How to Manage Your Finances after Marriage?

Congratulations on starting the new chapter of your life.

After spending all that time planning your Big Day and the excitement leading up to it, we’re sure you’d want to extend the honeymoon period indefinitely. And it’s not impossible – you just have to do this one thing before all else: Talk Money.

You have two people raised in different households, and how they were raised around money and the conversations they heard about money impact the way they behave. Money is known to be the number one cause of disputes in marriages. To lead a happy married life, it is crucial to understand that once married, you both have got to share your entire life together; and money is an important part of that shared life.

Here are some financial guidelines that you need to follow to make sure that money never comes between the two of you:

Have a Retirement Plan
It is understandable that you’ve just started your marriage and the next chapter of your life and you’re not looking to think so far ahead. But getting this out of the way as soon as possible can set you and your spouse for a more relaxed marriage without looming financial tension.

Getting married, you both have obviously imagined a future together, so work on making it a reality. Have detailed discussion with your spouse about your future goals and then formulate saving strategies and start implementing them at an early stage. Keep a separate account for your retirement plans. It’s good to spend lavishly in the present, but not at the expense of your retirement dreams.

Share Financial Responsibilities
Marriage comes with its fair share of responsibilities. In our culture, many of us wrongfully assume that the responsibilities, especially the financial ones, are only for the man. Considering the current economic landscape and the fact that most women today are educated and capable of living independently, it is only fair that women also share some of the financial burden.

In order to maintain a healthy marriage and healthy lifestyle today, both partners have to contribute – financially and otherwise. Keep each other updated about your future financial goals. Once you know about each other’s finances, it becomes easier for you to decide who is more the more responsible one to manage finances. Sharing of responsibilities will not only make your married life much easier, but will also bring the both you closer.

Know Your Banking Needs
Once you’re married, getting a joint account is a good idea but keep your personal account working also. Keep one bank account for your expenditures and the other one for savings. The joint account is great for shared household expenses – but the personal accounts show be kept in the works for personal expenses.

It is also a good idea to figure out which credit cards have the best offers to minimize on spending. This way you can keep the ones that work for you and cancel the rest – to make sure you’re not paying avoidable bills.