You are a team now and every team to win must work together and not against each other because money management once you get together as a couple does get more complicated. To help you, here a few ways you can succeed in your money goals as a couple
An important step to take if you want to successfully manage your money as couple is to not hide important money moves from each other. Keep each other informed of any changes if you want to successfully manage your money as a couple.
If you are honest from the onset, you should be able to manage your money together very well. Also, honesty about money is essential for trust in a marriage.
Pool the Money
To pool means simply to put your money together and then decide together how you are going to spend it. It can be difficult to pool money coming from handling money for just you alone but it is easier to manage if you pool money and have one account that you share.
Even if separate accounts help avoid arguments it is very easy to overspend without realizing it when you are both spending at the same time and from individual sources. And, yes, it can be frustrating to merge two different styles of managing money and many couples struggle with this for several years in their marriage but pooling some of the money helps money management easier as a couple.
Once you have a clear idea of what money you have together in the pool set up a budget together. Include all the important categories and these could be personal needs, household needs, social needs, and so forth. An essential thing to note is that you should only include the necessities and not the “I would like to have or “I want” into the monthly budget.
Once you have worked out what categories should be included and how much spending money is available for each category allot each other tasks from the budget that each of you will be responsible for.
Regardless of what you decide to include when you go out and spend on these items, you should be transparent and check in with each other regularly – every week or more often – to see how well you’re each doing.
Also, life is unpredictable so remember to review your budget and spending so if there’s a change (for example if you begin to make less, more or no money at all) you and your partner are aware of any changes. So that you both remain on the same spending path.
Being accountable also means thinking before you buy. If, in doubt and one thing is much higher than you initially agreed. Go back and decide together-again. On how much if at all any money should be spent on the item.
Do know that there is no right way to manage your finances as a new couple, but with communication, trust, and a bit of planning, you can have a relationship that’s free of conflicts about money.