5 Easy Ideas For Managing Money In Relationships (marriage)

Money is a leading cause of conflict in relationships. It is one of the main reasons people argue about in a relationships.

With Covid 19, many couples are finding themself in arguments about money. That is because with the decline of the economy, families have to deal with money issues due to loss or reduced income in families.

Why do we argue about money?

Poor financial planning and lack of emergency fund

Money is a forbidden topic of discussion, especially in African families.

 Financial insecurity in one or both partners. You may not be earning enough to sustain your expenses or to be able to support your family.

Many of us have high expectations, of ourselves or our partners. We may not be where we would have liked to be financially when we get married or for our age.

5  Ideas Of Managing Money In Relationships.

To avoid estranged relationships and the dreaded divorce court, we need to figure out the best practice for Money in relationships

  1. Communication and trust.
  2. Debt management.
  3. Common financial goals.
  4. Decision on Joint or separate accounts
  5. Resolve arguments about money in relationship

Communication and Trust:

For any relationship to thrive, communication and trust are key. Forbes notes communication will ensure healthy relationships.

It is advised that you should have the money talk with your partner before you walk down the aisle and continue to build trust with regular money conversations.

Once you get married your finances are will be shared, you should therefore know each other’s net value, debt, credibility, and financial goals from the start and continues.

“Talking about money is often more valuable than the money itself,” Cruze said

Management of Debt in Relationships

It is important that we discuss the debts we’re bringing into the relationship as couples.

All debt should be put on the table not just the big mortgages, and bank loans but also credit cards, Sacco loans, mobile loans, and money we own people.

Prior to taking any loans or putting up bonds on joint investments, we should reach out to each other for a discussion.

Remember what your partner owes is also your debt.

Discuss defaulting on loans, always keep each other informed if you miss a payment or payments.

In order to invest in their future, couples must get rid of their debts in a way that is most beneficial to them.

Forty-one percent (41%) of couples who have consumer debt say they argue about money—and it’s what they argue about the most.

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Source:Ramsey Solutions

Common Financial Goals

Financial goals are one of the topics couples need to discuss when discussing money in relationships.

Understanding your partner’s relationship with money is important so that you can know who is the saver and spender in the relationship, and the rules on spending.

There should be agreements on your goals. Will you have a limit that either of you can’t spend without a discussion?

 3-step approach to having Common Financial goals
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  • Identify your financial objectives separately.
  • Compare the goals and note the common goals
  • Note the different goals and come up with a compromise for the goals without disregarding your partner’s dreams.

Decision on Joint or separate accounts?  

Every relationship is different, and financial goals may conflict. Having separate accounts, joint bank accounts, or a consolidation of the two is a personal and emotional topic that tends to result in some serious discussions.

With many independent people already earning separate incomes before they get married, many start with separate accounts and share out the common expenses.

However, as couples go through life together and the introduction of children or pets, their financial goals change.

More couples open joint accounts to cater for major investment and future planning for the family after a few years of marriage.

“For joint accounts to work well, you need a basic level of trust, shared goals, and desire for transparency,” says Michelle Jones, chief external affairs officer at Money Management International (MMI),

3 Tricks in resolving arguments about Money in Relationships?

As much as we can have a strategy to prevent money arguments in marriages. all couples will have a time when they have had disagreements regarding money. Clever girls finances have a really good discussion on this issue.

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  1. Give disagreements time. Do not make rushed decisions. Time heals: if you give yourself time to think about an issue you will find you will think of different scenarios. With time you can research on the matter, discover you are not the only one who has the same problem and have clarity on the issue.
  2. Think carefully about how you approach the matter. Consider the other person’s emotions in our delivery. Make sure you are not belittling the other person for a wrong money decision, overspending, or for not bringing in enough. Adjust your approach and be mindful of the other person’s ego. Always ask yourself if you would like to be addressed as you are doing to your partner.
  3. It’s not a competition. You will be able to do much more together than you can do alone. Two is better than one.


We have to be intentional in how we manage our finances and relationship. Like many issues in marriages, communication about money is the most important.

In the absence of proper communication, there will be hostility, resentment, and negative results.

When you understand each other, keep the other person’s personality and feeling in account and work as a team, you are likely to grow financially together.