The true test of marriage comes after the wedding, when a flood of responsibilities sweeps over the both of you, many of which involve finances. If you and your spouse tend to end up fighting when it comes to money, or if you’re still living blissfully but want to avoid money-related arguments, here are some useful tips to help you work out how to manage money successfully as a couple:
1. Discuss Your Budget As A Team
Start assembling a budget by writing down all of your shared expenses. These include mortgage, electric bills, gas bills, water bills, home improvements, insurance, and groceries.
Then, tackle other debts you may have incurred before you married each other. Are you still paying off your education loan? Is he making payments on a car loan for the vehicle he bought before he even met you?
If your partner has a bigger loan liability, you may want to offer to help him out with the payments so you can liberate yourselves sooner from that debt. Alternatively, offer to take responsibility for a larger percentage of the shared expenses. If your partner refuses to let you help with his debts, you can ease the burden in other ways like paying for lunches out or small vacations. If you have a larger debt than he does, don’t be shy about discussing how he might help you pay it off.
In addition to shared expenses and debts, take the time to discuss your short-term and long-term goals together. Short-term goals for example, may include a simple beach vacation, while a long-term goal might be buying a second house.
Taking the time to discuss your budget can help you track your incomes and expenses. Ultimately, it can help you learn how to improve your common financial standing.