What was the first thing on your list as a newly married couple? You know, besides changing your name and opening all your gifts?
After all the fun stuff, my hubby and I got down to business. We set off to the bank with new IDs in tow and combined our checking accounts. This was just something we knew we were going to do. It came easy to us; our parents did it – we planned to do the same!
But interestingly enough, this isn’t something that every couple chooses to do! There’s not a right or wrong answer here, but it is imporant to ask the question. How will you manage your finances as a newly married couple? The common wedding vows include the words “for richer or for poorer”, but how often are those vows kept? More couples divorce because of sex and money than for any other reason. Talking about and being honest about money, money management, spending, saving, retirement, etc, etc, is so important to a new marriage.
Love? Money?
Some couples choose to maintain their own separate accounts for their own interests and needs and open a joint account for shared expenses. Some couples keep separate accounts – period.
On a personal note, as our two year anniversary approaches in October this year, my hubby and I have really had to put that ‘for richer or for poorer’ vow to the test. With the economy the way it is now it’s been difficult for my hubby to find a job. Thankfully we had talked about setting up joint savings accounts and sharing our money. I can’t imagine what we’d be doing now if we hadn’t.
Regardless of what you and your new hubby choose to do – talk about it. Understand each other’s financial habits before you make a decision – but remember; pay yourselves first. Always save a little bit of cash for those date nights together.
I have friends that do it both ways…….I have also seen couples that after marriage combine their funds and end up getting divorced over it. We have always combined our funds and honestly it’s never been an issue with us. I guess it’s a personal decision and whatever works for you as a couple. I think though that there is usually one person that is more of the “keeper of the money” if you will. Someone that reconciles the bank statement and always has a better idea of what the bills are and how much money there is. In our relationship that would be me, but it works for us!!