Monday, June 23, 2014

5 Practical Tips on How to Manage Money in Marriage

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Whether it’s before or after marriage, cash can cause a lot of trouble. Should it be my money, your money or our money? A recent survey states that more couples now prefer to have separate bank accounts. Is this a healthy trend? Most experts think it is, as long as they pitch in equal amount for household expenses. Here’s how you can sort your cash worries:

1. Give you partner a clear indication of what you expect out of him/her every month - This is especially for the women or the man if he is the home manager. Draw up a budget and both of you agree on it before the start of every month. If a month is going to be different from any of the others, maybe it's back to school or getting ready for Christmas, be sure to point that out.

2. Try to work out a system - The system could be for who does most of the shopping and pays the bills, or it could be about who makes sure the bank accounts are balanced. In our house, the latter is done by Atala and I take care of most of the bills, if they are not automatic already.

3. Be flexible in case of a cash crunch - This might mean you both agreeing to put aside an equal amount for savings every month. By doing this, you always have a buffer in your savings account for those times when the earners are not bringing in as much as before, like if the husband or wife loses their job or side gig.

4. Don’t hide debts from each other - Nothing much to add to this one, I believe it is clear enough. Here in America, some of the ways people rack up debts are through buying a house or other high-price items, school debt, and more. Be open about this and get your partner's buy in on how the debt will be paid off.

5. Plan your short-term and long-term goals - Do you want to go on vacations every year or twice a year? Do you want to retire early and travel when you do? Which schools will your children attend, can you afford the fees? These are some of the questions to answer together.


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  1. Great post here Myne. On the 4th point, I think it's important for couples to see debt as "our debt" and not "his/her debt." Once you are married, those debt becomes a shared responsibility and both of you can collective work at a long term solution to being debt-free. It also helps align your focus/goals, especially in the African community where some of us have obligations (mostly financial) to relatives. Having a clear understanding on how you plan on eliminating the debt will help keep each other accountable and without one spouse feeling like the other isn't being considerate of the other in meeting those financial obligations to relatives.

    1. Well said, I agree. Everything though is about agreement. Thanks for sharing.

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