Marital bliss with your money is an important consideration for those in a marriage, especially during Marriage Week UK.
Marriage Week is supported by a group of charities and individuals who believe that healthy marriages bring benefits for all of society and should be encouraged and supported wherever possible.
When it comes to Financial Planning for married couples, there are some steps spouses and civil partners can take to help keep relationships on the right track.
Talking about money in your marriage is really important.
We encourage newly weds to have a detailed conversation about money at a very early stage in the relationship.
Understanding how each spouse feels about money, what they want it to achieve in your life together and their preferred approach to managing finances will help with marital harmony.
Because money is often seen as a taboo subject, these conversations can be difficult at first.
By involving an impartial third-party, such as a Financial Planner, the conversation becomes easier to have.
That discussion about money should result in a set of shared financial goals, documented in a written Financial Plan.
This is a living document which needs to be reviewed and updated at least once a year, to reflect changes in your financial situation, along with any changes to your goals in life.
Share or separate?
As a married couple, you might decide to pool your financial resources with joint bank accounts.
Alternatively, many married couples opt to keep their bank accounts separate.
Both approaches can work, as long as you both agree this is how you want to manage your money and you are transparent about the details.
Keeping secrets about money can place unnecessary strain on a marriage.
According to new research by BlackRock, most people don’t keep financial secrets from their significant others.
Their research found that over two thirds of Brits don’t keep secrets, financial or otherwise, from their partner.
However, some people do admit to not being completely honest when it comes to money.
One in ten Brits admit they hide credit card debt and money loaned to family or friends.
Other financial secrets identified by the research included opening a secret savings account, buying an expensive item without the knowledge of their partner, and running up gambling debts.
When it comes to money in marriage, honesty is always the best policy.
Another personal finance tip for married couples is to share the responsibility for money management.
Household budgeting can often become the sole responsibility of one spouse, but ideally both partners should be involved in setting and sticking to an agreed budget.
By setting aside some time at the end of each week or month, it is possible to take shared responsibility for healthy finances within a healthy marriage.
What are you tips for financial harmony within a marriage? Is there anything you do within your relationship to ensure personal finances never become something which will threaten a happy marriage?