How to Manage Your Finances After Marriage

how to manage your finances after marriage

Financial matters are the first reason for an argument between the newlyweds. It is very important to figure out how to manage the finances jointly after marriage so that the arguments can be avoided. Finances have always been any fight’s prime reason. And it is not surprising to see that youngsters who have just started earning are not even considering saving this is the sole reason that leads to fights when they get married.

According to many marriage counsellors, couples fight when their finances are separate and even when they are merged. The fight overall kind of finances from loans to extended family finance. The biggest fight among this is the saver’s and the spender’s fight. The fight over who saves the most and who spends the most. If I just sideline a bit and talk about the youngsters today, they are far aloof from managing their finances they do not have adequate savings and the emergency fund is out of the question for them.

In today’s market, mainly after the demonetization managing your finances wisely is not an option anymore it is a necessity. Money has always been an engulfing issue that causes fight and stress among couples for a very long time so, it is advisable that you manage your finances smartly and jointly.

Here are some smart tips, how to manage your finances after marriage:

Communication About Finances – The very first thing a newlywed couple should do is talk money. It is the most important subject matter in a marriage so, addressing it at the very start and planning it out is the best way to avoid any kind of problems that it can lead you in. Firstly, you and your spouse need to agree on the bill payments and saving goals. Then you should move on to the separate debts and financial obligations that you have bought into this new relationship. You should also take into account the uncertainties. The only way to address all these problems is by keeping a tab on your own accounts for debt repayment. You should also consider opening joint bills account and joint savings account so that you can transfer a part of your income to these accounts every month so that every aspect can be taken care of smoothly and you even save a certain amount.

Smart Spending And Smarter Investment – Once you are married both the partners are responsible for the spending not only one of them. Bygone are the days when the man of the house use to earn and blamed the women for spending more. Times have changed and now both the partners are earning so it is both the partner’s responsibility to contribute to the day to day spending. Even when you are investing on something may be short term or long term it should be a joint effort. If you are investing on your dream house the down payment must be done by both partially so, that there is no fight over who pays the most for the family. By doing so the couple is always on the same page.

Setting Financial Goals – Everyone has their own career goals set from the very start of their career. So why not do the same with your finances once you get married. Setting goals has always been a good idea in our lives. You should try and come up with savings idea for 5 or 10 years down the line. You should chart out both of your career goals and financial expectations and set a timeline to achieve it.

Save For Retirement – There are people who start planning their retirement even before they get married. But if you are a spendthrift and you did not plan your retirement yet start doing so as now you are married and financial stability is the first thing that your wife will consider. Both of you are working so both of you can contribute a part of your monthly income in an account that is specially meant for retirement. There are many tools available in the market nowadays to help a couple plan their finances for retirement.

Checking Financial History – The best way to avoid arguments regarding finances with your spouse is by staying transparent. You should always discuss your financial history with your spouse. You should know each other’s credit card use, credit score, and spending habit. If both of you have a great credit score it is always beneficial to have a joint account as it will increase your future financial needs but if anyone of you has a poor credit score having a joint account can affect your future financial needs. It is a myth that opening a joint account when you get married is the best decision. But the fact is opening a joint account should depend on both of your credit scores.

“It is never too late or too early to improve the way you manage your finances as a couple.” Disagreements and fights over finances have been a part of your marriage life for a long time whether you are newlywed or have been married for a long time; finance has always been a topic of argument. So, why not change that now by understanding the key technical aspects of joint finance management by taking a peek into the points mentioned above.

You may also like: How To Negotiate In Your Relationship?

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