How to manage finances in a blended family?

Here are seven tips for managing finances in a blended family. Keep the parents on the same page. It’s likely that the two families previously operated under different rules on allowances, chores, smartphones and other financial issues. Parents need to discuss all those issues and agree, then present the plan to the children.

What are the rules for a blended family?

Family meetings and clear household rules can help make for a smooth transition. (Getty Images) Second marriages can bring a special set of financial challenges, and one of those is figuring out what money rules will govern the new blended family.

How does co parenting work in a blended family?

“Co-parenting relationships will dictate whether you have the ability to call up the co-parent and talk about it,” Deal says. “You make your decision for your home, and you stick with that.” Handle legal issues. Blended families may be paying or receiving child support or spousal support.

What are the financial challenges of a second marriage?

Second marriages can bring a special set of financial challenges, and one of those is figuring out what money rules will govern the new blended family. If the merging families came from different income brackets, they may be used to handling money in different ways, including what kinds of things the parents buy for their children.

What’s the most common problem with a blended family?

First, blended families often feel as if they have no voice, which is one of the most common blended family problems. Their family has suddenly grown, and they now have to share everything with other kids that they may hardly know. This type of family dynamics would be challenging for anyone to get used to!

How often do blended families end in divorce?

What percentage of blended families end in divorce? The statistics reveal that about 30% of blended families survive and stay together long-term. Luckily, many resources can help a blended family survive and attain improved family dynamics.