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Money and marriage—managing your costs as a couple
When it comes to finances and marriage, communication is key
- Keep it personal: There’s no one-size-fits-all rule when it comes to marital money management. For example, some couples believe in combining their finances, while others prefer to keep things more separate. Before you decide how to tackle your finances together, it's a good idea for each of you to define your individual values and goals when it comes to money. After all, if you aren’t clear about what your own financial wellbeing looks like, it will be hard to stick to your financial goals as a couple.
- Check in regularly: Marriage is—ideally—for the long-haul, and things may change along the way. From job losses to welcoming children, your financial life will likely evolve over the course of your marriage. That’s why it’s important to make time to talk about your shared costs and money goals regularly, so that you know you’re both on the same page. After all, money can be a stressful topic, and it’s important to ensure that you and your spouse are feeling good about your finances—both together and individually.
- Compromise is key: Sharing your life with someone also means sharing your finances to a certain extent. Given this, it’s important to be flexible and find common ground, even if your views on money may be different. Perhaps you’re more on the frugal side, while your spouse tends to splurge—great! Maybe you’ll learn to let loose once in a while, or perhaps you’ll give your partner the motivation to save more. With effective communication, you might find that you have a positive influence on one another.
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6 tips for managing finances as a married couple
1. Define your collective money goals
2. List your shared and individual costs
3. Contribute what feels right
4. Decide how to tackle your expenses
5. Consider a budget
6. Ask for help when you need it
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Your money at N26
- Why is it so difficult to talk about money in your marriage?
- How should bank accounts be handled in a marriage?
- How should expenses be divided up in a marriage?
- What budget resources are available for married couples?
- What is the 50/30/20 rule?
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