How To Manage Finances As A Couple

My husband and I have been married for about 2 years and together for about 8.5 years. Handling money as a couple can be super challenging. I’d like to think my husband and I have a great relationship with each other and with our money. I’m sharing with you some tips that are great if you are just starting to combine finances or if you’ve been doing it for a while and are looking to improve!

Get On The Same Page

The most important thing we do as a couple with money is talk about it. It can be really hard to start the conversation but the more often you do it the easier it gets! Since we started using my super simple budget, we have a money meeting every month to review the previous month and talk about upcoming expenses for the next month. If you’re not at the point where you are combining finances then it’s important to be honest and tell your partner about your income and any debt your might have.

One way to get the conversation going is to read a personal finance book together. I really like Dave Ramsey’s The Total Money Makeover. After each of you read it, talk about the steps and make a financial plan for yourselves.

To Combine or Not?

When my husband and I moved in together 7 years ago we opened a joint bank account where we both transferred money over for rent and house expenses. We kept it this way for a while and then decided to combine finances. I honestly can’t remember when we did this, we have had combined finances for a long time.

When we combined finances I set up our joint account, where we get paid, and we each got a personal account where money is transferred over for “allowances”. For more info about our bank accounts you can read about it here.

I definitely recommend combining finances but if you’re not ready you can get a joint bank account that you each transfer money into for joint bills. Some couples split bills 50/50, or if one person in the couple makes significantly more then some couples spilt bills 60/40 etc. It is up to you to decide how you will split things up!

Make A Plan

I cannot recommend a monthly budget enough! You need a plan for where your money is going. Writing it down makes you more accountable to each other and yourself.

It’s important to have a common goal together: saving for a down payment for a house, paying off debt, saving for travelling and retirement, etc. This is such a great way to unite and work towards something together.

Check in often on your progress. You can’t make a budget once and never look at it again, because you’ll never stick to it.

I hope this has helped you and your significant other with your finances! It has certainly made a difference in our lives by not fighting about money. Do you have any other advice for me or other couples out there?

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