How to Handle Finances in a Marriage

How can you handle money as a newlywed couple? You should address this one realistic consideration, ideally before saying, “I do,” that will allow you to have a real understanding on how you can handle your finances as a couple.

Couples may handle their finances in one of three ways: individually, jointly, or through a combination of separate and joint accounts. Here are some pointers to help you find out which methods would work best for you, as well as the advantages and disadvantages of each system.

Managing Money as a Newly Married Couple with Separate Accounts

Many couples may find that keeping separate accounts is a safe starting point, particularly if they are used to handling their own finances and don’t have many shared expenses. When two people move in together, there would almost certainly be a wage disparity, not to mention any debts that are brought into the relationship. It could be you owing casinos (visit Australia casino online to learn about responsible gambling) or a bank.

Pros – You’re both in control of your own spending habits and paying off any debts you brought into the marriage. This money management approach is the most “reasonable,” and you will be less likely to fight about your spouse’s spending patterns if you’re both comfortable about how you’ve decided to split the shared bills.

Cons – Keeping track of who owes whom what and month is a lot of work. When children are involved, or if one of you wishes to change jobs or return to school, this form of financial management becomes more complicated. You may not be getting the most out of your savings if you’re saving for retirement and setting targets based on your own earnings.

With a Joint Account

This choice is probably the simplest in terms of simplifying your management style as a couple, but there are a few fine points to remember. No one has to figure out relative income payment amounts, no one has to update a spreadsheet every month, and all of the children’s expenses are covered by the family account.

Pros – It is easier to keep track of budgeting and expenditures, plus there’s no need to divide resources on a monthly basis, and no financial adjustments are required as the family grows. Even if you play casino games at you need to the profits into your joint account.

Cons – If one partner earns more than the other, judging your partner’s spending habits can lead to resentment. It may also be difficult to keep surprise gifts hidden.

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