Here are some financial tips that married couples should follow:
Create separate banking accounts.
The “what’s mine is yours” concept is a sure way of blurring the lines, financially. Although it is normal for married couples to open a joint account, it’s also important to maintain your personal finances. Having your own money to spend can lessen the arguments and give you freedom for personal spending. Joint accounts should only cover family expenses, such as mortgage or rent, utilities, groceries and other mutual expenditures.
Agree on a budget.
Both of you should agree on what amount goes to where. Set your priorities in line and decide how much each of you can allocate to create a budget. Normally, the one with a higher income can contribute more, granted that both of you are amenable to this setup. Also inform your partner regarding personal debts you may have incurred in the past that can affect your family budget. Get these debts squared right away to avoid dragging it into your marriage.
Have a budget for exigencies.
It’s also wise for married couples to plan for unexpected events. The best way to secure financial stability during exigencies is to have insurance plans. Both of you can open life insurance plans and name your partner as one of the beneficiaries in case of untoward events. Having a health plan also cuts down the impact of medical expenses in a growing family.
Discuss finances on a regular basis.
Communication is the key to any relationship. Be open to your partner regarding your personal finances and help each other make sound financial decisions. It’s best to talk about major expenditures together before deciding to go through with it. Only through open communication can you make the best decisions about money as a married couple.