Here's a great article on banking and finance for married couples...
Practical Tips to help keep couples content
1. Communication
Communication is one of the key ingredients to a successful relationship and it applies to your finances as well. Be open and honest with your partner and be realistic about what you can and can't afford - to avoid conflict and issues later down the track.
2. Joint responsibility
Agree that your financial future is a joint responsibility - gone are the days where the male in the family is the sole breadwinner, many women are now jointly sharing this role. Discuss early on what you both want to achieve in terms of future financial goals, determine what these are and an achievable period of time that you want to reach these goals.
3. Managing Money
Women and men tend to have very different outlooks on the "best" way to spend money so it may help to set aside a percentage of money each month that is yours to spend how you choose. This way you are able to splurge on things you feel are important.
4. Monthly Budget
Prepare a monthly budget - this will help you to be realistic about costs and necessary bills/payments that need paying within a certain time frame. You could also look at keeping a spending diary.
5. Compromise
Like so many issues in a relationship, financial issues are best handled by compromise. Don't assume that the way you have been raised to think about and approach finances is ultimately the right one - compromise the way you manage your money so that you are both comfortable with the process.
6. Prioritise
Prioritising what is important to both you and your partner to help to avoid unnecessary stress or conflict in the future. Start by compiling lists of what you really need and what you want. Align your financial goals and objectives; prioritise what's important to you and plan ahead to secure a healthy financial future for you and your relationship.
7. Define Yours, Mine, and Ours
There are several options for couples to help them manage their finances more efficiently - joint or separate bank accounts or even a combination of both. It's important to determine what's the best option for you and your partner - consider the total amount of bills that need to be paid and when they need to be paid by, take into account additional living and social expenses, calculate additional costs including car and health insurance, child care and school fees and so on to determine which option suits you and your partner.
8. Bill Paying Habits
Paying bills is not everyone's idea of fun and games so make it easier on yourself and devise a system/s to save you time. Book in a "date night" with your partner each month, where you sit down and go through your bills and finances. To make it more relaxing order take-out so you don't have to worry about cooking and cleaning.
9. Emergency Funds
You never know what the future holds so it is always best to plan ahead and be prepared for emergencies where you may need some extra funds on hand. Set-up a joint or separate online high interest account, and transfer a set amount each time you get paid. That way you both won't be as tempted to spend it and you'll have some additional funds for those unexpected emergencies!
10. Team Work
Don't let money discussions rule your relationship, make sure you share the burden of your financial responsibilities equally, whether that means sitting down with your partner at the end of every month to go through bills and necessary payments, or splitting up the responsibilities - it takes two to tango!
