Let’s talk about the two most complicated things in society: relationships and money. Learning to live off of a combined expense with your spouse can be one of the most difficult tasks in a relationship, so let’s break down the need-to-knows about merging your money after marriage.
First, let’s talk weddings. The cheapest state to get married in is New Mexico, which averages 17,000 dollar weddings, nearly half the average cost of a regular wedding. More and more couples nowadays are opting for less fancy venues with smaller guest lists that make the experience more personal and less costly.
In fact, studies show that the more you splurge on your wedding, the more likely you are to get divorced. According to Emory University professors, men who spend 2-4 thousand dollars or more on engagement rings are 1.3 times more likely to get divorced than those who keep it simple.
You want to focus on saving as much money together (assuming you’re already married or in a long term relationship), here are some tips for managing expenses as a couple. First, talk about it. Set aside time to discuss what each of your plans are for the future; figure out where your goals overlap and put more money towards that.
It’s important to immediately set up joint checking and savings accounts, especially when you move in with a significant other. Keep track of deposits and withdrawals from this account, making sure to talk things over if there is a dispute. You might even consider a prenup if you’re unmarried to make sure finances stay in tact.
At the end of the day, the goal is to not let money ruin a good relationship.
