Marriage & Money - Tips For A Successful Relationship

02/28/2019

When starting a life together there are many adjustments. One of the biggest is sharing in the financial decisions. Having a financially successful marriage requires work from both partners. Below are a few tips to help you have a successful relationship – at least as far as money is concerned – which is vitally important. 
 

  1. Develop a shared budget, even if it is not a formal budget. This allows each person to make daily financial decisions without having to consult the other person or squabble over a small expense that wasn’t discussed.

  2. Share your entire financial picture so that neither partner is surprised by anything from the past. A surprise debt or poor credit score can cause a shared financial goal to be missed and lead to tension or mistrust.

  3. Have the “money talk” which basically is determining each person’s money personality. For example, how much can you spend without consulting your partner? Also develop shared definitions of needs and wants.

  4. Make it “our money,” not your money and my money. Separate accounts might be okay but if there is an income disparity, it can give one spouse unspoken power in money matters which shouldn’t be the case. 

  5. Don’t let debt dominate your new relationship. One or both may have student loans or other significant debt. Have a planned approach to adding debt, even before your nuptials, so this can be avoided.

  6. Discuss the future even beyond the one year horizon. Develop a shared plan for kids, housing, vacations and especially the desire to work or not work if children arrive. This long-term plan helps you make daily decisions. 

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