Finance Tips for Married Couples

Money management is one of the top stressors for married couples, and it's not hard to see why! While monthly bills and old debts are difficult enough to manage as a single person, it's even more daunting to manage as a couple. However, a little financial advice can go a long way. Check out our top finance tips for married couples, and see which strategies you can work into your new life together. You might find that just a few adjustments can have a huge impact on your marriage - and your bank account!

Prioritizing Goals

As you know, communication is essential for a happy and healthy marriage. Financial planning is no different. While some people get uncomfortable when talking about money, setting your priorities with your significant other is crucial when working toward your future goals. Do you aspire to own a house? Do you want to own a business? These are long-term goals that are worth keeping in mind while budgeting. What about short-term goals? Maybe you want to plan a fun vacation together or revamp your kitchen. Set a plan in motion to achieve the life that you want.

Managing Money

One of the most important and most personal decisions is whether or not to combine your money. Some couples prefer to throw all of their money into one account, while others prefer to keep assets separate. Maintaining separate accounts with one joint account is a good compromise that balances the best of both worlds. This allows each individual some financial independence, but also creates a common pool of funds to use collectively for bills and other expenses. However, it's a good idea to weigh the pros and cons of various methods to figure out which will work the best for your particular household.

Handling Debts

Not everyone enters a marriage with perfect credit, but it's important to work toward a stable financial future. If you have past debts, come up with a plan to eliminate those old bills. You may want to work together as a couple, or the debt-holder may wish to take care of debts alone. But either way, it's essential to come to a consensus before moving forward. Additionally, make sure that you prevent debt in the future by living within your means. That means taking it easy on the credit cards and impulse buying. If you need tips, feel free to check our our simple money tips for young couples!

Saving Up

Remember those financial goals that you set up in step 1? Well, you'll need some funding to achieve those. Consider setting aside a percentage of your monthly income toward savings. This could mean putting 10% aside for an emergency fund, retirement account, or even a fun money fund. Over time, these funds will grow and grow - so get started early!