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Marriage and Money

Managed correctly, money can be a helpful resource. Managed incorrectly, it can be the source of a lot of friction. When you first got married, did anyone tell you the basics of managing money as a couple? If not, here they are:

1. There is no “His and Hers”. There is only “Ours”. This is the single most important rule of married money. This applies to all income, assets (investments, cars etc…) as well as debt.

2. A single joint bank account is used to run the household. All personal income comes into the joint account, and all bills are paid from it. Separate accounts should exist for a business; but all wages paid from that business go to the joint account.

3. The two of you need to decide together what happens to all the money that comes in. That means there needs to be a budget. It can be created by the spouse that likes numbers, but both spouses need to have input into it, and agree on it.

4. The budget needs to include goals, dreams, and savings beyond everyday living expenses. Are you two saving for a house? Planning to travel? Want to start a business? Make sure you talk with each other about your goals and make your money support those goals.

If you follow the suggestions above, you will not only be more effective managing your money – but it will significantly improve your relationship. Money touches almost every aspect of your life. If you and your spouse are communicating better about money – you will be communicating better about all your priorities and dreams.


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