Are you wondering how to be successful with marriage and money? You aren’t alone. Lots of couples struggle with this, but avoid talking about it.
Money…the one thing that most people avoid talking about. Back in the day, it was taboo to ever talk about money. Fast forward 50 years and things have changed.
Now add marriage into the mix and boom….you have one of the most dreaded combinations. Check out these statistics about marriage and money.
I’m going to give you some simple tools to start the conversation. And some easy ways on how to be successful with marriage and money.
Whether you are about to embark on a new marriage. Or have been married for many years….we can all use some tips to navigate these difficult conversations.
Sometimes starting the conversation is the hard part.
My husband and I have been married for 15 years and together for 20 years. We are great with money now….but we didn’t start out this way.
We have had some difficult conversations…aka arguments about money in the past. But now we have learned how to be successful with marriage and money. We know who handles what aspect of money.
In a lot of marriages, you will find a spender and saver. That’s a difficult combination, but all too common. Using these tips below, I hope that you find something to teach you how to be successful with marriage and money.
It’s not as hard as you think! The main key to everything is communication.
Have “The” Conversation
If you are about to get married, please sit down with your partner and have a conversation about money. How to be successful with marriage and money is very important. Of course, this is not romantic. But we all know that marriage is not always romantic.
It’s much better to discuss this before marriage. I hope that you are marrying someone who has the same hopes and dreams for their future.
You will want to let your partner know what your financial situation is. Are you in debt? Do you have student loans or car loans? What is your credit score?
If you are already married, then you know what your financial situation looks like. If you are not happy about it, then please start the conversation with your spouse. Don’t let these things fester.
Strengths and Weaknesses
Now that you have finally sat down and started the conversation, let’s figure out each person’s strengths and weaknesses. This is the next step on how to be successful with marriage and money.
Is one of the partners great balancing your monthly budget? If you don’t have a monthly budget yet, please take a look at my post about Budgeting Basics and the 50/30/20 Budget Rule.
In my household, I’m the person that maintains the checking accounts and pays the bills. I’m very good at making sure that everything is paid on time. I’m in charge of keeping us on budget with household items and groceries.
My spouse is good with putting aside money for saving. He likes to make sure that our vacations are funded and our stock portfolio keeps growing.
We make sure to sit down and discuss this monthly to make sure that we are on track. And since I am self-employed, we have to make adjustments constantly.
So remember, to sit down and discuss each other’s strengths and weaknesses.
Bank Accounts
Bank accounts are a touchy subject with marriage. Many different financial gurus will give you different advice. Some will say that you should combine all your money into one joint checking and savings account.
Others will say that you should have joint checking and individual accounts.
And others will tell you to keep everything separate.
My answer on how to be successful with marriage and money… is to do what works for you and your spouse.
My husband and I keep a joint checking and savings account. We also have separate checking accounts. Each of these accounts serves a different purpose for us. The reason that this works for us is communication.
You do what works best for your marriage.
Be a Team
Learning how to be successful with marriage and money requires you to work as a team. Work together. You are going to encounter bumps in the road. As long as you communicate, you can make it work. It’s not always going to be perfect.
There is always going to be someone that bought too much stuff last month. Talk about it and readjust. Why did you overspend? Was there an emergency? Are you not budgeting enough for your needs?
Remember to communicate monthly.
Figure Out What Matters
Figuring out what matters most is one way how to be successful with marriage and money. What are your money goals:
- Pay off student loan
- Buy a home
- Save for emergency fund
- College fund
- Buy a new car
- Get out of debt
Sitting down to discuss your goals is important
And what does all this need? COMMUNICATION
Who Will Do What?
Deciding who will do what is very important. This is another important step in how to be successful with marriage and money.
You need to decide who will do these things:
- Pay the bills
- Balance the accounts
- Keep up the monthly budget
- Track the savings
A great way to keep this all working is to check in monthly. Plan 30 minutes a month to discuss how last month went.
Did you stick to your budget? Where did the budget fail? Are you being too strict? Just like a low-calorie diet will lead to binge eating, so will restricting your spending too much.
How are you doing with your saving plans? Did you meet your goals?
Making this conversation a priority will keep you from having arguments later. Are you both keeping up your role in the money?
I hope this helps. There are far too many divorces that revolve around money. Make your marriage work for you and your spouse.
