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Three Money Management Strategies for Couples


Getting engaged or married is exciting, with couples making a lot of plans about dreams they have for their shared future. As soon as the festivities and celebratory champagne are over, there are still many adventures in the honeymoon period, but it also comes with some logistical changes.

Now that you’ve transitioned into marriage, you need to make some decisions regarding how you’re going to manage money and other assets not as two single people but as a couple. When it comes to money management for couples, there are three options: separate accounts, joint accounts or a combination of both.

Here are a few things you need to know as you discuss this decision with your significant other.

Separate accounts

With separate accounts, each partner bears the burden of their spending habits, including any debts they accumulated before the marriage. If you’re both satisfied with the arrangement you have for sharing the expenses, this option appears to be the fairest, and you’re not likely to have huge conflicts regarding the spending habits of your spouse.

The problem with this strategy is keeping track of what you and your spouse owe each other every month. Such an arrangement is especially problematic when children come into the picture or if one of you is interested in going back to school or changing their career. Also, retirement savings plans based on your incomes are not optimal with these separate accounts.

Joint accounts

If simplifying the way you manage your money as a couple is a priority, having joint accounts is the most straightforward approach, especially if you’re using the best banks in Norman Oklahoma. You don’t have to factor in relative income payment levels, and the family account covers merely family expenses.

Joint accounts are advantageous because they allow for easy tracking of budgeting and spending because resources are unified. Furthermore, as a couple, you won’t need to change the way you manage your finances as the family begins to grow. The downside of joint accounts is that resentment can emerge when you judge each other’s spending habits.

Both separate and joint accounts

Using a hybrid system in which you have both separate and joint accounts allows you to pay the bills with relative ease while still taking into account disparities in income. Each partner still has the freedom to spend their money as they deem fit without the need to seek the other’s approval. At the same time, you can, as a couple, work together toward a unified goal such as building a retirement home.

Important to note, though, is that while easy to track, this method requires opening and managing more than one bank account. Additionally, some people may not take too well to having money put into their account each month like some allowance.

The bottom line

There’s no universally accepted way of managing finances as a couple. However, with a strong foundation of trust, communication, and planning, you and your spouse can have a marriage free from severe conflicts about money. If coming up with a joint plan that suits both of you poses a challenge, seek professional guidance from a financial advisor.

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