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1. Creating a joint spending plan


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life


Creating a joint spending plan. “How will you handle your money as a couple?”

A spending plan takes into consideration all sources of income and all categories of expenses.  One of your first decisions will be whether to treat all income and expenses as joint items or a combination of separate and joint items.  Making this decision requires that you have a clear understanding of joint versus separate property.

The following subtasks may assist you in creating a joint spending plan. You will find detailed resources for these subtasks under the links in the right column of this page.

Subtask 1:  Determine what you own separately and together

Subtask 2:  Determine what you owe and your joint net worth

Subtask 3:  Determine your income and expenses

Subtask 4:  Develop a spending plan

Subtask 5:  Decide how you will manage your day-to-day finances


Blending Two Lives Tasks

1. Creating a joint spending plan
2. Building shared credit access and usage
3. Managing dual careers
4. Protecting your income with life insurance
5. Estate planning

Creating a joint spending plan Subtasks:

1. Determine what you own separately and together
2. Determine what you owe and your joint net worth
3. Determine your income and expenses
4. Develop a spending plan
5. Decide how you will manage your day-to-day finances

Permanent link to this article: http://napfafoundation.org/financial-help/blending-two-lives/1-creating-a-joint-spending-plan/