When it comes to marriage, joining two people’s lives together takes a lot of work. With finances, some things might fall through the cracks. How you and your spouse go about managing money in your marriage varies depending on the nature of your relationship.
Merging finances is an essential consideration of any life partnership. The transition from being a single person to a married person can take some getting used to, especially when it comes to managing finances, as you need to be honest and open about your financial history and spending habit.
For all its gravity, it’s also ironically a conversation that many avoid. Still, the first step to managing money in your marriage is to have an open and honest conversation. When it comes to managing money as a married woman, it’s more than protecting your own financial rights.
Start assembling a budget by writing down all of your shared expenses. These expenses include mortgage, utility bills, home improvements, insurance, and groceries and school fees. Then, tackle other debts you may have incurred before your marriage. Here are some useful tips to help guide you on how to start working out your finances and how to manage money successfully, and more importantly, sustainably as a couple: