When it comes to managing money as a couple, it's important to start the conversation early in your relationship. Be upfront about your financial situation and run the numbers together. Taking action is the next step, and that means establishing a joint spending and savings plan. Start up your plan by setting monetary dates for billing.
Each person should assume full responsibility for certain invoices. For example, one person may be in charge of housing, utilities, and cable; they pay 100% of these bills. The other person may be in charge of food, clothing, and things for children; they pay 100% of these bills. Bills can be divided in many different ways; larger bills can go to the person who earns the most money; grocery bills can go to the person who makes the purchases.
It's like pretending that you only have one income. All your expenses are paid with a member's paycheck and then you save 100% of the other member's paycheck. If you're struggling to come up with a joint plan that works for both of you, seek professional advice from a financial advisor.David Olson, a professor at the University of Minnesota, spoke to 21,000 couples and found that the happiest (mostly) agreed on how to spend, save, manage debts and make financial decisions together. There are resources available to help couples prepare financially for having a baby, so you know what expenses you may have and how to budget for them. Managing money as a couple can be difficult due to the merger of two incomes and two financial situations.
But conversations about managing finances in marriage can be a great opportunity to grow in your relationship. It's important to remember that communication is key when it comes to making financial decisions together.
