This video presents the three categories of money and three different ways of keeping money organized (everything together, everything separate, or some joint/some separate).
- [Instructor] Now let's consider the structural elements…of how we organize and manage money.…We'll identify some options to combine accounts…or keep financial matters separate.…We'll assign roles based on strengths and skills.…We'll setup a routine and in the end,…we'll create an organized money management plan.…Let's start with the accounts.…For most of our social history,…the idea of a couple choosing to remain financially separate…and independent would've been highly unusual,…in fact, until the Equal Credit Opportunity Act of 1974,…most married women,…couldn't even get credit in their own name,…but nowadays, it's quite common for both partners…to come into the relationship with fully formed careers…and financial lives.…
The fact is, you don't have to do money the same way…that your parents did it.…I found that there are three different methods…of account organization.…A single account for all household income and expenses,…two separate accounts with expenses individually assigned,…or a joint account for joint expenses…
In this course, financial therapist Amanda Clayman shows how to tackle the financial difficulties that often sour partnerships by walking through how to create and follow a family cash flow plan. Using her five pillars of financial harmony as a guide, Amanda explains how to construct a plan that engages all family members in its implementation. Looking at money management as a system designed to meet your specific needs, she highlights common financial conflicts and shows how to create a healthy, sustainable plan. She explains how to establish ground rules for communicating effectively, prioritize each partner's "asks," assign money management roles suited to each partner's strengths, and bring it all together into a working plan.
- Why couples fight about money
- Exploring values
- Communicating effectively
- Being clear and concrete
- Negotiating successfully
- Assigning roles suited to each partner's strength
- Setting up a routine
- Creating your family cash flow plan
- Dealing with dilemmas
- Making changes
- Engaging children in your family's cash flow management process