Financial management is a challenge for most married couples. This is because most couples do not realize how challenging it is to merge finances and blend financial habits until they start fighting over money. They do not seek marriage tips or advice on how to handle finances until they are in deep trouble. It’s no wonder that conflict over finances is the leading cause of divorce.

If you want to avoid fighting over money, you need to learn and adhere to a few basic rules of financial management for couples.

Joint account or separate accounts?

The answer to this age old question is “why not both?”  You can have a joint checking account that you use to pay your shared bills and separate accounts for your spending money. For working couples, each person pays a pre-determined amount into the joint account every month. The rest of the paycheck stays in the separate account providing a sense of financial independence.

Track your spending

Budgeting and tracking your spending is critical to financial management. The purpose of tracking your spending isn’t to monitor each other’s spending and point fingers at each other but to keep track of where your money is going so that you can set goals that will lead you to financial security.

Set your financial priorities together

It is not uncommon for married couples to have different financial priorities. One person may think that buying a home is most important but the other thinks that saving for retirement is more important.

If you want to avoid marital problems, set your financial priorities together as a couple. This ensures that you are on the same page and working towards a mutual financial goal.

Talk about money regularly

Talking about money isn’t easy but it must be done. Don’t wait until you are in trouble and then start frantically looking for marriage tips on how to handle finances. Some things that you should discuss are budgets, assets, debts, bills and financial goals.

Save

Whether you are living month-to-month with little money to spare or comfortable, make a decision to save at least 10% of your income every month. This ensures that you have an emergency fund in case something unexpected happens. It is also a great way to save for retirement.

Don’t keep financial secrets from each other

Be honest with your spouse about your spending. Don’t hide receipts of impulse purchases or debts from your spouse. Such secrets constitute financial cheating and can destroy marriages.

These are some of the most important marriage tips that a couple needs to succeed in marriage. They are the fundamental rules of money management that every couple should learn and follow.