5 Tips for Money and Marriage

When we think about money, the first thing that comes to mind is numbers and the brainy side of things. However, what we often fail to acknowledge is that money is equal parts about emotion as it is about numbers or the rational bit. With every stage of life, we need to continue to evolve and adjust in order to straddle both these aspects of money and manage it in an efficient manner. Marriage happens to be one of those facts of life that require us to make a few conscious decisions and tread carefully and cautiously when it comes to managing money. In fact, it is such an important aspect that money conflicts are often cited as the number one reason for divorce. Read on to know 5 tips you should consider when you think of money and marriage:

1. Decide on how to manage money

money and marriage

Marriage is a union of two individuals. Managing money in our daily lives forms a crucial aspect of dealing with this tricky subject. Especially today, when so many couples have a dual income household, deciding on a cash flow agreeable to both spouses is critical. You could decide to pool all your incomes into one joint account and use it for all expenses, including any personal ones. While this allows for full transparency, it also lets go of any individual control or choice one may have on the money they earn. You could also bifurcate some of the household expenses on the basis of which spouse would pay for them. For instance, rent could be the responsibility for one whereas utility bills could be taken up by the other while keeping the remaining money under individual control. Another possibility is to retain individual accounts along with a joint one to pool in expenses in proportion of the incomes. For instance, both spouses earn equal salaries, they could be transferring an equal amount with respect to the monthly joint expenses to the joint account while keeping other things common. The bottom line is that you should explore all options and finally settle for the system which makes both spouses financially secure and comfortable.

2. No money secrets

money and marriage

We all make mistakes, even when it comes to money, be it a retail splurge or a risky investment gone wrong. We are also often tempted to keep money secrets, be it a saving account to feel secure or outstanding debt that we can’t bear to look at. However, any kind of financial infidelity or the urge to keep money secrets might feel safer in the long run but only sets in an unnecessary rot in the foundation. Trust your spouse to accept you with any money secret or mistake in totality to ensure you don’t end up with financial infidelity.

3. Don’t make money the elephant in the room

money and marriage

Money and religion are two inflammatory topics which people often prefer to keep under wraps. However, not talking about money only makes things worse. It is an important aspect, and ends up lubricating our day-to-day lives. Transparent communication aids in a far smoother way of dealing with it. If not a weekly, ensure you have a monthly discussion about it. This could include household expenses, EMIs, incomes as well as future aspirations and goals which will be discussed in the next point.

4. One team one dream

money and marriage

One of the biggest objectives of marriage is to bring together two individuals as a team for life. When you work as a team, you also gun for certain joint financial goals. Discuss and get into alignment about your future, be it your dreams for your children or your aspirations for a post retirement life. Understand that the earlier you start planning and investing for those big colourful goals, the higher the probability of actually getting there. Work on those together and see how money becomes a positive driving force in your lives.

5. Financial security

money and marriage

Life is uncertain and none of us can predict what can happen in the future. As Spiderman once said, with great power comes great responsibility. When it comes to money, we also have a responsibility to manage the risks and do what it takes for financial security. One of the biggest aspects that this includes is ensuring adequate insurance, be it life or health with the right nominees in place, where required. Another thing that you must do is to ensure that your spouse is the nominee in all your financial assets, including bank accounts and mutual funds. Another good practice is to have a one-place document with all your financial assets listed and given in custody of your spouse. If anything untoward were to happen, your spouse should have access to all the assets that you have worked so hard to build, instead of disappearing in thin air or to unauthorized personnel.

Money can be intimidating but if we take care of some basics with conscious decisions, it can lead to a far smoother life. You can also lay a strong foundation by asking these 10 questions to your better half before embarking on the journey of marriage. Address some of these tips in your married life to ensure money is never the source of turmoil, but rather the fount of joy.

Aparna Aggarwal


A Certified Financial Planner, Aparna is passionate about writing fun, relatable yet financially enlightening content. She blogs extensively at elementummoney.com .