When you are going to get marry it is a quite time to think about your financial plans. And if it had happened you spend a lot of time thinking and deciding about wedding accessories, bridesmaid and groomsmen gifts, and bridal apparel and also about honeymoon. But you haven’t yet planned for the day to day finances after the marriage. Many couples do not even know how to manage their money after the wedding, and this is the first step for a conflict over money, that is the number one problem reported by married couples.
To avoid it, before the wedding the couple should get together and work out a financial plan. First of all, they should decide which partner should manipulate the day to day financial affairs. I One spouse usually has the better appropriateness for money management and organization, than the other one has. Thus, it is very important to recognize which one has the better skills, and let them keep track of the finances on a daily basis. It includes paying the bills, reconciling the bank statements, and working within a budget or spending plan.
A key point that many couples unfortunately miss is to be open communication between both spouses in a financial business .With the union of a marriage, what was once “yours” now becomes “ours.” All married couples need to keep an eye on their total income, debts and savings that belong to both of them. In a marriage relationship, two become one, what includes all aspects of your life. And that’s why there is no more “mine” but there is “ours”.
Many couples wonder if one makes more money than the other, or has more assets than the other, whether those assets should be protected with a prenuptial agreement. The purpose of a marriage is not for one spouse to be financially independent and the other one not. Their assets should be distributed impartially. Communicating together and sharing equally all financial matters will bring peace in their household. If it is agreeable to both spouses one of them can spend more than the other spouse.
There is no need to have separate saving or checking accounts, because you are not roommates, but you are in a committed, lifetime relationship, when you get married. Put your money in combined accounts and do not keep in secret accounts that your spouse does not know about. And it will be the best arrangement in most cases, having your combined accounts with the right of survivorship. Thus, in the event of a death of one spouse, for example, the ownership will pass immediately to the surviving spouse, without having to go through probate and the cost, time, and public record required for probate. So, it is a great idea to have a combined owner or beneficiary on every account.
A very necessary part of financial management is a working up budget and a spending plan. Many couples have no idea how much they spend each month, compared to how much they earn in income each month. Then they end up getting in trouble by running up credit card debt, and other debts that their income cannot pay for. To help to make sure that you are not going to spend more than you make, to help you achieve financial success, to create the ability to save for things you want in the future, such as for college tuition or retirement a budget or a spending plan will help you. As for your housing costs, including your mortgage payment or rent, insurance, taxes, utilities and repairs and maintenance, it should be no more than 40% of your gross income. Then allot your other costs, such as food, clothing, medical, transportation, and entertainment among the remaining amount you have to spend. Moreover, you need to build up an emergency saving fund which has to be identical to six months of income for emergencies that may arise, and then set up a long term saving and investment plan. Do not forget to include church and charitable contributions in the plan as well.
Couples have to work together in controlling their finances in an open, committed relationship, and in this way they will become a loving family.
| 
