Marriage and money. These two words are commonly heard together. Marriage alone brings about many changes in a person’s and a couple’s life, and money is one of the main culprits that can instill a huge impact on marriage. Yet couples fail to address this issue time and time again. Studies have shown that on average over 50% of couples do not talk about money before they take the plunge. Money can greatly affect newly married couples, everything from spending styles, to credit card debt, to check advances can bring about many new challenges that the couple will be ill prepared to handle if they do not take the time to plan ahead.
One of the main concerns that newly wed couples have, is the integration of their incomes. Questions such as, should we join our accounts, keep separate accounts or do both often arise. This is an important decision to make, and should be discussed prior to marriage so that you both are clear on what you want. It is very common now a days for couples to create one joint account that is used for general expenses, such as rent, groceries, etc, and then maintaining separate individual accounts for your own personal spending cash.
It all basically comes down to one thing, and that is communication. It’s very important to establish clear financial communication early on in the relationship. Money is the number one reason why most couples argue and also why they divorce! So, why not talk about any questions or concerns you may have early on in the relationship to avoid any undue surprises.
Don’t forget to create a budget together. Put aside some time to get together and create a new budget plan for your family. Now that it is the two of you, you can come up with a plan and a budget for how to allocate your new combined incomes. There are plenty of benefits to be had by this careful planning and budgeting. Your budget and plan should always include some emergency planning for unexpected emergencies. Discussing things such as health insurance, life insurance, retirement plans etc…
Once you have everything out on the table and a clear line of communication open, you should be able to handle your money issues with ease and responsibility. Working together can make life so much easier for both of you and your family. Just remember the longer you avoid it, the more problems you will create.
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