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Sharing your finances with your new hubby can be a difficult concept to grasp, especially if you’re familiar with many years of organizing your personal finances independently. Not only can bad personal finance habits result in repetitive quarreling, they can also rack up realms of debt - certainly not the best start to a new marriage. Budgeting wisely so you’re both aware of your financial situation is the key foundation to a successful marriage.
Communication is KeyLack of communication can be responsible for deterioration of your marriage. Lying or withholding information about previous financial difficulties, debts, credit cards, investments etc. can come back to haunt you in the future. OK, so there are some exceptions, your other half doesn’t need to know about the time in your youth when you stole a handful of sweets from the local shop… However, revealing to your lucky partner that you’re severely in debt whilst walking down the aisle isn’t a wise idea (you aren’t married until you’ve both said “I do”!). You should both be completely transparent about your financial history well in advance of your big day. Although a terrible credit rating can be embarrassing to some people but there are places you can go to talk about your financial issues. This means that your poor credit rating needn’t be a burden for you and your partner – leaving you with no reason to hide your financial past!
Lack of Sharing is overbearingMany newlyweds find finance a hard topic to share responsibilities with their partner on, this is due to many years of organizing your finances independently and it can be hard to find the right balance of responsibilities. Plaguing yourself or your partner with all the financial responsibilities is a recipe for disaster. Although it may seem logical for one person to be accountable for managing your family finances, problems can arise for a number of reasons; the burden can be extremely stressful, resulting in arguments occurring and one partner being completely unaware of finances. In order for your marriage to be successful financially, you need to both be money wise and sensible in your budgeting. Furthermore, if something was to happen to either of you, the other half would know exactly how to manage the money.
Petty Arguments over Petty CashOne of the most common causes of bickering between newlyweds boils back to basic family finance. If recurring arguments over who spent an extra $10 on the shopping bill seem to sum up the majority of communication in your marriage, you’re on the slippery slope to unhappiness. There has to be some leeway and understanding for both of you or you’ll never be able to share money properly. If you’re struggling to manage your finances and feel there’s inequality apparent in your spending habits then it’s time to draw up a monthly “splurge budget”. This should be calculated by estimating your monthly outgoings and concluding with a reasonable “spare cash” budget. This should then be divided accordingly so you each have a monthly budget to spend on exactly what you want with no qualms.
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