Money is one of the top reasons couples fight and it is one of the leading causes of divorce. In fact, a Citibank survey found that as many as 57 percent of divorced couples in the U.S. cited financial problems as the primary cause of their divorce. But, a new book, called “Your Life & Your Money” says fathers and their partners can reduce arguments and other problems caused by money by appointing a family CFO.
The CFO, or chief financial officer, is responsible for managing the budget and investments for the family.
“Running a family’s financial affairs is like running a business,” the book’s author, Scott Feher, told the McClatchy-Tribune News Service. “The family CFO needs to create a mission statement, track monthly cash flow, review it to avoid overspending, take advantage of legal tax breaks and work with professional people hired to assist the family like accountants, lawyers and financial planners.”
Creating your family’s mission statement is the first step, according to Feher. While deciding on what your family is working towards financially should involve an in-depth discussion with your wife, fathers should realize that, over time, the mission statement may change.
Who should be appointed as the CFO depends on each family and the personalities of each couple. Feher recommends that husbands and wives consider taking turns.