Money Tips for Stepfamilies

    Communication, especially on finances, is critical for a blended family. Not only do the parents bring expectations of what's "normal" to the relationship, but the kids bring their own expectations, too. Unrealistic or unmet expectations will cause problems, especially if they're not discovered and resolved quickly.  

Getting a blended family pulling toward a common financial goal can be a great way to build a sense of family. The goal can be as simple as reducing the electric bill by 20 percent or as large as saving for a vacation or bigger home. You'll want to regularly let everyone know how you're doing. Don't forget to celebrate your progress as a family.  

Here are some financial tips to consider if you're in a blended family.

1. Estate planning should be handled early.
It's important that both parties know exactly what they've agreed to. And, you don't have to be wealthy to have problems with a poorly planned estate. Some items, while they're not worth much monetarily, can have high sentimental value for survivors.  

2. Consider a 3-checkbook system.
Use one checkbook for the common household expenses and one for each of the two parents. Each parent agrees how much they'll contribute to the common account (contributions do not have to be equal). Each parent is free to use their own account however they see fit. This clearly keeps track of who owns what. 

3. Know your financial personality.
Often money is a contributor to a divorce. You don't want to bring the same money problems that caused your divorce into your new (and hopefully last!) marriage.  

4.  Keep your budget balanced.
A balanced budget is important for blended families. There may be child-support and other expenses that other families don't face. Don't let your budget get out of hand. It will be tougher to get it back under control.

5. Think "ours" instead of "yours" and "mine".
When money is an issue it's easy to start getting selfish. And, that's something that will drive wedges into your relationship. If you're continually making sure you get 'your fair share' you'll be looking for ways to destroy your marriage.  

Gary Foreman is the editor of "The Dollar Stretcher," a web site devoted to tips and advice on saving money in every aspect of your life. His motto is "Living Better....for Less." The web site can be viewed at www.stetcher.com.