Decide how you will manage your day-to-day finances

Life’s Financial Journeys

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

There are many ways to handle the day-to-day spending of money to meet your desires. For example, each of you might contribute a certain amount of income to a “joint” account for paying all normal monthly expenses. You might then decide to separately take care of expenses that are unique to just one of you.

Many couples who have been married before, or who have children from a previous marriage, decide to keep three sets of financial records – one for each party and one for joint obligations.

Decide what each of you needs to contribute to the joint account to pay for normal monthly expenses of running your household.

The following resources may assist you in deciding how you will manage your day-to-day finances:

Knowing How Each of You Approaches Money

Day-to-day Money Management

A Yours, Mine, and Ours Approach for Handling Money

When Should Some Money be Kept Separate?

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


NAPFA Consumer Education Foundation
8700 W. Bryn Mawr Ave., Suite 700N
Chicago, IL 60631
(847) 483–5400 ext. 106