5 Tips To Manage Money In A Marriage
When you first get into a marriage and start to manage your finances with your spouse, everything seems perfect! But then you slowly start to live your best life, and your expenses get a bit more extravagant. We’re talking televisions, cars, a house, and you might even start saving for retirement! This is when things start to get a bit more complex, and you actively look for tips to manage your money in a marriage.
If that’s what you’re looking for, then consider this article your saving grace! Here are the top 5 tips to manage your money in a marriage. Before you go through them, remember to talk about these ideas with your partner.
1. Combine Incomes
Since your marriage is a partnership, your income should be one whole piece too. Managing your finances is daunting already, and when your partner offers to help, the feeling can be liberating! It is understandable that certain personality types don’t like to share, but this can also be a red flag! If you and your partner are agreeing on two separate accounts, ensure that every transaction between the two of you is transparent.
2. Understand How Your Partner Does Their Fianances
Before the two of you decided to spend your life with each other, you must’ve had your own way of handling finances. Maybe one of you did their finances digitally, while the other wanted to keep everything conventional by using paper. If you’re in a situation like this, devoting your finances to one singular way might make you or your partner anxious.
The best advice is that you find a middle ground. Have all the bills automated digitally, and then budget yourself with the help of a pie chart by hand. That way, both of you can stay happy!
3. Learn From Eachother
If your spouse is good at organizing stuff, then let them organize your bills and transactions. On the other hand, if you’re skilled at crafting budgets, then you should handle budgeting. Since now you have a person helping you with your finances, utilize their strengths!
4. Share Responsibility
It can be surprising to hear that one-half of a couple does the finances completely by themselves! It’s okay if one person does more, but both of you should always be aware of what’s going on! This is important because it’s not fun to take the stress of pending bills and the monthly budgeting all by yourself! Additionally, the partner who is being left out of this crucial decision might also start to feel unintelligent and inadequate, which is anadded source of stress.
Talk about everything that’s bothering you and even the stuff that’s not! Tell your partner how you feel about your financial planning as a couple and the things that bother you about it. Talking about your problems is one of the easiest ways to get rid of them.
Whatever you’re feeling, communicate it!