How To Manage Your Finances In Marriage

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How To Manage Your Finances In Marriage

Used carefully, credit cards open all kinds of convenient doors, but used unwisely, they can also land you in a financial hole.

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Marriage is a commitment, and whether you’ve been married for two weeks or twenty years, it’s important to be able to work with your spouse. But here’s the deal: Finances can be hard to work with. In fact, according to a recent study, 21 percent of divorced adults cited money as the reason for the separation.

But here’s the good news: With honest communication and a shared plan, you and your spouse can manage money as a team. In fact, as newlyweds, you and your spouse are in the perfect place to talk about money as you work to reconcile your finances.

Shared finances mean something different to every couple. Some couples keep their money separate most of the time and only use one or two bank accounts. Other couples link everything: bank accounts, credit cards, investment accounts, and more. There is no right or wrong answer to combining finances. Instead, it’s important to find the best solution for you and your spouse.

Reconciling finances can be a difficult process. It requires patience, empathy and the ability to compromise. In this guide, we look at the most common interpersonal hurdles newlyweds face when trying to reconcile their finances.

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Finding common ground and making important decisions together is the only challenge in reconciling your finances. Regardless of which method you end up choosing, you’ll need three things to manage your money month-to-month or day-to-day:

Personal money management should always start with understanding what you value and want. When you come together as a blended home, you need to pull these ideas together and create a list of shared priorities that you support and believe in. These priorities influence your most important financial decisions.

Basically, your budget should tell you how much money you expect to spend and where you will spend it. Your income and expenses will almost certainly change when you get married, so it’s important to create a new combined budget or review your individual budget.

While your budget represents a theoretical version of your finances, your spending plan turns that theory into reality. A spending plan contains the details that a budget lacks: it tells you how you will target your spending and how you will work towards your goals. When combining finances, it is especially important to have a plan to avoid misunderstandings and confusion.

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Three parts of personal finances are important, regardless of your relationship status. But before making such decisions in a newly combined house, some foundations must be laid.

The hardest part of combining finances is the first conversation. If you’re not used to talking about money, it’s hard to open up and be honest. Even then, you may have different money beliefs than your partner. That’s why it’s important to talk about money before combining anything.

When it comes to money and marriage, honesty is key. However, it is difficult to be honest when you are not sure about your financial situation. That’s why it’s important to be honest: first with yourself, then with your spouse.

Talking about money can be difficult. If one or more of you is uncomfortable with the subject, it can derail your efforts before they even begin.

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Lauren Klein, CFP® and founder of Klein Advisors in Newport Beach, California, recommends that all couples start by creating a pair.

. Although a marital balance sheet is commonly used in divorce, Klein explains why it’s important for spouses to start with a marital balance sheet, or list of assets and debts.

“I think everyone should know when they get married what their marital balance is… it’s a reflection of who you are as a couple. It allows both spouses to understand what’s ‘mine’, what’s ‘yours’, what’s ‘ours’ “.

Here’s what’s on the marital balance sheet: assets (bank accounts, investments, real estate) and debts (student loans, credit card balances), and what they belong to.

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“The rules vary by state, but in California, for example, what you marry is yours. What you earn during the marriage is both spouses’. So when you get married, wedding gifts go under ‘ours,'” Klein explained. .

After settling the marital balance sheet and sharing your finances, you and your spouse will have to deal with financial surprises. Whether it’s an unexpected credit card balance or overwhelming student loans, you and your spouse will have to deal with your current financial situation.

For Rachel Smith, a blogger from Grand Rapids, Michigan, the surprise was her husband’s six-figure student loan balance.

“My husband thought he had $65,000 in student loans. After we got married, we both found out he actually had $165,000. It was an incredible way to start our marriage and it shaped our financial journey a lot,” says Smith.

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Smith and her husband are now debt free, but the journey has not been easy. One of the main ways to overcome this was through shared goals and non-judgmental conversations.

It can be difficult, but one of the best ways to have productive money conversations with your spouse is to create a non-judgmental space. Regardless of the other party’s financial situation, it’s important to approach them with compassion and neutrality as you work together to create a plan.

Derek Bostian, CFP® and managing partner of Two Waters Wealth, has some suggestions. “Try sitting down with your partner and try to have an open conversation with them,” says Bostian. Make sure you are on the same page. Ultimately, I think people overestimate their spouse’s reaction to financial news, both negative and positive. At the end of the day, you have to find a way around financial obstacles.

After you’ve had your first conversation about money, it’s time to get on the same page with your spouse. It’s impossible to create a complete financial plan in one meeting, so it’s important to keep the conversation going when we start working together on financial matters.

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“Shortly before our wedding, my wife and I had a ‘financial summit,’ where we sat down and discussed everything,” says Chris Ball, a financial advisor in Royal Oak, Michigan. “I had a lot of debt at the time, I was open about it and I wanted to get rid of it.

“We talked about goals for the first year and what we wanted to accomplish together. We combined our finances and had regular monthly check-ins, usually coupled with a date. As we achieved our goals, we created new ones and will continue to do so for another eighteen years.

Bostian echoes the advice: “This is not a one-time interview. It’s something that needs to be continually reviewed. After all, marriage is one of the biggest business decisions you’ll ever make.”

Talking about money can be difficult, but that doesn’t mean you have to fight with your spouse.

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“Arguments and conflicts are part of any relationship, no matter how much you want to avoid them,” says Bostian. “There’s a strategy where everyone has two minutes to say their opinion, then the other person has two minutes to say theirs, and you keep going until you find a solution. Make sure you find common ground.”

Likewise, Justin Pritchard, CFP®, of Approach Financial in Montrose, Colorado, recommends that couples choose their talk times strategically to avoid unnecessary arguments.

“Take time to talk about money. This ensures that everyone is mentally ready to discuss the topic. No one is hungry and no one is “out the door” during the conversation. So will whoever starts the conversation. Feel that your partner is missing out – if he doesn’t have the time, energy or desire to talk.

“When things get heated, agree on how to take a break and remember that taking a break is just as important as asking for it.”

Ultimate Guide To Combining Your Finances After Marriage

Here’s the deal: You and your spouse are people from different backgrounds. This means that you have different experiences with money and different expectations. Instead of seeing differences as a problem, try to see them as a source of strength.

“You have to realize that when you talk about money, it’s about a lot more than money,” says Pritchard. “How each partner feels about the outcome is more important to the relationship than what you actually do with your dollar.”

Klein agrees

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