Money is one of the most common sources of disagreements between married couples—after all, every person has a different relationship with money.
This is why it’s important to have honest conversations about finances with your partner.
According to long-term couple Saab Magalona and Jim Bacarro, discussing financial expectations is particularly helpful, especially for newlyweds.
“One thing that we had to deal with [early in our marriage] is the expectations that we've set for each other because of how we were raised,” Jim shared during a Summit Sandwich Session. “Kunwari, in my household, my mom was in charge of finances and my dad would work. So nung nag start kami ni Saab, I had that weird standard, and my ate was the one who told me, ‘You didn’t marry your mom. Stop expecting her to be like that.’ So for me, by knowing that, that’s a big step you can take in how you can manage your finances.”
Jim added, “We’ve had a lot of issues in the past, but money was never an issue because we’re very open. Kunwari, when I decided to take the leap to start my own business, I remember exactly what Saab told me, ‘What do you think ba is happiness for you? Kasi my happiness is that you come home happy.’
"And so in terms of money, sabi niya, ‘Oh, saluhin muna kita,' like in the next six months if you think you’re not gonna earn. After having that type of honest conversation, ang pinaka na-realize ko is money is a reflection of your dynamics as a couple. It will just really reflect what type of couple you are and what type of relationship you have kasi if you’re open, lalabas 'yon mas lalo na pag dating sa pera.”
According to Saab, the first thing they did after getting engaged was to open a joint bank account. "We put stuff there, and we would save up for our wedding. That’s our joint account up to this day," she shared. "Our income goes into the pool and then we would just decide like how much is our allowance for the month."
When merging finances, always make sure you're both on the same page. Plus, Saab said, "dapat may intindihan kayo na 'wag abusuhin ang ganoong dynamic."
Click here for more tips on how to manage your money when you're married.
