While you may be content to think that marriage is only about love, the reality is much more complicated. When you marry someone, you share your life with them and that means sharing your money, too!
If you’re planning on getting married soon, it would be a good idea to discuss your finances with your soon-to-be spouse and make sure that the two of you are on the same page when it comes to money. Here are some pieces of advice from married couples that have been married for over ten years and have been able to find a great balance with their partners when it comes to finances.
Start an open and honest conversation about your financial background and history with your partner. This bit of advice is a great starting point when it comes to managing your finances as a couple. You want to ensure that both of you understand each other’s financial backgrounds, including how much money you both have and how much you potentially owe.
Big financial decisions need to always be made together! Being in a marriage means that you and your spouse are equals in all facets of your lives.
This means you are equals when it comes to making financial decisions and the big decisions – such as buying a house or taking out a loan – need to be made together. Remember, your financial decisions will affect your spouse and vice versa, meaning it is imperative you don’t make big decisions without consulting each other.
Keep separate personal spending accounts. While you and your spouse likely have common passions and hobbies, you are two separate people who will likely want to do separate things a lot of the time. For these times, keep separate personal spending accounts so there is no resentment when more money is being spent on one partner’s interests.
Don’t try and control your partner’s personal spending. People have different spending habits and patterns that are unlikely to change.
If your partner spends money differently than you would, don’t try and control or micromanage that. This is another reason why having separate personal spending accounts can help reduce tension between partners.
Be completely transparent about all things money-related with your spouse. Your spouse is your partner in life, and you shouldn’t be keeping any secrets from them – at least not when it comes to money and your shared finances. Be completely transparent about spending with your spouse to build confidence and trust.
These five pieces of advice are a great place to start if you want to build a healthy financial relationship with your spouse. Remember, being open about money and having frank and honest discussions can go a long way in ensuring you and your partner are satisfied, trust each other, and can rely on each other.