Your browser is out of date and not supported. We recommend you update your browser for a better online banking experience. Learn More
5 Tips for Marriage and Money Management

From Citi Personal Wealth Management

Whether you have been married for decades, or are still celebrating anniversaries in the single digits, it's important to stay financially in "tune" with your partner. Consider these five money management tips to help you create financial fidelity in your relationship:

  1. Common vision and goals – You both need to be on the same page about the "big" things like your house, the kids' education, major purchases and retirement—and then translate that shared financial vision into a budget, regardless of whether you have merged all your money or not.
  2. Clear roles and responsibilities – You need to have absolute clarity on what each of you will contribute financially to the household and who will be responsible for what chores, from paying the bills to monitoring investments to dealing with the taxes.
  3. Open, ongoing communications – You need to make money part of the daily conversation and not just a topic when a "crisis" surfaces. Truly listen to each other's perspective and don't let emotions get the better of you. You also need to know when to back off and re-visit the topic another day.
  4. Commitment to follow through and transparency – Put all the financial facts on the table and working from one set of books: no secret spending or hidden stashes of cash. As importantly, once you come to a decision as a couple, you need to follow through and, if you have children, present a united front. No undermining each other.
  5. Compromise – Give each other some financial flexibility to spend on personal passions or "allowable luxuries," without consulting each other.

Of course, there's no guarantee that putting these tips into practice will make for a relationship free of financial pitfalls – but they may help you reduce financial friction in your relationship so that you can focus on other "important" issues -- like how to get your partner to "properly" roll up a tube of toothpaste!

 

INVESTMENT AND INSURANCE PRODUCTS: NOT INSURED BY THE FDIC • NOT INSURED BY THE FEDERAL GOVERNMENT OR ANY OTHER FEDERAL GOVERNMENT AGENCY, BY THE BANK, OR BY ANY AFFILIATE OF THE BANK • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, THE BANK OR AN AFFILIATE OF THE BANK • SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL INVESTED

The information provided here is for informational purposes only. It is not an offer to buy or sell any of the securities, insurance products, investments, or other products/services mentioned.

Citigroup Inc. and its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

These strategies do not necessarily represent the experience of other clients, nor do they indicate future performance or success. Investment results may vary. The strategies presented are not appropriate for every individual.

© Citigroup Inc. Citi Personal Wealth Management is a business of Citigroup Inc., which offers investment products through Citigroup Global Markets Inc. ("CGMI"), member SIPC. Insurance products are offered through Citigroup Life Agency LLC ("CLA"). In California, CLA does business as Citigroup Life Insurance Agency, LLC (license number 0G56746). CGMI, CLA and Citibank, N.A. are affiliated companies under the common control of Citigroup Inc. Citi and Citi with Arc Design are registered service marks of Citigroup Inc. or its affiliates. 06/15

Share Your Screen With A Phone Representative

During your call, you may be asked to share your screen for a faster, more efficient experience. If you agree, the phone representative you're speaking with will give you a Service Code to enter below.

If you need assistance from a Citi representative, contact us via chat or phone