The Rachel Cruze Show - 5 Ways to Maximize Your Money in a Dual-Income Household

Starting point is 00:00:05 One thing I teach that gets tons of criticism is when I tell married couples to combine their finances. So today I want to share more about how you manage and even maximize your dual income in five simple steps. And be sure to like, subscribe, share the episode with a friend, all the things. All right. Let's start with the controversial one. Step one, share a bank account with your spouse. Listen, man, we could talk all episode about this. But on, honestly, Honestly, there is something about combining your money and saying, yes, we are one. When we get married, we are not two teams running on two different paths. Like, we are sharing a life together.

Starting point is 00:00:46 If you can share a bed, if you can share genetics with little children running around, you can share your money. And so from a tactical standpoint, it's very easy when you share a bank account to know, like, what's going on in life? Because it's like, oh, I paid soccer dues. The soccer schedule's coming up. Let's put that on the calendar. Like, you're just on the same wavelength with your spouse knowing

Starting point is 00:01:04 like what is happening in life. But then from a more trusting standpoint, it's just showing like, we're all in. We are all in. Now, if you are in a marriage and there is addiction that's not being addressed, if there is, you know, infidelity, loss of trust, possible divorce, like anything like that, abuse, like if you are in a dangerous situation or a situation that you can't trust your spouse, then yes, have separate accounts. But if you are not in that working together, I'm telling you, when you just go all in and say, yeah, we're doing this together, you're going to see. more progress. Number two is intentionally budgets with both incomes. So if you earn two incomes and you see both those incomes coming into the household as one income, you're going to get to do a lot of things. Like that's one of the pros are not getting married. You got two incomes coming in.

Starting point is 00:01:51 So budget them. Be intentional with where the money's going. Sit down and say, hey, every single month, here's what we're going to prioritize. Every single month, here's what we're spending on groceries and going out to eat and entertainment and for the kids and everything in life. here is where our money's going. And Winston and I, we love every dollar. It's the budgeting app that we have. It makes it really easy. I can put a link down below if you want to check it out. But sitting down together and getting on the same page of where your income's going is so key. Number three, I would tell you to know each other's money tendencies. We all have natural tendencies when it comes to money. For example, I am a spender. Winston is a saver. I like more quantity of things. He likes quality things. I like to

Starting point is 00:02:32 spend money on experiences. He likes to spend money on things, actual tactical items in life. I mean, you could go through, I'm abundance, he's scarcity. Like we have different tendencies and opposites attract. So your spouse may have different tendencies, and that's great. But understand those because, again, in a really healthy way, both of these bring strengths to the table. So lean on each other and that. I talk about these money tendencies in my book, Know Yourself, Know Your Money. So I'll put that down below too, because it's just a great resource as you kind of like walk through some of the stuff because again having different tendencies is not a bad thing in fact together it kind of makes you this power couple of going at the world together and that's

Starting point is 00:03:09 what I love now another thing that you should know and be on the same page with with your spouse is internet safety and this is why we love delete me in our house delete me is an incredible service that goes in and removes your online information because we do so much online from social media and online shopping and streaming services, paying bills, like all of it. We are putting our information out into the internet all the time. You can get an individual DeleteMe plan that comes out to be around $9 a month. If you sign up today at joindeletme.com slash Rachel for 20% off, or I'll put a link down in the description.

Starting point is 00:03:46 All right. Number four is have a routine when changes occur. So changes are going to happen in your life. This could be everything from, you know, changing jobs, losing an income. income. An income, you get a raise. Maybe you have a kid. Maybe you live in a different state than where you did. And, you know, taxes look different. Like when there are things that happen in life, be intentional together. Set a plan. Know what to do if you get extra margin or how to cut expenses when money is tight. And so together prioritize and say, yeah, if we get some extra money, you know,

Starting point is 00:04:21 or our lifestyle is going up because our income is going up, like let's make sure we're doing that intentionally or if something happens, if there's like a health crisis or a job loss, like what are we going to be able to cut? So having that plan and being able together to work that change is really important. And then number five, I would tell you to invest consistently, but separately. So because you're earning two salaries, both of you can have separate retirement accounts. Both of you, maybe your work offers a 401K, both need to contribute to that. You both can open up a Roth IRA. And so being able to say, okay, it's a household, we're going to invest 15% of our income into retirement, but have your individual retirement plans. So that way your

Starting point is 00:05:00 money, like basically is growing in two different ways, which is awesome. Now, investing can be tricky. So if you want some information about that, check out my episode right here on how to invest the right way in 2025 or click the link in the description. All right, remember to take control of your money and create a life you love.

The Rachel Cruze Show - 5 Ways to Maximize Your Money in a Dual-Income Household

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