Marriage and Money

There are no rules here, most of the time it is just trial and error, and that's just fine. The wonderful thing about starting out in marriage and merging finances is that the very foundation points of your marriage are what will make your financial decisions a success.

Honesty, communication, flexibility and trust.

Hopefully most key things are worked out even before marriage, myself and my wife decided she was a much better organiser and budgeter so mostly the financial organisation was hers although we constantly keep each other updated on bills and when they have to be paid, Love internet banking. We each have different money management styles and that takes some getting used to as well. She is a saver, I see and buy, within reason of course

You have just come from financial independence so how will you work your money now, separate accounts putting into a joint fund, joint account with incomes pooled together. You really need to talk this one through but don't stress in the beginning, as I mentioned different money management styles take time to iron out and build trust. But work towards joint banking slowly for later big decisions will be made like, buying a home or when children come along so it makes sense

Sit and work out a budget, there are some great tools on the internet these days. It is always good to see in black and white your incoming against your everyday outgoing living expenses. Then you can work out a personal spend limit each, you still need to have your own independent money to spend as you will, or to buy a gift with no statement record.

Talk honestly about your credit history as one partners previous credit sins could become your own when applying to buy something together like a home. Once a year you are entitled to a free copy of your credit report of the 3 main credit bureaus: Experian, Trans Union and Equifax. Discuss it and if need be make plans to correct it, check MyFico.com for valuable information.

Think ahead; if you jointly own your home make sure you both have life insurance because God forbid if one dies the other could be left homeless. Update your will when necessary, like when children come along. Your money may not go to them and your parent if the beneficiary, they could not give it to them without gift tax problems.