10 Tips To Help You Manage Finances in Marriage

Financial issues are a common challenge in marriage, ranking third as a cause of divorce, following communication problems and infidelity. However, money doesn't have to be a source of conflict. With proactive planning and open communication, couples can master the art of financial management together.

Here’s how you can minimize arguments about finances and build a strong financial foundation for your marriage, starting with exercises before saying I do.

# Discuss Money Before Marriage

Begin financial discussions early, ideally before the wedding. If you’re in premarital counseling, use that time to address financial topics with guidance. Key points to cover include:

- Disclosing existing debts (student loans, credit cards, auto loans, etc.).

- Sharing details of financial obligations like alimony or child support from previous relationships.

- Discussing current assets, including savings, investments, and checking accounts.

- Deciding how to manage finances after marriage—separate accounts, joint accounts, or a mix of both.

# Evaluate Your Relationship with Money

Understand and address any differences in your views on spending and saving. If your approaches to money differ, find a system that works for both partners.

- Set a spending limit where purchases above a specific amount require mutual agreement.

- Consider maintaining individual “fun money” accounts for personal expenses, reducing conflicts over shared finances.

# Opt for Debit Over Credit

For households prone to overspending or credit card debt, using debit cards can help manage budgets better. Discuss:

- How salary differences may impact household contributions.

- Past financial habits, such as hidden purchases or accumulated credit card debt.

- This strategy fosters transparency and prevents unnecessary debt.

# Define Financial Goals Together

Set both short-term and long-term financial objectives, such as:

- Saving for retirement and building an emergency fund.

- Planning for significant expenses like buying a house, car, or family vacation.

- Establishing college funds for children if applicable.

Review these goals yearly to track progress and make adjustments as needed. Don’t hesitate to seek professional financial advice when required.

# Discuss Support for Parents

Openly discuss contributions to your parents' needs, especially as they age. Address topics such as:

- Financial gifts to family members and ensuring your spouse agrees with these decisions.

- Plans for supporting aging parents, including healthcare or potentially moving them closer or into your home.

# Plan for Children’s Expenses

Talk about how you’ll handle financial matters related to your children, such as:

- Deciding on allowances and whether children should earn them through household tasks.

- Expectations for part-time jobs during school or college.

- Funding for their education and first living arrangements after graduation.

Revisit these decisions as your children grow and financial circumstances evolve.

# Address One-Spouse-Income Households

When one spouse stays at home, financial dynamics can become complex. To maintain balance:

- Explore ways for the non-wage-earning spouse to generate income through freelance work, tutoring, or other activities.

- Recognize the significant contribution of the stay-at-home spouse in managing the household.

# Schedule Regular Financial Check-Ins

Set aside time each month to review your finances together.

Discuss:

- Progress on savings and budgeting.

- Upcoming expenses or adjustments to financial plans.

- This habit encourages open communication and proactive problem-solving.

# Seek Professional Financial Advice

If financial disagreements arise, seek guidance from a financial counselor. They can provide tailored advice to help you align your financial strategies and prioritize your marriage over monetary challenges.

# Avoid Financial Secrecy

Transparency is crucial in managing finances. Hidden savings accounts, undisclosed debts, or secret spending can erode trust and harm the relationship. Be honest about your financial activities to build trust and a stronger future together.

By fostering open communication, setting mutual goals, and working as a team, you can navigate financial challenges effectively and strengthen your marriage.