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How to Marry your Finances

You've spent months planning out every detail to ensure your big day goes off without a hitch. But how much time have you spent planning how you’re going to marry your finances after you’ve said your “I dos”? With money being the number one cause for conflict in many marriages, taking time to plan how you’ll manage your household finances ahead of time will help eliminate arguments down the road.

Understand your joint financial position.

Chances are you’ve heard the saying, “you don’t just marry your spouse, you marry their family too.” People don’t often think about the fact that you also marry your spouse’s financial position and history. One of the things you should do prior to your big day, or quickly after is gain an understanding of your combined financial position. This means being open and honest about your income, savings, retirement plan and the amount of debt you have. Being transparent about how you each manage your money will help ensure surprises don’t pop up in the future when you go to purchase a house together or when life throws you an unexpected financial curveball.

Discuss financial priorities.

Once you understand how each of you manage your finances, it’s time to discuss your financial priorities. Not aligning opinions on how your money will be spent can be a large source of tension. It’s important to note that you won’t agree 100% of the time but understanding where your partner’s priorities lie and finding a middle ground you both are comfortable with will reduce the stress of larger financial disputes on your marriage.

Set financial goals.

Finding where your shared priorities lie will help you set financial goals you’re both excited about. Make sure you set both short-term and long-term goals then plan out how you are going to achieve them together. Taking the time to write them out ensures you’re both on the same page and makes you more likely to work to achieve them. Whether you want to save for a big vacation in two years or buy a new home in ten, aligning your visions is the first step to living them.

Define responsibilities.

Whether you decide on joint accounts or not, having a clear plan for what each partner is responsible for helps ensure nothing is overlooked. Odds are, you each have different strengths. Use those strengths to decide who will pay your bills, manage your budget, and track your goals.  

First State Bank Nebraska offers online and mobile banking services that give you and your significant other 24/7 access to your joint accounts. This will take the guessing out of managing your money while also keeping things transparent.

Communicate often.

Clear, honest and regular communication is one of the keys to a happy marriage and successfully managing your finances as a couple. Always remember that you’re on the same team. Get used to talking about money often, so if issues do arise, they are easier to bring up with your partner and you can tackle them together.

Starting a life together can be both exciting and overwhelming but having a plan to streamline your finances will get you started on the right foot. First State is here to help you through every stage of life. Whether you’re looking to open joint checking and savings accounts or take out a mortgage to purchase your first home together, we offer the tools to help you succeed.