Who should handle the money when you get married? How many bank accounts should you have? Who will determine how the money is spent? These are common questions that come up in marriage but are never actually addressed directly. Most of the time couples operate on assumptions and it is not until conflict arises that they learn they think very differently about money. Money is one of the main reasons for divorce in America. Each couple and situation is different, but here are some tips that I believe will help you on your journey of oneness in marriage.
- First and foremost, there is no more "mines and yours." It is all OURS. You are now one flesh (meaning one in purpose). It does not matter who makes the most money. If you do not implement this mindset from the beginning you are setting yourself up for major problems down the road.
- The person who is most responsible with money should be the one who handles the bills. Usually one mate is better at it than the other. If both are equally good then just choose someone. It is better to have one person handle the bills as opposed to both of you because it keeps down confusion about who pays what and when.
- Start an emergency fund. Initially start it with a $1000. This is money that should ONLY be used for emergencies. This concept is from Dave Ramsay's Financial Peace program. I strongly recommend finding a class and going thru the program. The best way to become and stay debt free.
- Do not make big purchases without your spouse's knowledge and approval.
- You should have at least two joint bank accounts. One account will be strictly for bills and the other account will be for everything else. If you choose to have more accounts just make sure you both have access to them. You don't want anything to create division between you.
Ultimately you must be wise about your money. It is just a tool, but when mishandled it can become a great wedge between the two of you. More money tips coming soon...