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Just married? Time to reevaluate your personal finances
If you are in a committed relationship, it’s likely that you have learned about your partner's money habits. These habits may include the level of spending or saving they do daily. For some people, this knowledge can help them understand their spouse better, and for others, it can create more tension than relief.
Sorting out your personal finances after marriage is an important step to take when settling down with someone else. This blog post will discuss how to put your finances in order after getting married so you can both meet your individual financial goals together as a couple while still having time for yourselves.
What Does it Mean To Sort Your Finances?
Marriage is a lot of work. It's hard to keep up with the day-to-day tasks, let alone make sure you're on track financially. But if you don't pay attention to your finances after getting married, things can get out of control quickly.
It is important to sort out your finances during the early stages because various aspects need to be discussed. You’ll have a more harmonious relationship if you know how the other person feels about money and their financial goals.
You should also discuss how much debt you have, what kind of insurance coverage each party has, and whether or not there will be joint accounts to determine who will manage which accounts.
If these topics aren't covered before marriage, it can lead to resentment down the line.
Requirements For Sorting Your Finances
Shared Financial Priorities
When you're in a committed relationship, it's natural to want to spend time with your significant other. That desire is even stronger among married couples, and both spouses feel they should have some say in how household finances are handled. But what happens when there isn't an agreement on priorities?
To maintain financial stability, both partners must collaborate when making decisions on expenditures or investments. It is also very common for one spouse to be more financially conservative than the other which can create some friction if not handled properly.
The first step should be getting on the same page and understanding each person's perspective.
After getting married, it's tempting to let the excitement of a new life together make you forget about your finances. But as much as love is important in a marriage, money should be an integral part of it.
Creating a spending plan will help couples understand how to work together to achieve their goals and avoid financial stress.
It's tough to maintain a budget on your own, but try and imagine what it would be like if you were married. Every time you buy something for yourself, your spouse may also want one of those things.
You'll need to find a balance between the two of you that works without fighting over who gets what. It takes some effort at first, but once everyone is on board, things will run smoothly, and it won't feel like an uphill battle anymore.
Creating Money Systems After Marriage
An important aspect of sharing finances post marriage is opening a joint account and depositing all the money you make into it.
- Decide together who has what type of access (i.e., can withdraw funds, deposit funds)
- Make sure both spouses are comfortable with the balance in the account (i.e., that they feel like they have enough for their needs), or else there may be more complications later on.
- Both spouses need to agree before any changes are made, such as adding someone new as an authorized user or changing passwords.
It's really important to set some money rules after marriage. It is also necessary for the couple to develop a system that works best for them as they embark on this new journey together.
- What if one of you is more financially responsible than the other?
- Do you want to manage all of your finances together, or do you want separate bank accounts with equal access?
These are just two questions that need answering, and it can be done in a way that benefits both partners. If there were ever an area where we should understand our partner, it would be when it comes to money management and what makes sense for them.
Tracking Your Money
There are many reasons for tracking your money after marriage. One reason is to make sure you're not overspending on shared expenses, like groceries or gas. Another reason is to maintain fairness in the relationship when paying for things that only one person will use, like a gym membership.
With a few adjustments and some new habits, you can still meet your individual financial goals while spending time together as a couple. It's all about balance! You'll need to make changes in three different areas of your life to achieve this goal: budgeting, savings, and investing.