Getting married is a huge step in your life and it changes a lot of things. The way you live, the way you spend and the way you manage your money. This also depends heavily on whether you are the sole breadwinner in the relationship or if your spouse earns an income too. As if dividing chores around the house wasn’t hard enough, figuring out how to manage or invest your finances is just a little bit harder. So it is best to have a system for wealth management in place.
Below are some time tested tips and tricks:
1. Three-pot system
The best way to retain some financial independence is to have two separate bank accounts for personal funds but one joint account for any expenses you have together. As long as you and your spouse have an understanding about what counts as a personal decision and what should be a joint one, the three-pot system allows you the freedom to spend your money while making sure your household is still taken care of.
2. Owning specific expenses
Your relationship and understanding between you and your spouse will be put to the test when implementing this step. Try this: allot particular expenses to each and ensure that the bills are paid on time. For example, one can take the ownership of paying the monthly house rent while the other can pay the other bills, such as, monthly groceries, the electricity bill and miscellaneous expenses. Ensuring you do your part well is sure to bring more happiness into your marriage.
3. Take turns
The best way to manage your money is to take turns. Even if one person is better at it than the other and can give financial advice to the other, it is always best for both of you to know where the money is coming from and where it’s going. This lends a feeling of responsibility to both spouses and will help in the future, in case something happens to either one. Take turns switching responsibilities every three to six months so you both can be in control of your financial future.
Let us know if you have tried these tips and tricks or any other methods and how it has fared in your household in the comments section below!
While following the above three steps in a marriage is necessary, it is also imperative to think ahead and make informed and smart investment decisions together. This will ensure that you lead a comfortable family life and have your financial arsenal ready for anything that life throws your way!
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