As personal finance bloggers, we are extremely passionate about helping people with budgets, saving money and investing. One of the downsides of being so passionate about money is that we have to constantly keep ourselves in check regarding judging how other people do things – especially how people spend their money.
Having a child is a big deal. I hope you are fortunate enough to be able to make that decision when the time is right for you and your family. Having a child is also very expensive. In Canada having a child costs approximately $243,660 from newborn to 18. Yikes! And that’s not including post-secondary schooling.
So how can you start planning for this?
Well there are a couple of money tasks that need to be part of your baby checklist.
Are we done yet with the women suck at managing money jokes? “My wife spends all my money, blah blah blah.” “Hold your wife’s hand in the mall; it looks romantic but actually economical.” It’s tired, played out and downright sexist.
Over the last couple of weeks I have heard many people share stories about sexist attitudes towards women and how they manage their money. For the record these are professional women with jobs being told in their place of work that they need to ask permission to spend money or imply that they are bad with money in some way shape or form. It doesn’t even matter if it’s a stay at home mom at the receiving end of these jokes. Not cool either way.
Did you know that December is the most popular month to get engaged? According to a study from Facebook compiling data from over 2.5 Million users Dec 24th is the most popular day to get engaged. 30% of all engagements happen between the month of November and December.
After the excitement and celebration of getting engaged clears there are a couple of money talks that you must have before you say “I Do”.
Talking about money in a relationship is super important. For most of us talking about money is also super hard. When things are going well it’s easier to have the conversation. Who doesn’t like talking about how to spend a raise or add more money onto the mortgage or into your retirement account? But more often than not there are the days when it’s extremely hard to talk about how to pay the bills, invest in your business, go back to school, pay down your mortgage, get life insurance or tackle debt. I would argue that those are the most important times to talk about the money. Read more
I was watching an episode of Black-ish recently that talked about who controlled the money in a relationship. One person’s job was to handle the kids and the other was to handle the money. The money responsibilities were put onto one person because the other was afraid of money and didn’t understand how to manage it. Since this is a sitcom the misunderstanding, frustration and resentment that ensued was all tied up at the end of the episode. The reality is that this is something that happens all the time in relationships and causes a lot of pain, dysfunction and unbalance.
I personally don’t believe that only one person in a relationship should make all of the financial decisions and bare that burden. At the very least the adults in the family have a responsibility to be equal to the decision making process. Just as it wouldn’t be fair to have one person own all of the child care or house work, respectively it isn’t fair to have one person make all of the money decisions.