Money is one of the core factors when it comes to the success of a marriage. Money woes can cause all sorts of problems. In fact, money problems are one of the main causes of disillusion in marriage. So, it is critical to maintain a sense of financial security. When it comes to sharing bank accounts – and even sharing some responsibilities, like the mortgage and utility bills – it is even more important to have a sense of fiscal responsibility. Luckily, there are a number of ways to manage your money, so that there are no questions or confusion. Here are five essential money management tips for married couples.
Make sure to budget accordingly. It is critical to have a budget for everything. This will require sitting down and working out exactly what your collective debts are and what your personal debts are. You want to work out how much money is going out and how much is coming in. You should always know how much money you are netting, not just how much you are earning. Having this perspective will give you a clearer overview of how much money you have and what you can actually afford. Not having this perspective will continually make things confusing and you’ll always be wondering if there is enough money to live.
Make sure to have a main bank account and then two separate expense accounts. Many married couples have one joint account, but this can often present some troubling scenarios, especially if one spouse spends more than the other spouse. So, after you budget your monthly expenses, you want to put the appropriate amount of funds in each account. This way, each of you will have ample capital to cover all your bases. One of the biggest causes of tumult in a relationship is a sense that one person is overspending the couple’s money, so having two accounts will limit any resentment.
Make sure to hire an accountant. Having an accountant will allow you to not only manage your finances, but also file your taxes accordingly. Taxes can be a tricky and sensitive area for couples, because one spouse may feel like they don’t owe as much on their side of the return. Hiring a good accountant will allow you to get the most spousal write offs on your annual or quarterly return, so that you can save money, time and potentially some shouting matches.
Make sure to have a good lawyer on your side. Having legal help can be really important in a marriage. This is not only to consult major decisions in the marriage, but also to fight off things like lawsuits and even home foreclosure. When it comes to foreclosure, you may want to hire a law firm like True Sources Financial to fight your case and to protect your home, which is a big asset in a marriage.
Make sure to open the channel of communication. Communication is vital in a marriage. Without communication, money management will become impossible. So, you want to talk about your finances and not be shy about your resentments. When it comes down to it, talking about money can bring up some feelings, but it can also be really cathartic, especially when you start to save money and have some left over to enjoy your marriage by going on trips or going out to dinner once and a while.