Blended families are here to stay, and though we may not know what goes on in those families, often, things are tough, not just for the kids but for the parents too. There is a lot to deal with, especially when the parents come from different income brackets. Handling money will be tough the first few months or years, and you might have to rewrite the rules in your financial rule book. You’ll have to talk about and handle debts and financial obligations, and also reread the child support guidelines but, as they say, it all gets easier with time.
To help you smooth out issues, here are some of the most effective finance and financial management tips for blended families:
Be on the same page
For this to happen, you must be able to communicate. You may not agree on everything but talk and also talk to other people or families that have gone through what you are going through. So, while your individual families had different rules on finances, it is about time to create new rules that work for the new family. It may be a trial and error scenario, but with time, you will agree on allowances, smartphones, chores, and other financial issues.
Be consistent with the house rules
To make things easy for everyone, you need to set one family/ house rule and then stick to it consistently. For this to happen, you (the parents) have to be good examples. You need to be united … Read More . . .