You may have been in a couple for years, but once you are married, you will be sharing your financial responsibilities – for better or for worse! Here are some basic tips on handing your money as newlyweds.
Sounds fairly easy, but it’s harder than you think. Maybe you spent a little too much on your payday treat, or your bank account is currently in the minus figures; either way, being honest benefits you both in the long run. You never know what words of wisdom your partner may have and remember to try to approach each other with these issues without judgment.
Separate, But Together
Keep separate bank accounts for your personal business and hold a joint account for practical spending, like bills, mortgage etc. You can use money from your wedding in your joint accounts but keep your financial independence with your own separate accounts. As well, it may be an idea to set up a direct debit to your joint account for a steady stream of cash flow for bills.
Share Savings as Well as Debt
One good aspect of a marriage is that you get to share everything together – but this also can include debt. Sharing this responsibility is a gesture of trust and it also means that you can share your savings (i.e. for building a retirement together).
What’s Your Vice?
Everyone has one. Some love to eat out in fine restaurants, some go overboard with small treats; either way, this is important for you both to understand each other financially. For example, if you like paying for experiences but your partner prefers to spend their money on tangible items, it’s important to come to a resolution or you could both end up over spending on expensive items and long holidays!