On Managing Your Married Finances

Jennifer Landis - 12 Apr 19

Getting married isn’t just about walking down the aisle and saying your vows. It’s about sharing everything, and that includes your finances. This is one lesson it took me quite a while to learn. Once you change your name and open a joint account, you’re both responsible for managing your finances. Here are some tips and tricks I’ve picked up along the way while learning how to manage me and my Hubby’s finances with him by my side.

Make a Damn Budget

I can’t emphasize this enough. Make a damn budget.

Everyone needs a budget, whether you’re married, single, or in a 12-person polyamorous relationship.

Writing a budget doesn’t have to be complicated or take up a ton of time. Sit down and take a closer look at your income and all — and I do mean all — of your expenses. Figure out where all your money is going every month. Once you know how much is coming in and how much is going out, you’ll be able to set educated financial goals and stop scrounging for ramen money in the couch cushions the day before payday.

If you’re married, make sure you include your spouse or partner in your budget building. They’ll likely be providing half the income, and you’ll need to account for their expenditures as well.

Talk to Each Other

Talk to each other when it comes to money — and when it comes to everything else too. If you don’t take anything else away from my blogs, remember this: Open and honest communication is the foundation for any healthy and happy relationship.

When it comes to money, communication can save you a lot of trouble and heartache in the long run. Include your partner or spouse in all of your money conversations and all of your financial decisions. Talk about your financial goals, your budget, your income and any changes that will be happening to your paycheck.

Just sit down and talk about it. When you check your budget — which I recommend once a week while you’re still learning how to budget — sit down with your mate and talk about it.

Set Joint Goals

Most of your financial goals as a married couple will be massive, and they aren’t things you should decide on your own. I’m not talking about replacing a busted oven or repairing a leaky pipe — those are minor expenses in the grand scheme of things. I’m talking about major purchases like a home or a car or moving across the country for a job opportunity.

Take the time to figure out your goals as a couple, and plan for them together. If your plans include buying a house, start taking your disposable income — those funds you spend on Starbucks coffee and meals out — and putting part of it in a high-yield savings account to save up for your down payment.

Whatever you choose to do with your money, do it together.

Have Separate and Joint Accounts

One of the biggest hurdles after you jump the broom or carry out whatever wedding tradition is appropriate in your part of the world is to get a joint bank account. I’m not saying opening the account is hard — but learning to manage your joint finances is.

A good way to overcome this hurdle is to have both joint and separate accounts. Your direct deposit or paychecks get deposited into your individual accounts — then you can transfer money needed for paying bills and other joint expenses into the joint one.

This step also has another benefit, though no one wants to think about it if they’re happy in their relationship. Having a separate account can give you the tools to leave the relationship if you ever have the need.

Again — TALK!

Managing your married finances doesn’t have to be complicated. It’s certainly easier than planning a wedding. The best piece of advice I can offer is to talk to your partner because they’re just that — a partner. Don’t try to take the reins when you need to be sharing them with the person you chose to spend your life with.

Jennifer Landis

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