You’re getting married and can’t wait to spend the rest of your life to the one you love. You believe you know your partner in every way, but do you know how your partner manages personal finances?
The planning of your wedding can be the first test to find out how your partner spends. If you are prudent, you and your intended spouse have already devised a comprehensive budget to ensure your wedding doesn’t bury you in debt. But what happens after the wedding day?
Many people discover only after the wedding day that their money styles differ. One partner may be a spender and the other a conservative saver. If a couple from such a dynamic can work it out so that their finances are managed by the more conservative person, their financial stability may have a better chance. The issue of who controls the bank accounts can be a sensitive one in a marriage, and can lead to disputes. It used to be the norm that when you marry, you automatically share one bank account. Today, more and more couples are opting not to hold joint bank accounts. Both women and men are earning a pay cheque and both want a say in how it is spent.
Before a couple marries, the conversation about how the money will be managed should be had with cool heads and open minds. An arrangement that works for both partners will mean greater harmony in the long run.
To help you decide how to come to such an arrangement, here are some tips to consider:
- Make money decisions together, as a couple. Whatever the arrangement you decide to make in terms of how you will share in paying the bills, both of you should be aware of each others income, investments, debts and “wish lists”. Wish lists are the items you would like to purchase whether they are vacations, renovation ideas or retail items. This way you are kept in the know.
- Be truthful about your spending and saving habits. It’s not romantic to discuss how each of you spend or save your money, but it may avoid painful confessions and arguments if you have an open discussion about it. By being honest, you can grow together as a couple and not be burdened later on emotionally and financially by surprise debts and costly spending habits.
- Be aware of each others income and devise a household budget together. In order to build a household budget together, it’s important to know exactly how much each of you earns in income. Include your combined expenses on the budget and agree on your financial priorities. You’ll be on the right track in maintaining a strong financial back bone by being honest and sticking to your budget.
- Keep separate credit cards. Decide together the spending on each others credit cards and keep them clear of debt. It’s your choice if you want to keep separate bank accounts or open a joint bank account. It is recommended if you do keep separate bank accounts that each partner should have access to both to help with paying combined household bills. It is important to share in the responsibility of financial stability.
A good marriage is based on good communication in all areas. To help your new marriage be rock-solid, follow these tips and keep an open mind. For more information about how to keep a proper budget or resolve any debt trouble before you team up financially, call OCCA Consumer Debt Relief or visit us www.occa.ca. We can help!.
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