Wedding Planning

How to Manage Your Finances in Marriage

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Money is a big challenge everyone will have to conquer, whether single or married. However, we must admit that marriage comes with even more financial challenges, as it is no longer about one person but two and along the line, with children and the extended family. For most couples, managing their finances is a struggle and they end up accruing debts and almost going bankrupt.

Interestingly, there are many loan options to help you overcome this challenge, without much hassle. For example, there are no credit check loans in Canada by Friend Lender

The following tips offer solutions that might be helpful in managing your finances in marriage:

1. Be open about your debts and current financial status

Both parties in the marriage need to be open about everything that has to do with their finances and this includes debts, loans, credit history, and financial goals. This will help them understand themselves better and how best they can tackle current and future financial challenges. Hiding certain things might only worsen the situation and open the couple up for unpleasant surprises in the future.

2. Set financial goals as a couple

Setting financial goals together will help you deliberate on the best way to spend your money, including how the financial responsibility will be shared between you both. It also allows you to save together towards a purpose and work towards bigger investments like getting a house, retirement plan or even a family vacation. In addition to conquering your goals as a team, it will also help strengthen your bond and make you financially smarter.

3. Consider having two bank accounts each

Most couples opt for a joint account once they are married, which is not a bad idea. However, there should always be a form of back up and not rely solely on the joint account. This will help each party have some control and individuality over their finances, which could also come in handy in some emergency situations and possibly, avoid certain arguments.

4. Understand each other’s money mindset

Always bear in mind that there are two different personalities coming together to make a marriage work. This should not be left out in the financial aspect, as the money mindset of one might differ from the other. Know what goes on in your partner’s mind as regards money, how they deal with money, the financial constraints from their upbringing and what their fears are about money. Knowing all these will guide you both on the next steps to take to ensure financial security in the future, help you set smart goals and also avoid unnecessary arguments.

5. Set spending limits and rules

Spending limits and rules might seem difficult but they will be helpful in the long run and help you save more. Both parties could work on thresholds of amounts they could spend individually and know when to consult each other before making bigger purchases.

Conclusion

Everyone deals with a financial crisis at some point in their lives but you could win over this if you work constructively towards it. You can achieve little to zero financial stress in your marriage if you work effectively together as a team.

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