When you get married, it can mean a bit of a change from just living together, in several different aspects. One of the changes might be how you manage your finances. When you say those vows ‘for richer, for poorer,’ they are exactly what they mean. But due to poor money management, it doesn’t always work out that way. So in order for your marriage to thrive, one aspect that you need to get right is how you deal with money.
When you’re just living together, you might keep everything separate. It might be assigned who pays for what. When you get married, it might carry on that way if it has been working well. If it hasn’t, then it might be time to change things up and perhaps create a new joint bank account where the money for bills goes into. Then everything is out in the open and money can be talked about freely. But if one of you gets secretive about money or overspending, then it can lead to many problems. The same goes for if you leave it all down to your spouse and don’t even think about a budget and just keep spending. It isn’t completely up to one of you to be responsible and not the other. Problems with money are one of the leading causes for couples to seek relationship therapy and counseling or even divorce. So how can you keep these tragedies from happening in your marriage? Here are a few tips to help keep the communication about money open.
Talk About Finances
One of the best ways to avoid problems with money, or with how each other treats money, is quite simply to talk about it. Talk about what bank accounts that you have and what credit cards. Talking about how much debt you carry is important too as it will affect your budget. If you don’t, and your other half doesn’t know, they might insist that you pay for things, leading to great debt. Talk about how you’re clearing debt and what kind of budget you think is reasonable.
If you have debt, it is a good idea to make goals of when it will be cleared by. Even if you don’t have debt, setting some financial goals is a good idea. Your jobs and income might not change, but you can still set yourself saving targets. Being strict with a budget is key when making financial goals too. The only way to achieve them is together, so you need to try to stick at it as much as possible.
If you are both people that overspend quite a lot, then one way to avoid it, is to use cash. Getting out your set budget amount for food or groceries each week in cash is a great way to make sure that you stick to it. As that is all that you have. The same goes for gas or other expenditures. It can be tempting with cards in your purse. But it makes it much easier to stay on track with cash.