Marriage is a blessed union. It is the time when two people start sharing a life together. “Sharing” is an important aspect in a successful union. It is not just about sharing the good things in life, but it also means sharing the burdens and problems too.
Money matters in married life are not something you can ignore. It is an important topic of discussion, and it is just as important as where to live, whether to have children, and other plans for a life together. Many people planning for marriage fail to tackle this vital aspect and find their finances mishandled or improperly spent. If you think that handling money while you are single is the same as handling money as a married individual, you are gravely mistaken. It is totally different and tackling your money matters in the same way you did when you were single can spell disaster in a marriage. You cannot continue to earn and spend money as if it is just your own anymore. You have another individual to consider in your decisions.
What changes in money matters should you expect after marriage?
Expect big changes in money matters after marriage. Living with someone literally means double the expenses or at least more than when you had when you were living a single life. Your needs are added to the needs of your partner. Basic needs and utility bills are bigger.
Even if you are all settled on where to live, you will still need to decide how you are going to pay for the rent or the mortgage and other household expenses. If you are both working and you perceive it as a good thing to have two sources of income, you should treat it differently than when the money was entirely coming from your own hard work. Keep in mind that you are two individuals with separate finances and may have different ways of handling money, one may be more thrifty than the other or one may earn more than the other.
What are the important things to do to correctly handle the monetary issues before and after tying the knot?
Strategies in correctly handling finances after marriage:
- First and foremost, there must be a solid source of income before you should get married. It may be from one source or from the both of you. You need sufficient funds to establish a good life with your spouse, especially if you are planning to have children.
- Discuss money matters before you get married. If you failed to do so, do it as soon as possible. Discuss who is going to handle the money, both or just one. The things you should consider discussing are “how will you pay the bills”, “will you keep separate bank accounts” and other matters pertaining to money.
- Create a budgeting technique. This is important to any couple, and it doesn’t matter how small or how big their income is. They need to formulate a system on how to effectively handle the expenses according to the income that they earn.
- Be truthful. You need be honest about money matters. You have to divulge your true income or any liabilities or debts that you have. Dishonesty about money is the worse thing a couple can argue about.
- Save for the future. Formulating a life together includes planning for a comfortable future. Set-up an emergency fund for urgent expenses and set aside savings for retirement.
- Come up with ways to increase your income and savings. Inflation gets worse through the years and to be able to combat this, you need to increase the money you save. Do not let your savings be stagnant.
- Share the responsibilities. A set-up wherein one is thrifty and the other one squanders is not ideal. This will not work if you want to handle money well.
- Once you have an effective budgeting system that works for the both of you, stick with it. Do not falter after time. As mentioned over and over again, you are living with another individual and you have to look after each other’s welfare, not just your own.
You might have heard before that marriage is not easy, but it is more difficult if you are having monetary problems. Many monetary problems arise from not knowing how to manage money well after tying the knot. Keep in mind these reminders about handling money together, be ready, be consistent, be wise and save.
Are you planning to get married or newly married? Are you both ready to tackle your monetary issues together?