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3 Ways to Efficiently Manage Money for Couples

Marriage is a beautiful institution, but it takes work! Some of the most meaningful changes occur when you first begin a relationship. In the beginning, there are plenty of things to get used to - like relying on your spouse for support and asking for their opinion before making any decision.

Further complicating things, your spouse can be your greatest ally, biggest enemy, or perhaps both. However, all couples have dreams of financial security. Maybe the biggest challenge is finding a way to turn those dreams into reality.

What Financial Challenges Do Couples Go Through?

There are several financial challenges that couples encounter throughout their marriage. Some of these challenges can be avoided if both spouses are committed to working together to achieve their goals. Here are the top challenges:

  • Having kids

  • Inconsistent paychecks

  • Medical issues

  • Secret purchases

  • Loss of a job

  • Debt trouble

Different situations call for different solutions. We’ve compiled a list of money management techniques real couples have tried. Could one of these techniques work for you?

1. Combine All Finances in One Account

The most convenient way to manage finances is to have only one account for both spouses to contribute to. The great thing about this method is that both spouses see where their money is going. The bad thing about this method is that both spouses see where their money is going. It’s easy to get jealous and defensive when your husband spends $300 on shoes.

Other couples allocate funds to separate accounts, keeping a joint account for emergencies and marriage funds. The spouses don’t see where money is going until the end of the month, and one spouse complains about how much money has been spent on the other.

2. Combine Certain Bills in one Bank Account and the Rest in Separate Accounts

Many couples put their credit cards, cell phones and other small items into a joint account, but the big items such as the mortgage, utilities and groceries are paid for with separate funds. This method works well for couples that take turns spending the bills - both spouses know where the money is going, but they aren’t necessarily forced to compromise, and they don’t have to see each other’s purchases.

3. Split All Bills into Separate Bank Accounts

Some couples keep the bills separate with separate bank accounts. This method works best when both spouses contribute a similar amount of money to the bills. For example, if one spouse makes $1,000 a month more than the other, they usually pay more than their share of the bills. This method works well as long as both spouses are committed to paying the bills.


Each money management technique brings different challenges. The person who makes more money is usually the more agitated about the finances. In the end, you will both have to find a solution that works for you. Discuss the different techniques, and decide on one that will improve how you manage your household budget.

If you have questions about managing your household budget or having financial difficulties, contact a reputable and helpful debt management company for assistance with your finances.

Swell Financial Planning provides financial services and advice on investment, insurance, budgeting, cash flow, superannuation, etc. We are a Gold Coast-based firm servicing clients locally and around Australia. We tailor solutions to every client’s needs and are committed to helping them achieve their dreams.

If you are looking for a personal financial adviser on the Gold Coast to provide you with sound advice, Swell Financial Planning is the law firm to go to! Get in touch with us today and let us know how we can help!


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