White Coat Investor Podcast

WCI #250: Marriage, Kids, and Finances

Feb 17, 2022
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ADVICE

Combine Finances And Consolidate Visibility

  • Merge joint finances after marriage to simplify tracking and build shared goals.
  • Use one primary checking account, add joint names to cards, and consolidate visibility with tools like Personal Capital or a spreadsheet.
ADVICE

Keep Allowances To Preserve Autonomy

  • Keep small personal allowances for autonomy so neither partner feels controlled by the other.
  • Track the rest jointly to maintain efficiency and avoid micro-managing spending.
ADVICE

Do Monthly Budget Meetings

  • Hold monthly budgeting meetings and review spending together to align goals and adjust behavior.
  • Expect the process to take around six months to smooth out disagreements and settle on a working budget.
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