At first, managing money as a couple can be a difficult task. A growing pains type of period can be expected, as both you and your partner adjust to the demands of overseeing your finances together. If you’ve combined your resources and assets together as a sign of faith to one another, then unfortunately, things can get tougher before they inevitably get better!
Still, there are a few tips and tricks that you can master that ultimately make the entire transition process easier. It’ll become an organic change, instead of one that’s laboriously forced and committed to.
Consequently, here’s how to manage your money as a couple.
It’s a cliché point to start with, but nevertheless, having open conversations about your financial histories is one of the best things you and your partner can do here. Go through everything; all the debt you’ve accumulated over the years, your individual spending habits, active loans, your financial hopes in the future, etc. Only then can you start to merge your goals together and be on the same page.
It’s also true that lies and deceit, especially the bigger kind, can break relationships. If you’re keeping a few serious financial issues secret, it may just blow up in your face later down the line. Be open and honest, and hopefully your partner will be understanding and appreciative. Thereafter, you can work through any issues together as a team. Remember, it’s not only marriage that’s a costly process; divorce can be a heavy toll in terms of finances too. Hide nothing, and both your marriage and finances will be better off.
No doubt you and your partner work in different fields entirely. Alternatively, perhaps you don’t, but you perform different roles in the same industry. In any event, it’s almost certain that you and your significant other stand to earn vastly different amounts of money. There won’t ever be any kind of balance here when it comes to career earnings, so it’s important to be at peace with this fact.
Unfortunately, it’s not uncommon for women to feel a sense of shame when they earn more than their male partners, which is of course completely unjustified. No doubt other relationships involving a different mix of genders come with similar tensions about ‘who earns more?’, but it’s entirely unnecessary. It doesn’t matter if you earn more than your partner, or vice versa; you’re a team. You both need both pay packets for a comfortable life, so keep this in mind if any anxieties arise here. If you’re both working in the careers you love, that’s good enough.
Being married doesn’t mean being joined at the hip at every turn. Sometimes, it’s good to have pockets of independence here and there in your relationship so you don’t drive each other crazy. While you might be very happy to sign your life away during the engagement and honeymoon period, the subsequent years can be quite sobering on the commitment side.
Put simply, even the most functional married couples out there need to confront one truth; their partner is different from them. After all, you haven’t married yourself! You may be complete opposites in your personalities and preferences, and all these little differences can wind their way right down to the financial arena. Do you like to invest in property while your partner loves to relentlessly save? Well, there’s cause for conflict right there!
If you both have wildly different personalities, consider some financial independence in your marriage. You can have your own accounts and still be transparent about what is you’re doing or would like to do with your money. Ultimately, not every couple out there is best suited to fusing their money together with a ton of legal bindings, and that’s okay. Don’t try to control one another but keep communication open; you can still help one another and discuss matters without a need for arguments and secrets.