Newlyweds and Money: It’s About Teamwork
In her Kiplinger.com article, " 6 Money Mistakes of Newlyweds," Erin Burt shares mistake #3: That one partner shouldn't give the other financial reins. This is so true. Managing money in marriage is a shared undertaking. Both partners have a vested interest in the final decisions. When two partners marry, they become one. Marriage partners both need input into money decisions. If one partner is better with details, it's OK if they create and maintain the budget. The critical practice is that both partners have the freedom to discuss how money is spent. It all comes down to communication. What money advice do you have for newlyweds? Do you think there are times it's O.K. to make money decisions independently?
Some people have found success in keeping separate finances, even when they’re married, but I share your viewpoint in two becoming one. In our family (we are newlyweds as well), both of us share in the decision-making process, even though I am the one handling things on a day-to-day basis.
My wife is very aware of what’s going on at all times and what we need to do to reach our goals.
While my preference is combining finances, I can see instances where having them separate can work. It comes down to both partners being honest with the other about their spending. Untruthfulness can bring division to a relationship.
I agree. Although I handle the bulk of the finances, because I love numbers and my wife does not, I always have her sit down and do a monthly budget meeting with me. It is very powerful and is essential for keeping us on the same page.
Also, combining our finances was one of the best things we ever did, since we started our marriage w/separate.