Money. Budgeting. Finances. Honestly, unless you are rolling in the dough, those words tend to be conversation stoppers. No one likes to talk about them, but if you want to avoid a money imbalance in relationships, it’s a chat that needs to take place. So, buckle in and get ready for some money and marriage tips on how to tackle finances after marriage.

This is an updated republish of an article by Rachael Eberle.

Money and Marriage Tips for Newlyweds

Relationships and financial stress are two things that can highly impact our daily life. And marriage and money issues should be something that is included in your pre-wedding talks. None of us really enter a union knowing how to handle finances in a marriage, which is why there is an increase in divorce rates when money problems arise.

I say to cut those marriage statistics and chat about your finances well before you run into any issues. Having a plan of attack is probably one of the best money and marriage tips you can have to set yourself up for success!

Buck the marriage statistics.

Marriage statistics have shown that the number one topic couples fight about is money. If you are not married, this may sound crazy to you, as it did to me. But once I was married, I quickly discovered that finances after marriage are tightly interwoven in almost every aspect.

It can influence the smallest things, like which brand of milk you buy, to the larger life decisions, like which job you choose or when you decide to have children. Whether you like it or not, money will find a way to wiggle into your daily life and can either create peace of mind for you and your spouse or anxiety and strife. Here are a few suggestions that helped my husband and I overcome the money monster.

Avoid money imbalance in relationships by being open and honest. 

How should married couples split finances?

Discuss your different views of money.

You may be surprised how differently you and your significant other view finances after marriage. For instance, I was raised to be highly afraid of consumer debt, while my husband is more comfortable with it. On the other hand, my husband places a strong emphasis on savings, while my mantra used to be, if I earned it, I should spend it!

By identifying our different views, we were able to emphasize our respective strengths (saving money and avoiding debt) and hold each other accountable with our weaknesses (debt obtaining and frivolous spending). It’s a great first step in knowing how to manage finances in a marriage!

Talk about how to manage finances in a marriage with your spouse.

Create a budget tailored to your money and marriage.

No matter how financially well off you may be, establishing a budget is essential. “Floating” (spending money without keeping track) is extremely dangerous and can lead to serious problems, such as over withdrawing your account.

When you create your budget, pool your combined resources. Decide how much you will need to spend per month on things like groceries, gas, insurance, membership fees, rent or mortgage, and so forth.

If your list of expenses outweighs your income or if you are just breaking even, then look for ways to cut back, such as eating out less. In extreme cases, you may have to make bigger decisions, like living somewhere less expensive.

Relationships and financial stress don’t mix, so talk about a plan of attack early on.

Set aside a percentage of your income for savings and paying off debt.

We live in a society that promotes instant gratification. No longer does it matter if we cannot afford something – that is what credit cards are for! However, this is a dangerous mindset, and high-interest rates make payback costly.

Furthermore, one of the worst inheritances you can give your children is your debt! Prioritize saving for your children’s college educations and your retirement. Most banks offer easy savings programs, and many jobs have 401k plans available.

Money and marriage tips can strengthen relationships and financial stress can go away!

By tackling these obstacles, you will improve your trust and communication skills with your spouse and greatly reduce the amount of stress in your marriage. It’s essential to avoid money imbalance in relationships and know how to manage finances after marriage. You can do it!

When you do spend money while abiding by the steps above, it will be guilt-free. Who knows, you may even save up enough extra for that dream vacation to Italy!

Craving advice on creating a wedding budget? Take a peek at our 11 tips on how to personalize one that works for you.