Blended Family Financial Planning by Dr. Taffy Wagner

I’m in a Blended Family – Where Do I Start with Money?

Congratulations for getting married again. If you are in a blended family
and are shaking your head because you do not know where to start, I have
some answers for you. Let’s face it when you were not in a blended family,
managing money was not easy. Now you find that you have even more
questions because of the family dynamics that you are dealing with.

Recognize that you are not only dealing with your immediate household, but also another parent because there are children involved. What I am
proposing to you is for your immediate household and you take into account the variables that I could be missing. I don’t have to know all those variables; however, you should include them so you do not make any financial mistakes.

When entering into a blended family, I would recommend as the first step
if you have not done it already is to establish a financial foundation for
your household. Look at what did you do in your previous relationship,
what did you do when you were single. Also look at what your spouse did
prior to your marriage and now the two of you need to establish a
financial foundation for your household.

Meaning you need to sit down and share how you managed money. Who would be best at managing the money now? What are the different bills that need to be paid and when? What is the amount being paid for child support each month? It is my belief that if you are in a blended family, the
responsibility of caring for a child to include support has already been
discussed and both parties understand what is to happen.

I would also say if you brought additional bills to the relationship, the
two of you need to decide and prioritize how to handle this. You do not
want to leave anything out which would give you an opportunity to get your marriage started on a solid foundation. Do not walk in with rose colored glasses, but have your eyes wide open. When you said I do, that meant also to everything that comes along with the spouse.

Being in a blended family can be a beautiful thing. Take the time to
invest in your marriage and your family. Set an example for everyone
watching to see that it can work if you want it to.

If you have a specific question, do not hesitate to send me a question to
info@DebtAtTheAltar.com and let’s get it answered. If you do not want your name or question shared on the blog, let me know.

Dr. Taffy Wagner
Creator of Money Talk Before The Commitment Walk and The Debt Stops At The Altar
www.DebtAtTheAltar.com
303-576-0670