What To Do With Your Finances After Marriage

When it comes to dealing with your finances after marriage, there are a few options to try. However, it’s important to be aware of all the pros and cons so you can make an informed decision.

Combined Finances

This is when both you and your partner decide to completely combine your money. Many couples who do this simply open a joint account and both spouses can access it. You and your partner will discuss budgets for such things as feeding, rent, and miscellaneous expenses.

Pros

This method promotes honesty and transparency. You can see what your partner is spending and vice versa. Plus, the feeling that you’re both all in with your money is a very significant proof that you’re willing to invest everything in your relationship.

Cons

This method of dealing with finances after marriage has a major downside. There will be problems if you and your partner have different spending habits. For example, if one of you has no problem splurging on something fancy and the other one sees it as extravagant spending, it can lead to constant tension.

Separate accounts

You can choose to keep your accounts separate after you get married. For this to work, each partner is usually assigned his/her own specific bills they are responsible for. For example, he sorts out rent and you sort out feeding.

Pros

This reduces the likelihood of you both arguing about how the other spends their money. Basically, all’s well as long as the bills get paid and whatever you choose to do with what’s left is up to you.

Cons

This can sometimes lead to trust issues. There have been situations where one partner is shocked to realize that the other is earning way more than they let on. For example, the one who pays the bulk of the bills may be struggling to get by while the other one who pays less may have a lot more extra money and not let on.

Joint and separate accounts

This is how some couples choose to handle their finances after marriage. They each keep their individual accounts but also create a joint account for the general upkeep of the home. Usually, each partner has an agreed-upon ‘contribution’ they make into the joint account. They both then determine how to spend their combined money by having discussions about budgets and financial plans.

Pros

This is like getting the best of both worlds. You get the privacy of keeping your own money and also the transparency of knowing how you’re both spending what’s in the joint account.

Cons

Just as the benefits of the first two methods are combined, so are the downsides. There may be issues if your partner makes choices for the home that you don’t necessarily agree with. In addition, knowing that the other person still considers their money a private thing can dampen the feeling of togetherness between a couple.

Ultimately, what you do with your finances after marriage is up to you. As long as you’re both on board with your decisions, that’s all that matters.