It Takes Two: How to Keep the Peace While Managing Money

A new marriage is filled with hopes and dreams but also many challenges. Managing money is one of them. It is important to have good communication regarding savings goals and spending habits. Establishing a steady plan by having a budget and living within your means helps achieve those goals while also allowing for “fun” spending money.

How to go about it? Here are some tips:

Establish the fundamentals

Know your financial standing as a couple by identifying your assets and liabilities. Then work on these three basic principles: reduce debt, pay yourself first and establish an emergency fund.

Set joint priorities

Do you want to see the world, while your partner wants to save for a home? Agreeing on what is most important is key to avoiding conflict. It will also bring you together as you work towards mutual goals.

Agree on what you share

Some couples choose to pool all their money; others decide on joint and individual accounts, so each has a bit of independence. One caveat – share financial decisions so you are both vested in the outcomes.

Create a schedule

With a budget established, a monthly check-in for day-to-day expenses and a quarterly one for major goals will help keep you on track and avoid money misunderstandings.

By Kelly Raso, CPA