When you own a home with a spouse or partner, the issue of what’s mine, what’s yours, and what’s ours can be a divisive one.
Each household has its own money management methodology and, according to financial talk-show host Suze Orman, most leave significant room for improvement.
In this 4-minute piece aired on NBC’s The Today Show, Orman talks about co-managing finances with topics including:
- How to determine how much money goes into a “personal” spending account versus a “family” spending account
- The importance of both parties taking an active role in bill-paying
- How to manage the money when one partner doesn’t earn an income
Being aware of money is the first step towards protecting it.