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7 Effective Money Management Tips For Couples

  • Rudri Rawell
  • 22 Sep
  • 5 minutes

A successful married life is one which sails through the good times and the bad. With smart financial planning, couples can work towards easily meeting their individual and common goals. A thought-through financial plan can also help them avoid disagreements on routine financial matters which may otherwise result in a strenuous relationship. 

Here, we will share the top 7 money management tips that couples can adopt to achieve their financial goals while enjoying a comfortable life together.

Tip #1 – Chalk out a budget

Every couple must work towards setting a monthly budget to begin a disciplined financial life together. Couples can start by defining their current income levels and how they plan to use them. This can be a monthly exercise, but if done judiciously, it can offer positive long-term benefits in the form of better financial control. There are many free apps available to track monthly budget easily. Budgets can include all aspects, short-term spending, medium-term expenses like holiday planning, and even long-term, such as the cost of children’s higher education. 

Tip #2 Note income & mandatory expenses

By noting down the monthly income, a couple can know how much they have in hand to allocate funds towards individual and common financial commitments. This is also an important step to determine the amount of savings a couple can have to meet future financial goals.


Couples can try to divide financial responsibilities that are recurring. There can be multiple payments to be made periodically including utility bills, groceries, EMI, etc. By dividing these among the two, a couple can maintain a certain level of financial efficiency.

Tip #3 Joint savings

After covering all the necessary expenses, a couple must target the level of savings they need to have towards specific financial goals. It is ideal to set aside some joint savings before allocating funds toward mandatory and discretionary spending. This also depends on the couple’s financial situation. 

For instance, a couple who does not expect any inherited funds or cannot bank on any other source of income must especially focus on setting aside savings from their income.

Tip #4 Joint or individual bank accounts

Working couples may prefer to have individual bank accounts to keep a track of their income from professions. Apart from individual accounts, it makes sense to opt for a joint bank account that will hold funds for common expenses and savings. This imbibes transparency in the relationship and allows easy access to common funds when needed.

Tip #5 Set up an emergency fund

An emergency fund can provide the necessary financial security to cover certain unprecedented situations. These should be highly liquid, preferably in the form of bank balances that can be relied upon in an emergency situation. Couples must try to equally contribute to such funds to maintain transparency on available balance and usage.

Tip #6 Phased debt exit

Many times, one or both individuals in a marriage or relationship may have taken debt towards education, home, etc. Couples must try to pool such existing debt and work jointly to reduce the debt in a phased manner. As they say, team effort is always more powerful than an individual’s efforts. Therefore, couples must aim for joint debt clearance to get out of debt faster.

Tip#7 Discuss finances

For couples, money matters should not just be restricted to pooling funds but the equal focus should be on taking joint ownership of financial matters. Whether it is budgeting or monitoring funds or even taking tough financial decisions, all these should be jointly discussed and worked upon. 

Couples may have a difference of opinion more often than they like. For successful joint financial management, it is crucial that couples arrive at a consensus. Bringing up disagreement points casually, without igniting a debate, may help them in jointly working toward common ground.


Effective money management for couples can be a cakewalk if it’s jointly dealt with and with maximum transparency. Simple things like setting common goals, merging funds for bigger goals, jointly dealing with tough financial situations, etc, can go a long way in ensuring a smoother financial journey for couples. 


Should couples opt for joint life insurance?

Depending on the stage of life and financial situation, couples can opt for joint life insurance under family cover apart from having an individual life cover. This can ensure enhanced financial protection.

How can couples prioritise personal financial goals over joint financial goals?

Couples can prioritise individual financial goals by considering the available finances and having transparent financial discussions to arrive at a consensus regarding fund allocation.

How can couples determine how much finances they must share?

To arrive at the right amount of finances to be set aside as shared funds, couples must chalk out a budget and note down individual financial contributions. If there are any substantial expenses such as debt, it makes sense to jointly clear them at the earliest by setting up a shared pool.

Should couples hire financial planners for effective money management?

Hiring financial planners for effective money management can be beneficial for couples who are unable to give sufficient time to financial management matters. This way, they can ensure that their money is better controlled and allocated in the right areas.

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Rudri Rawell