How to Manage Money in Your Marriage mydollarplan.com
Some friends of ours are newlyweds and trying to figure out how they’ll manage their money together. Finances are a hot topic for any couple, and can often lead to arguments if you don’t devise a strategy that you both feel works for you.
Money Management Styles
There isn’t one right way to manage a couple’s money. It’s largely dependent on your personalities, how you were brought up, your values, and your expectations about money.
The best way to find out what works for both of you is to have an open discussion about your money, goals, and money management styles, preferably before you get married. Try out your plan, and if it doesn’t work, make adjustments.
Tips for Managing Money with Your Spouse
No matter which strategy you choose, there’s bound to be bumps in the road. When that happens, keep some of these tips in mind.
Cool down. If you have a disagreement about money, try not to discuss it in the heat of the moment. Let some time pass and be prepared to discuss it when you both are calm.
Establish guidelines. Even if you decide to use one of the more independent money management strategies, you’ll still have to discuss money with your spouse. For example, if you have kids, you’ll need to agree on your plans for spending money on them. Setting up guidelines ahead of time, will avoid conflict down the road.
Give credit for good things. When you have a disagreement about money, keep your perspective. I have to admit that 11 months out of the year, my husband is exceptional at managing money. We always discuss large purchases and he tries really hard. It’s probably a challenge for him, since personal finance isn’t an interest. I try to remind myself of this if we ever have a money matter that we don’t agree on.