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Budgeting can be difficult, if not impossible, when spouses don't have the basic agreement. You and your partner's attitude to money will affect how you manage your finance. You may find it easier to share all responsibilities, put everything under one account, call it "our money" and agree that it's not necessary to separate the money. Alternatively, you can also separate the account and separate the responsibilities.
If you both are happy to share everything in a joint account, you must be willing to put all of your income and must not compare how much you earn and how much he earns. There should be no more "my money" or "your money". Instead, there should only be" our money". Use this for all your expenses - from the small, everyday things, to paying the rent, mortgage, bills, even debts. This type of financial management is quite easy if you have one joint account and have equal control over the money.
However, to maintain a separate account is still the choice for some couples too. In this scenario, it is wise to make things clear from the very beginning: create a joint account to take care of the bills, but keep each one their own accounts to pay things you individually want. It's good to keep your independency and privacy but never to cheat on your spouse – financially. Tina Tessina, psychotherapist and author of Money, Sex and Kids: Stop Fighting about the Three Things That Can Ruin Your Marriage said that betrayal regarding money can be just as painful and damaging as other kinds of cheating.
Whatever type of agreement you have in terms of managing the family finance, it's always good to create an emergency fund at least worth about 6 months of your household expenses in case the emergency. Responsibilities are meant to be shared equally. Both you and your spouse need to take part in decision-making, budgeting, and bill-paying. The key is to be open, honest and put your full effort into the financial matters of your marriage.
