When you say, “I do,” you’re saying yes to a lifetime of commitment in sickness and health and also for richer or poorer. Managing money as a married couple differs from when you were single.
When you’re single, all you had to think about were your own needs and wants. However, when you’re married, you and your partner share the bills and need to provide for your children as well. Are both of you drawing a salary? Are you living with your parents? Do you have kids or are you planning to have kids? The answers to these questions will play a part in determining how you manage your money as a couple.
Money, or more precisely, marital arguments over money are more problematic, recurring and remain unsolved despite more attempts. According to the Prudential Relationship Index, children, money, and housework were the main sources of arguments among couples.
Here are a few suggestions on how to manage your finances as a married couple while keeping the peace.