of late. We have tried discussing it twice so far and each time ends in no one agreeing with anyone and both parties feeling hurt and frustrated.
We do agree on:
– having a joint checking account for paying bills and getting our paychecks direct deposited
– needing to work in “allowances” to our budget so that each of us has an allowance each month that we can save or spend as we see fit without objection from the other spouse
– need to setup a budget plan and stick to it
What we do not agree on:
– if we are going to keep track of our finances
– how we are going to keep track of our finances
– that we SHOULD keep track of our finances regardless of if we are in financial trouble or not
– that wanting to have a system for managing our finances is a trust issue (meaning a lack of trust)
– that we should be responsible enough adults with our money that we should not need to track our finances on spreadsheets or have a system for managing our finances
I am the one thinking the responsible thing to do would be to have a system for managing our finances. I think we should have some kind of a system setup where we track our expenses at least by category (gas, groceries, entertainment, etc.) each week and grouped by month in spreadsheets so that we can make sure that we are keeping within our budget and, if we are having problems keeping within our budget, easily see where we might be able to cut back some of our expenses. I think it would be smart not only to keep track of our expenses in this system but also any in-flows of money as well as out-flows.
He thinks that me wanting to keep such a track record of our expenses is a trust issue on my part since my parents never managed their finances well and were not overly truthful to one another in this area. The only way I got him to agree to keeping receipts was by reminding him that if the IRS audits us, we have to have every stinking receipt to prove to them that we have not lied on our taxes.
I really do trust my fiance but I feel that it would not only be irresponsible but stupid, wishful thinking to think that we don’t need to have a system in place to track our expenses and make sure we are staying in line with our budget.
I am thinking, if I can get him to comply, of creating a system where I have labeled folders for each expense category (gas, groceries, entertainment, etc.) sit on our desk and we both put our receipts into the appropriate folders each day. I would then record all of the expenses listed on the receipts in a spreadsheet based on category so that each week would show a total expense for each category. (I’m planning on making digital copies of all of the receipts too since the carbon paper receipts fade fairly quickly).
Does this sound like a good plan?
What system have you found works for both of you?