First comes love, then comes marriage, then comes… joint checking accounts? For many couples, combining finances can seem intimidating or like a loss of freedom. Money can be an uncomfortable topic to broach, but it will play an important role in planning for the future. The sooner you and your significant other have those conversations, the easier it will be to find a system that works for both of you. Here are four tips for couples planning to combine their finances.
Approach the subject honestly.
When it comes to your spending styles or any debt you currently owe, it’s important to be open and transparent with your partner. For example, one of you might love to shop and spend, while the other may live more frugally, and this could become a point of contention later on. Communicate with one another, determine your shared goals as a family, and figure out what will work best for you. There may need to be some compromises on each side, but be honest about your current situation so there aren’t any surprises later down the road. Hidden spending and hidden debt can drive a wedge in relationships if not addressed head-on.
Create a budget.
Your budget is a valuable tool for prioritizing your spending and maximizing every dollar. Chances are, you and your spouse may eventually want to save for a new car, home, vacation or another goal. With these goals in mind, you’ll be more energized to create intention in the way you spend, and the two of you will be much more aligned. Having a budget will keep you more organized and on track toward the things you really want.
Determine boundaries with extended families.
When one spouse has a family member in constant financial stress, it’s natural to want to help. However, it is also important for both spouses to be on board when it comes to loaning out money to family members, especially if those family members may not be able to pay them back. Work with your spouse to determine your boundaries for loaning out money to loved ones, and communicate openly to avoid any conflicts later on.
Consider what will work best for you.
While some couples immediately join their finances to create transparency and contribute to shared expenses, others choose to keep their accounts separate. However, many couples may decide to implement a combination of these two methods. For those couples, it may make sense to open a joint account dedicated to household and shared expenses, while still maintaining separate accounts for extra spending money or for dealing with debts that occurred before the marriage. There is no one-size-fits-all approach when it comes to combining your finances, so it’s important to have those conversations with your partner to determine what the two of you prefer.
For more tips on financial compatibility in a relationship, check out this recent episode of the Making It Count Podcast with Addition Financial on Apple Podcasts, Google Podcasts or Spotify.
If you’re on the hunt for a new financial institution, Addition Financial is a credit union founded by educators with strong roots in Central Florida. With branches in six counties and growing, Addition Financial is part of the Presto! ATM network for added convenience, and has offered continuous service throughout the pandemic and Saturday hours at nearly all branches. Plus, you’ll earn $100 just for opening your first checking account with Addition Financial! Learn more about the perks of credit union membership here.
Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust, along with her podcast of the same name.
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