How should we manage our money during marriage?
/Here are some tips on how couples can combine their finances and navigate wage inequity in their relationships.:
Acknowledge wage inequity: Recognize that most couples, regardless of their sexual orientation or gender, tend to have wage inequity. Factors like the gender pay gap contribute to this disparity. It's important to consider non-monetary contributions, such as childcare or health insurance, which may offset the imbalance.
Finance management models:
a. Combine both incomes into one pot: This traditional approach involves pooling all income into a joint account and managing expenses together. Communication about finances is crucial. This model is commonly used by couples.
b. Combine some part of your income: Couples can choose to allocate a fixed sum or a percentage of their income to a joint account for shared expenses. They also maintain personal accounts for individual financial independence.
c. Selectively choose to cover certain expenses: Some couples prefer to manage money separately and selectively decide which expenses they cover individually. This approach suits those valuing financial control or independence.
Consider a prenup: Understanding the legal aspects related to shared assets and liabilities is important, especially in the event of separation or divorce.
Open communication and agreement: Discussing financial approaches with your partner is crucial to determine what works best for your relationship. Once you agree on a strategy, establish a system to simplify money management and reduce stress.
Be aware of economic inequality and wage gaps: Stay informed about economic inequality issues and gender wage gaps. This awareness can contribute to healthier financial discussions and decision-making within your relationship.