Q&A-What's the Best Way to Manage Finances as a Couple?

Q-What is the best way to manage finances between wife and husband? Do you have a joint/saving account? Do you agree on the amount of money each person can spend per month? How do you manage money after marriage?

A-This is a BIG topic! The best way is to manage them is together with agreement on how to do that. It rarely happens that way without some negotiation that can get heated. 
I’ve seen couples work with every possible configuration: Money together/separate; Bill money split between; One person pays for mortgage, the other utilities; One person gives the other an allowance; etc. I bet every couple I’ve ever worked with does it uniquely!

In my experience, money represents different things to different people. To sort out how to handle money, you need to start there. For example, a wife gets anxious whenever the husband starts buying lots of stuff. She probably looks at money as safety and security. If her husband wants her to feel safe and secure, he needs to respect that.
 
By the same token, if a husband looks at money as a means to have fun and adventure and that’s an important value to him, a wife needs to also respect that.

Either of these attitudes can be taken to the extreme (as so many things in relationships can) a balance has to be created. Agreement on the low balance of the account, agreement on the amount to go in savings, agreement on entertainment budget. These can be hot button topics, but necessary conversations and negotiations.

I find that when one person handles all the financial matters, it allows the other person to be in a bit of denial about the reality of the situation. That’s not good. Both people need to be involved in at least KNOWING what the situation is and making decisions around.
Most importantly probably, in my opinion, is making an agreement in which both parties feel neither resentful nor taken advantage of. This is easier said than done.
 
Lastly, I’ll say that financial infidelity has been the end of many relationships. Don’t be dishonest when managing your relationship finances! 

As always, start with your future vision and agree on the best means to accomplish in partnership.  If you need help, get yourself a marriage therapist.

Best of luck, hope that helps!
Allison
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