Managing finances in a marriage is no easy feat
Life can be pretty tough handling finances when you’re young & single. But when you are married, you must learn how to manage finances in a marriage.
You may think you’ll have a helping hand when you’re in a relationship but the ship sails exactly in the opposite direction if there’s no planning causing you stress and anxiety.
At times, money is the reason what turns a relationship sour as partners manage their monies individually, hide their expenditures, and often don’t take up any financial responsibilities.
But during getting married, didn’t you promise each other you would stick with each other through thick or thin, poor or rich, better or worse?
Then how can you let money matters be the cause why you separate?
Surveys have suggested that 22% divorces have happened because of poor money management between couples.
It is a grim situation but you can certainly prevent this tragedy from happening to you.
If you learn how to manage finances in a marriage, you can save your relationship and also some money for a good future for both of you.
Financial Planning for Newly Married Couples – Money and Marriage Tips
Adopting proper financial management skills will take time but it’s easy when both the partners are honest to each other about their financial statuses and work as a team to manage their money and financial responsibilities.
So, let’s talk about some of the tips that will help you handle your money matters in a marriage.
1. Talk about your finances together.
Be open about your financial status and debts, if any.
You know pretty how important communication is to a relationship. It is the key which holds both the partners together. Isn’t it?
Now, when it comes to your financial management, you need to put your communication skills to work! Be open about your financial status with your partner.
If you have any debts or loans, financial assets, extra income sources or investments, it is for the better if you be completely honest to your partner about them too.
It is the foremost way of managing your finances effectively and you must learn how to manage finances in a marriage effectively to sustain a happy married life.
Furthermore, if you have any spending habits that can affect your monetary status, your partner should know about it from day one.
If you openly communicate with each other, it’ll be easy to know what your partner expects from you and where both of you stand as a couple, financially.
2. Discuss about the long-term financial goals you have as partners.
Now that you are a couple, money management mustn’t be a tough task. It should be fun working together towards something. Isn’t it?
And one of the best parts of being a team in financial management is sharing your long-term goals with each other and looking at how to fulfill each of those.
And you know what? Since two is always better than one, you’ll eventually find each other working together towards bigger and two-times better goals.
The goals can be as simple as going on a world tour, pursuing your passion, buying a home, or becoming free of debts.
So, discuss about the goals you want to achieve, communicate how you want your life to look in the future, and let your relationship grow.
While discussing, you may also find out that you and your partner share common goals in life.
When you save money together towards achieving those goals, you’ll learn how it strengthens your bond.
It is one of the most important aspects of how to manage finances in a marriage.
3. Open two bank accounts for the both of you
One for you and the other a joint account is a great way to manage your money.
A lot of people ponder upon whether it’s okay to open a joint bank account shared with their partner after marriage.
Trust me, it is one of the best ideas for financial planning with your spouse. With a joint account, you can share the money and choose to save it for your couple goals.
However, it isn’t free of risks because you’re giving another person control over your money.
Yes, they are your partner, but at times, joint accounts do lead to fights in a marriage that can cause stress.
In that case, I’d suggest apart from a joint bank account, both the partners need to have an individual bank account for themselves, totally under their control.
So, two bank accounts for each of you!
Doing so, you won’t lose your individuality, will be able to control your financial matters, be open about the same to your partners and continue to be a team working towards your goals.
At the start of your relationship, you probably didn’t have the discussion on the financial situation of either of you because that’s a sensitive topic and people generally don’t want to share about it.
Even so, if you want to expand your knowledge on how to manage finances in a marriage, then you must let in your partner with the information.
4. Be clear on your financial responsibilities
Decide on who pays for what.
When you are going to share your monies with your partner, you gotta do it the right way – no running away from financial responsibilities.
Also, it’s important to decide who takes on which responsibility because once you divide who’s going to pay the utility bills, the home rent, the insurance premiums, and more, things will be more transparent between the both of you.
Dividing monetary duties will make managing your finances as a couple easier and your relationship will grow stronger by the day.
You’ll also save more and no one will feel burdened in the marriage. It’s a win for both. That’s why you need to understand how to manage finances in a marriage deeply.
5. Design budget for your family and keep regular track of it.
Do you know one of the traditional ways to keep your money safe and put it to good use? Having a budget for you and your partner.
You only need to list out the things you spend your cash on a regular basis, write down you much you earn, and see how much you save. Spread it out like a spreadsheet!
That’s literally what I mean. You can create a budget spreadsheet with the help of Google Sheet or Microsoft Excel to create a really nice sheet.
It will also help you calculate the total amount with ease because both Google Sheet and MS Excel support mathematical formulas.
You don’t have to be a computer wiz to create a spreadsheet, but it will help you immensely with managing finances in a marriage.
Designing a small budget for the both of you will help you’ll keep a track on how much unnecessary expenditure you do and exactly how much more you can save.
This way, you’ll always be able to keep a track on your cash and where it goes. Easy for the both of you!
6. Save enough money for emergencies.
Have an Emergency Fund for the purpose.
What is the purpose of saving money? Mostly for emergency, right? Now, in a marriage, there are a hundred things that you need to keep in mind while keeping money aside.
Situations like critical illness, losing a job may arise where you’ll need money to survive.
At such times, only a planned emergency fund can pull you out. It will provide you the financial security you need at that crucial stage of life.
So, it’s wise if you have an Emergency fund and both the partners regularly save a portion of their incomes in it.
Doing so, you will also save yourself from unnecessary fights and stress that usually people go through when life puts them through testing times.
This is critical to your married life and you need to know how to manage finances in a marriage to survive this.
7. Keeping monetary secrets from your partner is a bad choice in a marriage.
Keeping secrets from your partner? You’ll get busted soon. And if they’re financial, they can be twice as expensive as the world tour you had planned.
Not that your partner should have the list of all the items you swiped your card on but if you keep huge expenditures as a secret, it can be toxic for your partner.
It may also lead to turmoil between the both of you leading to troubles in your marriage. Your partner may consider it as financial infidelity and lose trust in you.
It is most definitely not the right way to manage finances in a marriage and if you have been doing this, then stop right away.
So, never keep financial secrets from each other – or say – never keep secrets from each other.
8. Don’t choose debt for yourselves
In case you already have one, handle it like a team.
Do not choose to live in debt – Yes, I said it! No matter what you want to buy, a new refrigerator, a new television, a new electronic gadget, make sure you do not choose the life in debt.
Living in debt is a sucky way to live!
It’s not an ideal way of financial management. If you feel the need, discuss and handle the debt like you’re in it together.
Don’t let the stress fall on one of you. Also, make sure you pay off all the loans because that’s how you keep yourself and your relationship agony-free.
It is tough to learn how to manage finances in a marriage because there are just so many things to consider.
However, they are all worth it. After all, you would be spending your life with your partner. So, make sure that you go the extra mile.
9. Make sure you understand each other’s ethos regarding financial matters.
Now what does this mean?
Well, if you are someone who likes to spend and your partner is someone who thinks twice before doing so, you need to sit down and talk before you can conclude anything on your financial management.
Having different mindsets about money matters can be a difficult thing to accept if you do not discuss about it from day one.
If you ignore each other’s point of view, it will lead to conflicts making your relationship suffer.
So, find out whether your partner is a spender, hoarder, or more and find out ways to deal with it.
Chalk out ideas regarding how to manage finances in a marriage that will benefit the both of you. You might be surprised about how many you didn’t even think.
You don’t need to implement all the ideas, but just attentively listening to them and implementing the most sensible ones is the key here.
10. Give your all, be honest, and trust each other.
Give your best to learning how to manage finances in a marriage with your spouse. Do not give up easily and let the burden not be on your partner. Share the responsibilities and see how easy it becomes.
Trust each other in matters like handling money and more importantly, be honest to each other about your finances. Be the best part of each other’s lives and grow rich together.
Money is an opportunity to reach unity in marriage. When couples work together, they can do anything.