How to Manage Finances after Marriage: Ask IMBB

Ask IMBB Gang

Nikki asks:

I am going to be married soon and have a question on personal financing. Most of the modern Indian women these days have jobs before getting married and otherwise too most women have their own bank accounts before getting married. I am curious as to how the ladies managed their accounts after getting married. Did it make sense merging the accounts of both the husband/wife and using one single account or using their own individual accounts for expenditure? Is there any other way that you found effective to manage your finances as a couple?

Thanks a lot,



20 thoughts on “How to Manage Finances after Marriage: Ask IMBB

  1. Congratulations on your upcoming special day. I think finances between couples might be based on many factors such as their own individual personalities for e.g there might be no one single method to it but personally I think its best to have your own individual accounts and perhaps a third account (joint) where both of you transfer a certain amount of money every month to (typically 20% I have heard), so basically what this does is it gives you the freedom to spend what you have in your Account (perhaps even save some of it if your eyes are set on something you want to buy) plus at the same time since you have transferred some money to the joint account you have a definite source which you can use for things for purchases around the house, children’s education, etc which both of you might have to make decisions together..

    hope this helps..

      1. I also complete agree with Aru and this is what we do..But don’t get me wrong…you should always have a secret accn and whatever minimum amount you can you should save it that and never disclose it to ur hubby…thats shtri dhan..and if sometime u’ll are in a monetary crunch that this will come as rescue

  2. HI Nikki,
    1st of all congratulations on ur wedding. I have been workin from before my marriage a couple of years ago. I was told very specifically by my senior lady colleagues and my cousins to not give away all your salary to ur husband. Instead take time in assessing the situation in ur in-laws’ place or if U live separately well and good. Don’t think I am scaring u away but take a decision according to the situation rather. I never gave my salary to anyone unless asked for. U have every right to save your income. But if U r going for a love marriage, u would obviously be knowing the person in and out. I had an arranged marriage. So I did as was suggested to me by my seniors. It did help me actually.

    1. Thanks Chitra! It is definitely important to keep our own financial security in mind in the situation of worst case scenario. You have very wise people advising you.

  3. I’m with Aru. Have separate accounts for each of you as well as a joint account. Both of you can put in a fixed percentage of your salary into the joint account each month and use it for your common expenses like household expenses, vehicle expenses, children etc. In case you guys are saving for a joint goal like a vacation or buying a house, it’s better to have another joint saving account for that. Also have a contingency fund in case something happens to any one of your jobs. Your personal account should be yours alone – for investing, splurging or saving. Having that account will give you a lot of peace of mind and having these matters settled at the beginning of your marriage itself will save both of you a lot of stress later on. You are very wise to think of this now, Nikki. Wish you both a wonderful life together 🙂

  4. I agree with Aru and Fab.I too have a separate salary account,and a joint account with my hubby.We save money in joint account together.I wish u for a happy married life soon.

  5. I appreciate that you think of it well before marriage, the one thing i failed to do it, and suffered a lot after that.. Please do follow of what Aru has mentioned 🙂 All the very best for you:)

  6. First of all congratulations Nikki 🙂
    I am also very much inline with Aru’s idea.
    me and my husband have our own salary accounts and then we have a joint account too.
    Though we do not do the 20% contribution in joint account thing yet. but when even any of us has a lump sum unused amount in our salary account then we transfer it to the joint account and do a FD or something of that.

    our own credit card phone bills we pay from our respective accounts but we always know how much is the bill etc other one is supposed to pay. its not that we ask each other but we mostly share these details out of our own will.

    I feel in today’s time when guys and girls are equally educated and capable of take care of financial issues, leaving all financial decision to one is not the best way.

    However this sharing thing will grow with time. however if you guys have any goal to achieve in near future (buying home/ car etc) then sharing the information of financial conditions and planning accordingly will help you more.

    I hope I am clear…. *specs* and congratulations to you again 🙂

  7. First of all congragulation gal….
    According to me it all depends on how comfortable you are with each other….
    I and my husband have different account of ours…
    we constantly talk about the things we want to do and money to achieve that …..we save the money together and I infact manage my hubbys saving …………;)
    But my advice u to u is having ur own individual account is must for you …n there is a reason why u r working one aspect of that is to become independat…as many gals here suggested u should have lil bit of your own money for your own sake 🙂

    all the best…Im sure u will manage well 😉

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