How To Manage Money As A Married Couple (for financial independence)

Today is an experiment. I’m the one looking for help and financial advice. I’m seeking out your best tips for how to manage money as a married couple on the path to financial independence. Don’t hesitate to share your best finance tip for couples!

Today’s video is a bit of an experiment typically i teach i educate about all things personal finance and i focus mainly on seeking financial independence in early retirement but today i’m actually seeking your advice but before you click away because you think i’m not offering any help i’ll definitely share a few personal thoughts and ideas but also i’m hoping

The answer you’re here looking for is actually in the comments below i definitely challenge you to leave a piece of advice and also poke around for an idea or resource in the comments that might be of use to you it’s like those change trays on the counter at the corner markets leave a penny take a penny a penny for your thoughts what i’m hoping for is that you’re

Willing to share your number one piece of financial advice for me and my future wife in just five days how did you merge your finances or perhaps you didn’t what goals did you set as a couple what’s something you did that you regret and i will share our recent regret in a moment what tools app accounts or resources do you use in love are you both involved in

The finances or do one of you take the lead how do you handle taxes and work benefits do you have a shared bank account or separate ones how should we handle paying off student loan balances and by the way mine is much larger is everything now our money or should we keep some separate for spending i’m a money nerd and i don’t have my head around this big change

It’s definitely a good problem to have don’t get me wrong and i am looking forward to solving it together and possibly with your help most of all if you’re already financially independent and or retired early as a couple how the heck did you do it what were your best tactics or methods any financial advice for newlyweds is welcome no matter how big or small as

We start our new adventure in life together i plan to listen to any and all marriage advice from family and friends of course irl this next week and i am hoping for some fun friendly financial advice from you via youtube i do read every comment i try to reply to most and i have definitely learned a ton from viewers over the years and actually just last night we

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Were talking about what to do with our finances over dinner and obviously we still don’t really know i think we’ll keep everything status quo through the end of the year to keep it simple but come january 2022 we want to make our financial moves together assuming we land on a direction and eventually i will let you know what we landed on in a follow-up video i did

Mention the one recent regret and i’ll share that now it has to do with the wedding but probably not what you might expect you’re probably expecting i’m going to say that we went over budget and yes we did buy a decent amount they say whatever you think you’re going to spend on a wedding double it now we didn’t quite get that far over budget but yeah almost now

I don’t want to regret overspending but looking back ultimately we agreed we don’t want to regret not spending money to make it perfect for example we almost skipped a videographer and we definitely would have regretted that our one regret actually has to do with how we organize our savings and payments for shared wedding expenses after getting engaged we got a

Little overzealous and we went straight to our credit union that we both used separately and opened a shared savings account now the intention was right to pull savings out of the main account and put it into a shared account that was specifically earmarked for the wedding and or honeymoon in reality though it actually made it more complicated to stay organized

It started with what i just said for the wedding and or honeymoon we were blindly saving for both and constantly spending towards both it was hard to keep track of what was wedding and what was honeymoon so it required a separate spreadsheet and several tabs it was hard to keep track of also who put in what now looking back we should have split up who was going to

Cover what and documented that on a google sheet as we went the new savings account just caused that extra step of shuffling money in and out of the account and actually made it harder to track it was good in theory but confusing and over complicated in practice that account fiasco okay it wasn’t a fiasco but it was a complication made us really wonder how are we

Going to manage our money after these two huge life events are behind us and that’s where i’m hoping you come in and come through with some friendly fun advice today i fully see the benefit of combining everything but i also now understand the argument for keeping things separate which is actually what we’re currently used to now in terms of our current situation

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And views i have super ambitious financial goals like reaching fire in the next 10 to 12 years she’s totally happy working a nine to five for the foreseeable future so she doesn’t get bored day-to-day but is equally responsible with money overall we still rent here in seattle which is something we tried to change but failed at buying this year home ownership and

Kids though are definitely a part of our future at some point our only current debts are those pesky student loans we’re in good shape overall but we genuinely don’t know if we want to combine or even how to combine effectively and what else might need to change what we’re also considering is something i’ve talked about before which is the starve and stack method

In fact i made this whole video about it that you should check out for more on that but essentially it’s living off of one person’s salary and saving and investing 100 of the other ideally we’d live off the lower of the two but that’s going to be very difficult to start i’m guessing in year one we live off the higher and invest the other but again how we organize

The income we save and invest is where i could use some suggestions another thing i know we’ll continue to do is our monthly or bi-monthly money parties basically it’s a glorified happy hour meeting at home we make fun drinks we try to focus on a financial theme obviously they’ve been all wedding and honeymoon lately it’s an hour to max and it’s positive fun and

Super productive seriously just calling it a money party is game changing and i actually have a one sheeter that you can download to get you started with your first meeting i mean party that i’ll link below the truth is i started four or five other videos to post today but as you can imagine i found it hard to find the focus to deliver something meaningful that

I’m super proud of today so on a run this morning i came up with this idea to just ask for some advice but my other main goal today is simply to express gratitude and say thank you especially for those of you that have watched the last year or two and especially for those of you that have left comments liked videos and spread some positivity my way youtube has been

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This steady fulfilling calm creative force in my life i can count on to channel my energy and keep me balanced among the chaos of planning a wedding during a pandemic every view like subscribe and comment has kept me motivated and positive so i genuinely want to thank you this channel gets me out of bed in the morning and keeps me in a good mood into the evening

I love sharing wins with my so and i’m blessed that she enjoys talking about it and seeing the growth and cheering me on i’m lucky in so many ways so really that’s what i wanted to share and express today more than anything i hope you excuse my asking for a suggestions and not teaching video today but again i hope the answer you came here looking for is in the

Comments from someone else to each their own but together we can make life a lot easier for one another by sharing and offering tips advice and stories i do have a very special video i’m putting out next you don’t want to miss i made it many months ago but i’ve been waiting for the exact right moment to post it and that moment is nearly here subscribe to be in the

Know about that one like if you appreciate my honesty and vulnerability today i guess asking for some advice instead of giving it i look forward to reading every comment on this one probably two or three times and i’m gonna do another thing different and leave you with a minute or so of relaxing music because this is typically when i start writing my comments on

Videos and i get really stressed out that the next video is going to autoplay and my comments won’t get posted my name is frankie her name is claire i’m off to marry her my best friend in just a few days it’s surreal that it’s finally here but i’ll see you on the other side the brighter side the best part of lifeside thanks now go tell your partner you love them

And give them a big ol sloppy kiss that’s gross just a simple hug we’ll do see ya so do do you

Transcribed from video
How To Manage Money As A Married Couple (for financial independence) By The Money Resolution