How to Merge Your Finances When You Get Married

Getting married is one of the joyful experiences of one’s life. Newlywed couples are always excited to start a new life and look forward to the good times they will share together.


As realistic it may seem, they expect it to be happy but there will be times of disagreement. However, they rarely expect money as the root of disagreements because they are coddled by naivety and end up being caught unaware when issues of money bombard them.

According to a survey conducted by, 21% of divorcees cite that money is one of the reasons for their divorce. And among 25 to 44-year-old couples, 24% pinpoints that money is theculprit of their divorce. A Happy marriage can disintegrate rapidly when couples are unable to reconcile differences in spending and saving habits.

Not being on the same page about money can drive couples apart and without a firm foundation, merging your finances and your lives may be more challenging. So before these money issues tank your wedded joy, our friends from share some tips in order for you to learn how to not suck in merging your finances as couples. 

1. Talk about it time after time

Before you walk down the aisle, be sure that you as a couple had taken some money talks. And during the marriage, you also have to talk about it time after time. You should talk about your finances and financial goals as a couple. And your conversation regarding this should not become an argument.

However, if your financial discussions become intense and heated, take a timeout and reconsider them later. When it comes to money, you and your spouse may not always see eye to eye. But with an open communication and an understanding of each other’s beliefs and values, you can work together to realize your shared financial goals.

2. Set up a budget as a couple

Setting up a budget as a couple can help ensure you’re working toward the same goals and bring you closer as a couple.

Creating a budget is often difficult for most couples since people naturally hate budgets because they are too rigid to follow or time-consuming to set up. But there are so many ways to create a budget that is very convenient to follow.

You can prepare a worksheet that entails all your total income, expenses, debt, and spending. And one important tip to remember in creating your budget – be realistic and not too idealistic. 

3. Agree on who should manage

Marriage involves two persons working together and sharing equal responsibilities. Same is true for money management. It is not about having a quick discussion with one another and then let one person carry the ball for the couple. But it is still important to agree who should manage the bills and make the payments. This step is beneficial and effective since one person is usually more interested in financial chores or available to handle them. Just be sure to draw a clear distinction between tasks and decisions.

4. Decide on if you will keep joint accounts or not

Most married couples consider opening a joint account for the family. But opening a joint account should not be taken lightly because this account is different from the other bank accounts you have. It is shared and manages by two individuals with different spending and saving habits. That’s why before deciding on this matter, it is very important to consider both the pros and cons of opening and keeping joint accounts.

5. Consider a life insurance

It’s always a good idea for a married couple to get a life insurance because having this is the best way to ensure the financial security of the family when adisasteroccurs. In your married life, of course, you have a lot of things to consider going forward and you get things done for your future but all of these things can be derailed with an untimely death. And life insurance takes that worry off the table. It is also a great way of showing care about your family’s future.

6. Update all your beneficiaries

A beneficiary is a person who derives advantage from something, especially a trust, will, or life insurance policy. Every married couple should update all their beneficiaries. Remember, there’s no better time than the present. And keeping your beneficiaries up to date really matters to ensure that your wishes regarding on who should receive your money are carried out.

7. Set your financial goals

It is also important for you to identify what is important to you and set up financial goals. When you do this, you will now have a foundation to decide what you want to do with your money. Most people’s money problems happen because they don’t really know what they want to do with their money and therefore spend it randomly. Clear goals are the targets you are aiming for and help you build your plan. Financial goals don’t have to be grand. Simple financial goals like contributing to your retirement accounts or funding your emergency account for 3 to 6 months can be a good start. What’s important is to be realistic.