There are many different things for re-marrying couples to consider, but none are more important than the issue of money. Since you have been married before, you most likely understand how small arguments about money can quickly lead to huge issues in your marriage. It is best to discuss all money issues before you remarry, which will result in a more harmonious union. Planning can be the key to success, but you must approach the issue of money with the right mind frame. You are merging a family and two households, but you are not launching a hostile takeover. Finances and remarriage can be tricky to manage, but planning ahead can be the key to happiness.
Here are some remarriage and money issues that you should discuss ahead of time:
Income Based Monthly Overhead
Monthly overhead is an issue that all remarrying couples must address early on. Finances and remarriage can only be balanced if you have the same ideas about both spending and saving. When you were living separate, you most likely developed your own spending habits. However, now you have to plan out the amount of expenses that you plan to have each month and how much money you want to save. There are different plans or approaches that you can take to overhead expenses, but it is best to base overhead solely on your income. Budget all of your expenses based on your salaries and share a checking account for all bills.
Money Must Be Discussed
Finances and remarriage require you to have great communication. You must be open to talking about all issues related to money. This could involve questions about future investments or simply about your partners spending habits. It is best to have open lines of communication that allow you to talk about money without anger or defensiveness overtaking the conversation. In order to merge two families together, you must plan ahead and talk openly.
Make Adjustments if Needed
Just because you have put a plan in place that doesn’t mean it will work completely. If you notice that money issues are still coming up, you can make adjustments or modifications. Finances and remarriage require a little trial and error. If your system for paying bills is not bringing you the most ideal results, you can come up with changes together that will solve your money issues more effectively.