I recently had my wedding at the end of January and there has been no shortage of people offering me advice on how to have a successful marriage. I didn’t realise this, but apparently every couple thinks that their relationship is the best in the world, and that many couples also have a compulsive need to explain how their relationship got that way as well. Many times, my wife and I rolled our eyes, but we also heard some things that really made sense. As one might expect, the best advice came from the people who were married for over 40 years. After sifting through a whole lot of chaff to get to the wheat (sorry, prairie idioms) here are my Top 10 financial tips to help getting things in order if you are recently married, or to revisit if your knot has been tied for a while now.
1 – Everybody Manages Their Money Differently – Some Solutions Won’t Work For You
This is my favorite one because no couple manages their money the same way, but EVERY couple feels that their way is best, therefore you should obviously do it their way too. Everyone has different comfort levels and each couple has different needs and financial goals, so there is no way that the same method will work for every couple.
My wife and I have a joint account with Tangerine as well as our own personal ones. One of our paycheques goes into the joint chequing account and it takes care of all of our expenses. Once the rent, utilities, and groceries get paid for, the remainder gets transferred into a joint savings account – also with Tangerine.
To be honest, we never figured out what we’re going to use that for yet but it’s probably our vacation fund. We set this up before our wedding and our idea was to get a more established plan in place afterwards, but it hasn’t happened yet. Eventually, this fund will start going towards our down-payment fund for a home if we decide to go that route.
This arrangement works for us because we still have our own accounts to buy the things we love to buy. She likes her shoes, I like my technology, and we don’t pester each other about our purchases since we use our own money. We are both 28 so we both are used to being independent and this method fits nicely.
My Brother: People are crazy, for some reason everyone thinks that their way of managing money is the best. Figure out what works best for you.
2 – Talk Openly And Keep Up The Communications
Talking to your spouse in an open and honest way is an important building block to financial success in a relationship. It’s a good way to understand each other and see what your spending habits are like. This isn’t a good time to keep secret accounts…
Recently-Married Friends – Make sure you talk to one another, you don’t want to end up like “that couple” who is always one fight away from a divorce.