Life Lesson: Checks and Balances

Anyone that has been in school at some point in their life has been educated on the checks and balances that exist in the United States government.  Companies usually have a similar system in place as well that aims to reduce and prevent conflict of interest and absolute power.  However, we usually fail to implement the same principles when it comes to our personal finances when it comes to relationships.  Research says that a lot of relationships and marriages fail partially due to financial issues.  Usually one person is being a super spender while the other is a frugal saver which in the end cancels each other out.  When person believes the other is controlling with the money when it most cases the spender isn’t the person managing the money.  One way to improve the perception of control is to implement checks and balances.  Don’t allow the person paying the monthly bills be the same one that manages the savings account.  This allows both people to fill they have a skin in the game when it comes to the finances and requires communication between both parties at least occasionally.

 

JAW IV

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