How to Handle Finances in a Marriage
March 8, 2019
You probably thought that handling the financial side of dating was tough, but the one in marriage is even more problematic. There’s no getting out of this one.
Joking aside, it is complicated, and can even cause a marriage to fracture. This article will help you find the best way to handle your finances together.
Start the Handling Early On
Don’t worry, even if you’re not a newlywed, it’s not too late to start discussing finances. Talking about it will enable you to see where you agree and disagree on the subject.
It’s vital for you to be honest here, and it’s crucial to make it a point to your partner that both of you need to be honest with each other if you’re going to handle this correctly and effectively.
Once the real talking starts, you can also begin to write some plans. Both of you have some goals when it comes to finances, which is why you should discuss them and then write them out.
Should You Have a Joint Account?
At some point, the question of having a joint bank account will pop up. A joint account is always the right decision as long as both of you are financially responsible or at least are going to start being responsible. Otherwise, it won’t work out, and problems will arise in the future.
It would help if you also made sure that both of you have good credit. A lousy credit score of one spouse does not affect the other unless they have a joint banking account. So, if one of you has bad credit, you need to work on repairing it before opening a joint account.
In the end, if all else is working out, remember that the key to having a joint account is that both of you are equal partners. The same goes for handling finances in marriage in general.
Unless both spouses have an equal say – it won’t work. Unless both of you are dealing with the finances – it won’t work.
Even if you opt for a joint account, that doesn’t mean that the two of you shouldn’t have separate accounts as well. You can make a deal along the lines that parts of your incomes go to the joint statement, and used for spending like paying the rent, power, groceries, etc.
The rest of your income is yours alone. It allows for equality and sharing, like a marriage should be, but it also allows for some freedom for both of you, so you don’t feel like you’re being controlled by each other.
The Bottom Line
All in all, the suggestions we gave are only that – suggestions. You don’t have to do it the same way. The only thing that you need to do is talk about your finances and make a mutual understanding that promotes trust and transparency as these are key to a successful marriage.