That’s probably not a big surprise to you, it’s obviously important to learn how to manage your money with your spouse.
When you are newlyweds it is all very exciting, and all too easy to avoid the dreaded money talk.
Talking about your money should not be a difficult conversation though – and we have some great tips for you to improve your money and marriage!
You can have a happy marriage where money is discussed openly and use it to work towards your joint goals.
Finances don’t have to be boring or all doom and gloom – they can be fun and something you look forward to working on!
So, what are the best ways to have a happy relationship with your money and your marriage?
6 Money and Marriage Tips to Help Have a Better Marriage
The goal here is to enjoy handling finances with your partner and using them to work towards a common goal.
1) Review Your Bank Accounts Together
Where you keep your money is really important to how you manage your money together.
How do married couples handle money together? Well, there are so many ways that you can manage your money together, and it does truly depend on your individual circumstances.
We are a big fan of using joint accounts. You can either put all of your money in there, or perhaps only put in your joint bills and keep separate accounts for the other bills.
Joint accounts however do require some discipline and compromises. You need to remember to use the ‘right’ account and might not be able to get the most of the perks offered by different banks. If you are looking for flexibility, check out Monshare.
Monshare is a great alternative to joint accounts making it extremely easy for couples to keep track of their money together.
Monshare gives you the transparency of a joint bank account with the flexibility of using as many actual cards and bank accounts as you please.
The app is great for helping you share the household budget, plan a holiday, keep an eye on home renovation costs and make sure that you’re on the same page.
2) Create a Realistic Budget You Both Agree On
There’s absolutely no point in working on a budget if it’s not one you and your spouse both agree on.
The whole point of being in your marriage and working on your finances is to work as a team.
You may have different roles within your relationship, but that doesn’t mean that you shouldn’t be working on your joint goals.
There may need to be some compromise involved, but the most important thing is that you are working together.
It doesn’t have to be a difficult thing that you do together – make it fun! Maybe go out for food and make it a date night.
Pull your bank statements and start to create a budget together. There’s no need to lay any blame or judgements on the other person’s spending here.
With Monshare merging your bank statements is a matter of a few clicks. Besides you can easily see how your spending changes from month to month to help you stay on budget.
Go into this with an open mind and decide on what you want to spend your money on.
3) Talk About Your Ideal Lifestyle Together
We believe that this point is critically important to having success with finances in your marriage.
The reason that this is so important, is because you need to be working towards the same goal. #TeamWorkMakesTheDreamWork
If one of you wants something that’s completely different to the other person, this is where you will have some serious problems.
Similarly, if you feel as though you are working towards a goal on your own and your partner isn’t, this can cause some resentment.
As mentioned, go out on a date night and make this topic of conversation a fun one.
It should be fun – after all, it’s talking about your dream lifestyle! We all like to dream, and when you start to realise that you are able to achieve it by working together, everything changes.
Maybe you want to move state, maybe you want to buy a bigger or smaller house, maybe you want to work less, or change your career, maybe you want to spend more time with family.
There are so many different things that you can look at here!
Once those conversations are had, Monshare helps to manage things easier, saving you time, and avoiding future conflicts.
If you need help getting started grab our Marriage & Money Boot Camp.
4) Understand Your Personality Differences
After reading this you may be all fired up, but remember that your partner may not be.
You may also want to approach things differently as well. It’s important to remember that your spouse may not see things in the same way that you do.
It’s ok if you don’t always see eye to eye, but it does mean that you have to be empathetic and decide on the best way that works for you.
One of you may prefer cash, and one of you may prefer a credit card. One of you may want to track every single expense, and the other one not at all.
One of you may love a spreadsheet and the other just wants some money to do whatever they please.
Monshare helps you focus on a common goal, yet enables and supports your differences. Each of you chooses an expense management approach that works for you.
5) Keep Your Purchases Out in the Open
You know now that you need to discuss your finances together, and that includes the things that you are purchasing as well.
This is where using an app like Monshare will come in really handy.
Monshare will allow you to view the purchases that you are making, and work together towards your goals.
You don’t need to tell each other every time you purchase something either, as it will all get automatically tracked within the app.
Monshare makes this extremely easy and streamlined by not needing any manual entries. Everything is done automatically.
6) Love & Empathy Always Wins
If you’re wondering, “can money ruin a marriage?” Yes it absolutely can when you don’t talk about it.
The most important thing to remember is that you are having these conversations to create a happy marriage and life.
A huge part of that is remembering that love and empathy are so important here.
You love each other, and want each other to do well. Not only that, but don’t forget that this may not come naturally to your partner (or you!) so empathy is needed.
No matter what happens, you need to get through this as a team.
Your Money and Marriage Work Together
Things may not have been going the way that you have wanted them to so far.
And that’s ok – if you are both committed to making this marriage work no matter what – you’ll be fine.
Don’t dismiss how important managing your finances together is in terms of having a healthy, happy marriage.
It may be hard in the beginning because it’s new territory, but you just need to be committed to the process.
What are your best marriage and money tips? Should married couples share money?