How to Split Finances When Married

How to Split Finances When Married

When a couple decides to get married, it represents two people coming together to share a life together. However, it doesn’t mean that they have to share everything equally. Let’s take a look at some of the different ways that couples can handle their finances after their wedding day.

Separate Accounts May Be Ideal:

These days, people are getting married at an older age. This means that they may have money in a bank account or some other separate asset that may need to be maintain. By keeping cash in a separate account, it makes it possible to protect both the cash itself as well as the asset that the money may be used to maintain. In many cases, if joint funds are used to repair or upgrade a separate property, those funds may be considered to be commingled.

How Should Couples Divide Their Joint Bills?

Typically, couples will continue to pay their own bills while contributing funds to pay joint bills. However, it isn’t always necessary for a couple to divide joint expenses in a 50/50 manner. If one spouse makes more than the other, that person may be best equipped to pay a larger share of joint debt. The spouse who makes less money may be tasked with paying for groceries or saving up cash for a weekend getaway together.

Money Should Not Equal Power:

When deciding how the household will operate financially, be sure that neither side equates money with power. In other words, the person who pays the majority of the bills shouldn’t automatically get the ability to make the majority of the decisions.

In fact, it may be a good idea to create an agreement that determines which choices are to be made jointly and which can be made solely by either party to the relationship. Ideally, the agreement will be made with the understanding that any money earned during the marriage is joint money unless otherwise stated.

Be Transparent About Your Financial Situation:

Regardless of how you choose to split your finances, be sure that you are open and honest with your partner at all times. If you have gambling debts, credit card balances or other financial issues, you should not hide them. Ideally, each party will allow the other to read their credit report at any time. By being honest about your finances, you and your spouse can work to remedy the issue or make plans to work around it.

As with anything that takes place during a marriage, determining how to split your finances takes communication and compromise. If you are ever uncomfortable about how your money is being managed in a relationship, don’t hesitate to speak out as opposed to letting the issue fester.

Edward Schinik has been with the Investment Manager since 2009 and has been with one Affiliated Investment Manager since 2005.

The Importance of Promoting Financial Literacy among Youths

The Importance of Promoting Financial Literacy among Youths

During the European Money Week programme, the Malta Bankers’ Association will hold a meeting to address the lack of financial education available for youths enrolled in public schools. As a whole, the banking community sees financial education as a necessary component for strategically improving financial literacy via hosting events, releasing publications, or creating partnerships.

Sponsored Events Taking Place During European Money Week:

Over 50 economics teachers have attended a training seminar about the new developments in the financial sector. This is one of many events from European Money Week, a holiday established by banking associations. It’s being held annually to encourage young people to participate in classroom sessions, specialized educational programmes, national competitions, and tours held at financial institutions.

When to Teach Students the Essentials of Budgeting:

Helping students from more than 30 different countries, this programme serves to promote financial literacy among youths starting at a young age. They will learn effective ways to manage their money before they enter the workforce. They will also feel empowered, knowing that they can live below their means, never having to worry about putting food on the table or affording the roof over their heads.

Benefits of Including a Financial Education in the School Curriculum:

It’s important to provide a financial education to students in a classroom setting so they can better understand how to reduce the risks of investing, avoid excessive debts, and overcome financial exclusion. Moreover, students taking finance lessons are given more opportunities to explore their careers due to the products being offered in the name of money management. Even primary and secondary schools are implementing financial literacy into their syllabi.

Likewise, the Department of Curriculum Management in home economics, the Central Bank of Malta, the Malta Stock Exchange, and the Junior Achievement Young Enterprise are all collaborating to create a diverse programme of activities geared towards students attending State, Church, and private schools. This is a step in the right direction since the number of students enrolled in these sponsored activities is increasing with each Money Week event.

How Financial Literacy Determines the Monetary Well-Being of Society:

Students aren’t the only ones who need financial training. Teachers as well, are taking half-day seminars to become familiarized with electronic payment systems, digital transactions on Apple devices, sending out invoices, wealth management, and so forth. These efforts to expand financial literacy demonstrates a collective interest in the banking community to take social responsibility for the low levels of financial literacy among the youth.

Since many customers don’t understand the information provided by banks when they purchase financial products, they need to be educated on the basics of economics first. This continues to be an issue because people struggle to plan ahead or choose loans that they can afford to pay back. A financial education is meant to raise awareness about good spending habits among children before they have to make those tough money-related decisions.


Edward Schinik has been with the Investment Manager since 2009 and has been with one Affiliated Investment Manager since 2005.