Decide on how many bank accounts you are going to have. You can each have your own, one joint or a joint and two separate accounts. Whatever you decide, you should discuss how bills will be paid, how much you are going to save, and what to do with the remainder of the funds. Personally, my husband and I have a joint account. It works for us but it may not work for everyone.
Decide how you are going to pay the bills. Will one person be in charge of paying all the bills with both incomes, will you have individual bills to pay or will you both go half on all the bills? In our household we pay different bills with both incomes because we have different bills set up with our debit card numbers.
Decide not to hide or lie about money. Some couples lie about the money they have or hide money from their spouse. That’s never a good idea; how would you feel if your spouse was doing the same? Ask yourself why you are lying and/or hiding money in the first place. Don’t give your spouse a reason to mistrust you. My husband and I have been told by others that we shouldn’t tell each other about extra money we get. We don’t practice that.
Decide to budget. Everyone needs a budget and couples definitely need one. If you create a budget and stick to it (most of the time), you have a better chance of staying out of debt. Too much debt can cause a couple to break up because they start placing blame on their partners. I’ve witnessed it with couples I’ve counseled in my previous job, it’s not pretty.
As with all things in a relationship, communication and compromise is necessary. Be honest with each other and with yourselves. There will be times you will not agree about everything and that’s ok, just be willing to compromise. Remember, money can make or break your marriage, it’s your choice.
Source: BMWK
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