Guide to Managing Money As A Married Couple

You talked about managing money before the wedding, right? You’ve probably been talking about it ever since you moved in together, maybe even longer before that, when you became exclusive and started planning a future together.

That’s good. But things do not always work out as you planned or even discussed. I mean, imagine how many couples ended up stressed and scared when the pandemic hit because their money management plans no longer worked.

Managing money as a married pair can be a challenge even when you plan well. That’s because it’s something you and your partner need to be willing to change when the time comes to adapt.

In addition, there are challenges that can make things even harder for you. A lot of people agree that money is one of those things that can affect their relationships negatively. You do not want to be a divorce statistic under ‘number of marriages that ended because of money.’

So, whether you are a new couple or have been married for years, and money seems to be threatening the strength of your bond, it helps to learn something new or remind yourself a few things about managing money together.

And that’s what this article is all about!

6 Tips for Managing Money As A Team

With Separate Accounts

Have separate accounts? It’s okay. It’s what feels most comfortable for a lot of newly married couples. Especially with factors such as debts and income differences—separate accounts can be good to clarify these issues. So, if this is how you keep your money, here are some tips for managing money together apart:

Maintain Financial Independence:

Keeping separate accounts allows you and your spouse to maintain a sense of financial independence. That means each person is responsible for managing their own money, which can prevent feelings of control or dependency.

If you have agreed to this, then make sure you stick by it until it is time to adjust. Separate accounts mean dedicating yourself to communication about who pays for what.

Make sure you agree on how shared expenses will be split, whether it’s 50/50 or based on income levels. Maintaining separate accounts can help avoid conflicts over spending habits and provide each partner with the freedom to make their own financial decisions.

But only if you talk about it and do your due diligence. 

Communicate Openly About Finances:

When managing money with separate accounts, open communication is crucial. That means you have to be honest with your spouse about your money. And not just the first time—this is something you have to do continuously as things change.

Regularly discuss your financial goals, upcoming expenses, and any concerns you may have. Transparency is necessary to make sure that you and your better half are on the same page about your financial situation.

Do not lie to make your partner feel better about what’s happening—that’s how marriages end. Be honest, no matter how tough it may be.

And just to make sure you are both dedicated to talking about money, set a date each year for this one conversation. For example, every first Friday evening of the month. Talk about bills, examine changes in salary or expenses, discuss savings goals, and plan for future expenses.

By always remaining connected, you can prevent misunderstandings and make sure that everyone is doing their part to contribute and grow.

With Joint Accounts

Despite what people think, joint accounts may actually be the easiest way for a married couple to manage money. You can track budgets and spending easily. Plus, it is easier to manage as the family grows. Here are some times to make sure it remains easy:

Establish a Budget Together:

When managing money with joint accounts, it’s important to establish a budget together. The budget should show your shared financial goals, like saving for a house, paying debt, or planning for retirement.

It can be tough to get it running, but be patient with yourself and your spouse. You can even take a week to make sure your budget covers everything, including possible scenarios.

When you create a budget together, you and your partner feel equally involved in financial decisions. In addition, you become more likely to stick to the plan.

A joint budget also helps track spending and makes sure that you both know where the money is going. Now that’s transparency!

Decide on Large Purchases Together:

Want to buy a car? Just because there is money in your joint account does not mean your spouse will be okay with you doing it. That’s another way marriages end. When it comes to the big buys, it’s always best to make sure your spouse is involved—it’s her money, too!

Whether it’s buying a new car, taking a vacation, or making an investment, you should both have a say in how joint funds are spent. 

It prevents one partner from making decisions that the other may not agree with and helps maintain financial harmony in the relationship.

Discussing and agreeing on large purchases ensures that both partners feel valued and respected in financial decisions.

With Separate and Joint Accounts

Having joint and separate accounts can be a little complicated, but not impossible. It’s the best of both worlds, and a lot of married couples find it best to work like this. So, if this is your jam, here are a few pointers: 

Define What Goes into Each Account:

When managing money with separate and joint accounts, it’s important to clearly define what expenses will be paid from the joint account and what each partner will cover from their separate accounts.

You can decide based on income or the type of expenses. Just make sure you and your spouse are on the same page about it.

Many couples choose practical options, where shared expenses like rent, utilities, and groceries come from the joint account, while personal expenses, like hobbies or individual debts, are paid from separate accounts.

Defining these boundaries helps ensure that you and your partner know your financial responsibilities and can plan accordingly.

Regularly Review Financial Goals Together:

Couples with separate and joint accounts should regularly review their financial goals together. It is an important part of managing money. It includes discussing savings plans, retirement goals, and any upcoming large expenses.

Reviewing your financial goals makes sure that you and your partner are working towards the same goals. Nobody gets left behind, and nobody feels like they are not achieving their goals.

It also provides an opportunity to adjust your plans if needed. For example, changing how much you contribute to joint savings or deciding on new financial priorities. Regular reviews are necessary because they help keep both partners engaged in managing money together.

Strengthen Your Bond by Managing Money Together

Money doesn’t have to be a source of tension in your marriage. While most people do not believe it, money can be a tool for building trust, transparency, and a stronger partnership.

Whether you choose to manage your finances with separate accounts, joint accounts, or a combination of both, the key lies in open communication, setting clear goals, and working as a team.

Remember, managing money together isn’t just about balancing budgets; it’s about creating a future where you and your partner feel secure, valued, and aligned. So stop fighting and start planning.