@marilyndenisctv 
I grew up on Velveeta and Cheese Whiz.
You are watching:
CIBC personal finance expert Jamie Golombek discusses the most common mistakes couples make with their money.
Merging the finances:
Mistake: It’s all or nothing
A better way: It’s yours, mine and ours.
When banking as a couple, you want to start thinking in terms of the family budget. Pool your money to cover the household spending, but keep a little bit to yourself.
Dealing with someone else’s debt:
Mistake: It’s your problem, you deal with it
A better way: We’re a team now. Let’s deal with it together
On person’s debt can impact how much money they’re able to contribute to the family budget, so it’s worth it to help pay off the debt together. You’ll be able to clear this burden faster, saving money in interest payments anyway. But keep in mind, you’re doing this to preserve the family budget. This isn’t a license to run up your credit card bill each month.
Keeping secrets:
Mistake: We already share so much, I can keep these purchases/these investments to myself
A better way: There shouldn’t be any secrets in a marriage
There’s a fine line between secret spending and private spending. You don’t have to report every latte you buy in a week. But if you’re keeping a secret “divorce” fund thinking you can rely on that money in case of a breakup, you’re wrong. Legally, you have to disclose all of your assets during a divorce hearing. Depending on which province you live in, you may have to split even this secret fund with your spouse.
Merging the finances:
Mistake: It’s all or nothing
A better way: It’s yours, mine and ours.
When banking as a couple, you want to start thinking in terms of the family budget. Pool your money to cover the household spending, but keep a little bit to yourself.
Dealing with someone else’s debt:
Mistake: It’s your problem, you deal with it
A better way: We’re a team now. Let’s deal with it together
On person’s debt can impact how much money they’re able to contribute to the family budget, so it’s worth it to help pay off the debt together. You’ll be able to clear this burden faster, saving money in interest payments anyway. But keep in mind, you’re doing this to preserve the family budget. This isn’t a license to run up your credit card bill each month.
Keeping secrets:
Mistake: We already share so much, I can keep these purchases/these investments to myself
A better way: There shouldn’t be any secrets in a marriage
There’s a fine line between secret spending and private spending. You don’t have to report every latte you buy in a week. But if you’re keeping a secret “divorce” fund thinking you can rely on that money in case of a breakup, you’re wrong. Legally, you have to disclose all of your assets during a divorce hearing. Depending on which province you live in, you may have to split even this secret fund with your spouse.
Jamie Golombek, CIBC Personal Finance Expert
Jamie Golombek appears regularly as a personal financial expert on The Marilyn Denis Show, providing advice on financial topics ranging from how to save for children’s education, to getting your budget in order, to helping homeowners choose the best financing option for their new home.
As a CIBC Personal Finance Expert and Managing Director, Tax & Estate Planning at CIBC Private Wealth Management, Jamie works closely with advisors from across CIBC to help clients meet their financial needs with comprehensive advice and solutions.
With nearly 20 years of experience specializing in tax planning for both individuals and small businesses, Jamie is frequently quoted as an expert in the national media. He writes a weekly column, “Tax Expert”, in the National Post which is syndicated across Canada in various Postmedia newspapers and has appeared as a guest on CBC’s Newsworld and The National.
Jamie received his B.Comm. from McGill University, earned his Chartered Accountant designation in Ontario and qualified as a U.S. Certified Public Accountant in Illinois. He has also obtained his Certified Financial Planning (CFP) and Chartered Life Underwriting (CLU) designations.
He also teaches an MBA course in personal finance at the Schulich School of Business at York University in Toronto.
Return to Main Page