A couple’s guide to combining finances after marriage

Matrimony and cohabitation are all about collaborating to create a home with your partner. However, almost every married couple will admit to having their fair share of squabbles when it comes to discussing how to combine their finances. However, armed with candor, patience, and a quick guide to joint finances, you and your spouse can breeze through the difficult stuff. As a result, we’ve put together a brief but comprehensive guide on how to share the financial burden in marriage.

How to combine your finances

When you first start out, you probably have separate bank accounts, credit cards, and investments. However, if you want to pool your resources, you should consider sharing your bank accounts or opening a joint account. This money can be used to pay off household debts and save for your future together.

Ascertain each of your priorities

One of the most important lessons in managing your own money is to always start by asking yourself what is important to you and what you want. Begin by sitting down with your team to create a list of priorities. Write down and prioritize everything you need to do, from monthly savings to investing in a government bond or mutual fund.

Chart out a budget for household expenses

After determining how much each of you earns each month, list the fixed household expenses such as rent, electricity bill, water, and house help. You must then calculate how much money you will need to spend on groceries and transportation to work. Making a combined budget allows you to plan your own expenses as well as those of your children, so if you need to cut back on spending, you’ll know exactly where to start.