Money and Marriage: Four Tips for Couples to Stay Financially Responsible

Money can be a number one issue in any relationship of any kind. It can lead to frustration and tension if not being carefully addressed. Two people with different lifestyles and spending patterns coming together would sometimes have very different views on money. The lasting solution is to learn from one another and use the steps below to build bridges.

Recognize Differences in personalities and money mindsets: Partners need to respect their differences and come to understand each other. The first thing you need to do is disclose where you stand financially and take note of anything you might be concerned about with your partner’s financial situation, such as debt.

Set Financial Goals and expectations together: Here is where you and your partner will go in-depth, not just about how your money looks now or what your plan for it looks like currently. You will choose whether or not your financial habits and goals are compatible with one another and set to sorting that out. For example, you may need to forgo your dream vacation to move to your desired home. Here you can choose what your plans are and merge them with your significant other. There might be a need for compromise at some point, but it helps to discuss it beforehand. 

Keep Purchases in the open for each other to see: Never hide specific purchases from your significant other. Ensure you put down a spreadsheet for all purchases made for the house. Did you stock up the food cabinet with species? Put it down. Openness is also very practical and essential for those who choose to run a joint account. The written down purchases give room for sincerity and less concern about where the money goes with time.

Discuss how to combine Finances Will a joint account be perfect?: For this matter, combining finances or not comes down mainly to personal preference. You may feel like you need to protect yourself by keeping your finances separate. Others, however, might prefer setting up joint accounts to simplify things as much as possible. Regardless, you still need to be on the same page when it comes to budgeting because it’s highly likely that the vast majority of the things you spend money on will be shared.