Are you arguing with your spouse about money? You’re not alone. When you put together couples and money, you’re bound to get a few spats. Did you know money is the number one issue married couples fight about? When it comes to marital problems, money fights are the second leading cause of divorce.

So how do you get on the same page?  Here are some money and marriage tips, you could follow.

Bank Accounts

Some couples may have cold feet when it comes to joining their bank accounts. They may choose to manage and maintain their own separate accounts. Having your own money that you can spend however you want can lessen arguments about money.

You could decide to create a joint household account. From this you cover the household bills.

One of the great tools you could use instead of a joint bank account are cash envelops. Once you have decided how much you want to spend in each area of your budget, then create cash envelops.


Track How You Are Spending Money

It’s called a budget. Tracking your spending is not a way to point fingers at one another about who is spending what. Tracking your spending is not having someone looking over your shoulder every time you buy something. Tracking your spending is critical to being financially secure. Unless you know where your money is going, it is impossible to set financial goals.


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Make Financial Decisions Together

Be equal partners in all major financial decisions. It’s not the lattes that impact your family’s financial health; it’s the big financial decisions.

Know what is important to each of you. One of you may want to buy a house while the other thinks saving for your retirement is more important.


Save 10% of Your Income

Couples living month-to-month often rationalize that they just don’t have enough money to save. Make the decision to save at least 10% of your income. After saving enough cash as an emergency fund, invest in a retirement account. The earlier the two of you start saving money for your retirement years, the easier it will be to have a retirement lifestyle that you both hope for.

Try to Live Debt Free

There’s nothing more stressful about money than debt.  Especially when you struggling to pay it off.

You may not want to wait to have a new television, a new car, and other new gadgets. You may rationalize that people just don’t live without credit cards and incurring debt. Although it may be true that many people are heavily in debt. That doesn’t mean it is a healthy way to handle your finances.​

If there are things you want to buy for the home, rather decide to save together to get them.


Hiding Purchases or Debt

Approximately 80% of married couples hide some purchases and debt from their spouse. Have you ever hidden a purchase or an accumulation of debt from your spouse?

Don’t try to hide your spending (large or small). They’ll find out eventually. Then you lose trust and it takes time to earn it back.

Plan for Emergencies

What would happen if one of you lost your job? Would you still manage on one paycheck? What if the car broke down or you had medical bills to pay?

You need to plan for emergencies as a couple. Start by saving for an Emergency Fund. That way when the car breaks down it is not a huge train smash and you don’t need to go into debt to have it repaired.

Plan for emergencies together so that when hard times hit you can weather the store together.

Have Regular Check-ins

Life happens and things change. So it’s not unusual for people’s financial expectations and priorities to shift as time goes by. The problem is when couples forget to check in with each other to make sure they’re still in sync.

Getting married means you’re now a team. This applies to your finances, as well.

Avoid overspending, hiding spending from your partner, or not working toward your shared financial goals.

While one person may handle the daily finances. Such as paying the bills, both of you should be in the budget meetings and discussing the spending each month. Both of you should track your spending. Keep a close eye on your savings, checking, and investment accounts.

As you begin this money journey together, you’ll build a stronger marriage, future and family tree! You’ll create a legacy that’ll be around long after you’re gone.

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