Every household handles their money issues differently. Some tend to separate the duties by the amount of money they bring in i.e. you pay the mortgage and utilities, I"ll pay the groceries, car insurance and car payment. Some, once married, pool their jointly earned money and utilize one checking account to pay all the bills. If you are a couple as opposed to a single person, the way you choose to handle the family finances is fine, as long as it works for you. However, if you separate the duties and obligations, it's important to know what your partner or spouse is doing. The time may come where you may be forced to step into their role by surprise and necessity, and that's not the time to work your way through it. Perhaps you may pick the third Saturday of the month, or one or two evenings a month just to be familiar with all the workings of your family financial world. Knowledge is power- so is being in the know.
If you are a single person, finding someone you trust and can rely on can be worth its weight in gold if you can call upon that person in a time of unexpected turmoil. Perhaps it may be an unexpected hospital stay or surprise trip. Pick someone you know and trust, and bring them into your confidence. Explain to them why you need them as a back-up plan, and thank them for stepping up in the rare case of need. If you are a person getting up there in years (I'll let you assign a number) it's time to clue your kids into where things are and what may be needed if you are unable to take care of it yourself. Use your judgment- nobody knows your kids better than you. Perhaps it may be a friend instead. Whoever you choose, let it be a person who you are confident will step up to the plate if it's time to bat, and feel safe and secure that you have a backup plan should things go a bit off course. An alternate plan is always safer than no plan at all.
