An unsolved murder, a moment for mercy
April 4, 2024
Life in Haiti hard, Church works to bring hope
April 4, 2024

Managing finances in marriage

By Finbar Garcia LUTCF, FSS, MFA

Should a wife help her husband financially? My answer is yes. Gone are the days when the husband worked and paid all the bills, and the wife saved all her money.

While some persons may beg to differ, in today’s ever-changing world, it is becoming more important for women to have an active role in financial matters. Having observed many women “cut and contrive” to save, has reinforced the importance of women and finances.

It is very important that in any marriage, both spouses discuss money matters together, and equally important if you are a single parent or the breadwinner in the family. Managing and tracking finances and paying bills should be done within a shared marital context, regardless of who assumes the role. There should be agreements as to bank accounts, investments, bill priorities…as some bills can be controlled.



One of the easiest approaches to a joint financial life is to share bills down the middle. Each person pays half. This is a straightforward approach that will make budgeting consistent and easier, as each person will know their exact total monthly commitment. These bills are mortgage or rent, insurances, groceries, utilities etc. The decision here is, who will take responsibility to prepare the budget and maintain the checks and balances every month? Would these payments be made from one joint account?

If that is the preferred method, then each partner transfers into that account their share, then payment of expenses can be made either through a standing order or online payments.

On the other hand, there is also the area of savings and investments. This can be done by the other partner who will manage the investments. Again, monies can be transferred to the joint account.

Based on the type of investments, a different approach may be needed to fund and manage but should be done with the knowledge of each other.

Once these expenses and investments are covered, both spouses will still have access to their personal accounts and the ability to spend as the need arises.


Financial decisions

Involving women in financial discussions and decisions in a marriage or any relationship is key to a sustainable and healthy financial position. Let’s face it, while some men have certain habits that will encompass some finances, men at times will overspend on unnecessary items, then try to justify to their spouse why they needed this or that.

I have been there, done that.

Women are better at budgeting and managing finances overall. The only problem that we men may encounter is fully understanding their purpose in financial matters. There is a saying “happy wife…happy life”, so get them involved early. Don’t try to be a hero.


Different income levels

It is understood that both spouses may not be earning the same income, even if they are in the same professions, save and except a few careers. Whoever is the larger income earner should focus on both increased savings and any additional spending. Don’t place that responsibility on the lower income earner.

Based on the budget at hand, no spouse should be forced to contribute, but rather discuss what contributions can be made. Any shortfall should be picked up by the other spouse.


Career individuals

With the ever-changing work environment, more women are getting into careers that were once dominated by men, earning more than their husbands. This may cause some discomfort with some men; it’s more a ‘macho thing’.

Fully understanding their financial role and functions, and the reasons for this career will allow for a better and more advanced financial stability within the relationship. When the family goals are set, all written down with specific timelines and possible cost, then it does not matter who earns more or whose career is better, you both will enjoy the benefits and the children, if there are any.


Goal setting

It is imperative that both spouses sit and discuss goals – individual and joint. This will allow for proper financial planning that will entail an in-depth savings plan. Goals should encompass the following: property investment, vehicles, children’s education, retirement, and emergency funds, enough insurance, both life and critical illness. Once these are established and set in motion, you will be on the road to a comfortable financial life.

“If you’re worried about the cost of getting started, you should see the price of staying exactly where you are now”.


Action needed

Don’t be concerned about who earns more or whose career appears to be superior. The key to financial success is working together for the betterment of the family. The only way to secure and guarantee a lifelong income stream if any spouse were to die, is life insurance.

If every family were to take out some life insurance, the cheapest if possible, they would be in a better position financially if the insured were to die prematurely. It’s better to have some coverage than none, as things will only get worse without insurance.

Every day we read about the untimely passing of a loved one, and the expected hardship that is awaiting the family, yet people sit, wait, and do nothing about securing their financial future.

During my career, I have paid out both life (death) and critical illness claims, as early as six months after the policy issue and as young as an insured being 24 years of age.

Did these people know that they would die or become critically ill? The answer is no, but they prepared financially for any unforeseen circumstances.

Don’t wait, act now.

“We generate fears while we sit…we overcome them by actions”—Unknown.


Call me for more information on planning your financial future. Send your questions to or call 620-1185.