Financial tips for wedded bliss | Managing money together

One of the most commonly sought areas of advice come from either recently engaged or married couples, asking how best to manage their joint finances.

Everyone has a different attitude to money and spending behaviours, so part of being a couple is trying to reconcile those differences, without it becoming an argument.

Obviously, it’s important to share the same long term vision and goals as a couple, but the day-to-day stuff with money is often what bogs us all down.

Different arrangements work for different couples, however here are a couple of¬†financial tips for wedded bliss that we’ve seen work:

  • Complete a budget together, and establish all of your joint expenses, savings and investment costs, then contribute equally to a joint bank account (each payday) enough to cover these costs for the year. The remainder of your income is then yours to spend (or save)!
  • Another option, which works well with unbalanced income levels, is contributing both of your total wages into a joint account. Establish what discretionary spending you each need and have that amount automatically transferred each week into each of your personal accounts.
  • You could also achieve a similar outcome by using personal credit cards for discretionary spending. Simply pay them off in full at the end of each month from your joint account. Be sure you are good at staying within your means though!

There are two main advantages from having at least some personal spending money throughout your married life.

Firstly, as mentioned above it can prevent you from having to justify why those shoes/handbag/football-tickets/dinner was really important to you.

And most importantly, it’s nice to buy your partner gifts without them seeing all the details on the statement!

Need some help with your finances as a couple? Our Financial Coaches LOVE helping couples with their goals and working out how to attach money to them. To chat goals with one of the WE team, book in a time for a Free Strategy Session.

 


Disclaimer: Information contained within this article is of a general nature. Do not be rely upon it when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.