Simple tips for managing finances in marriage

One of the most common causes of tension in a marriage is finances. After the excitement of the marriage ceremony, the honeymoon and well-wishes from friends and family, most couples are hit with the reality of having to determine how they will manage money matters in their relationship.

This is often a challenging part of the new marriage, because each spouse may have their own set ways of handling their finances. For example, one spouse may insist that their way is better, while another may feel pressured and decide to hide some of their assets to avoid being over-scrutinised. To avoid financial tension moving forward, here are several tips you can use to properly manage your finances as a couple.

It starts with communication

If communication within the marriage is not open, you are bound to run into tension down the road. It is important to be open and honest with your partner about money matters. You should feel comfortable to disclose to your spouse what you own, what you owe, and what your goals are moving forward.

In this way, you can both begin to tackle issues such as planning for children, college expenses, healthcare and investments. With open communication, even the most complex financial challenges can be solved in the marriage.

Develop common goals

Proper money management in the marriage will also depend on your common goals. Discuss with your partner what your long-term goals are, such as when you would like to retire, what investments you would like to make, and what path you would like your careers to follow.

Write down your common goals and use them as a guideline for determining your financial plan moving forward.

Develop a legal agreement with a family lawyer

In some cases, it may be helpful to develop a legally binding financial agreement with your family lawyer. This will incentivise both of you to stick to the financial pan that you both agreed on. A legal agreement also comes in handy if you end up disagreeing with your partner at a later date.

Have technology on your side

Developing a joint financial plan with your spouse can be a complicated process. You may both have previous loans that you're paying off, credit card debt, or even varying credit scores. To create a consolidated financial plan, take advantage of online tools that are designed for couples such as yours.

There are many different money management and budgeting tools that you can explore with your partner. This will make it easier to plan out your finances and create a strategy moving forward.