Money Talk Matters

Last night when I was being interviewed on It Just Can’t Be Me on Blogtalk radio, the host, Derek Eady asked me many questions. This morning I wanted to share one of those and how I responded. The question was when a couple receives a tax return, he has his account and she has her account what do I recommend as far as division.

What I shared with Derek was at the end of each year, we know taxes are completed anytime from January through April 15, 2009. Many couples know there are a couple of things or at least one item they wanted to purchase or some type of work they wanted done to their home. The couples should come together and mutually agree that one of those items is purchased. Then the couple take the remaining portion and divide it between them allowing the husband some splurge money and the wife some money to splurge.

Derek asked me for a specific percentage. Initially I was hesitant to give a percentage and explained that each couple knows their household financial situation. They have to be honest with themselves and agree to apply money towards a mutual item first and then divide the remainder. So it could be a 50/25/25 split or whatever they choose. Either way, the family should decide for the benefit of the household first.