Couples and Cents

Here are a few reoccurring financial mistakes for couples to look out for and some tips for how to handle them.

1. Separate accounts - This may be a matter of personal preference, but I find that it is easier to keep everything in the same account and simply set up budgets so that each person has a flexible spending account. If you can’t stick to a budget, set up a separate spending account for each spouse and fund it monthly.
2. Debt - Avoid it as much as possible and quickly take care of any credit card debts that are brought into the marriage.
3. Spending decisions - Again, use a budget. If I want something thats more expensive than my budget allows, I try and find and alternate way of earning some extra cash for that expense. Try to avoid credit card splurges and save up for major household purchases.
4. Openness - Try using a software program like Quicken or Microsoft Money and keep track of all of your finances. That way you both know where you are at all times. Don’t keep anything secret.

The Six Financial Mistakes Couples Make (Marriage & Divorce: Personal Finance) | SmartMoney.com