How Should Newlyweds Handle Finances?
(FinancialHealth.net) – Wedding season is right around the corner. Maybe you’ve just married, or maybe your ceremony is coming up quickly. One thing is certain. As life settles back into a normal routine, finances will become a focus. One question you’ll need to cover is whether you and your spouse should get joint accounts.
Well, the answer to that question isn’t one-size-fits-all.
Times are changing, and so is post-nuptial banking. Once upon a time, adding your spouse to all of your financial accounts was common practice, and that’s perfectly fine. If you want to add your husband or wife to your account, it’s an easy way to keep things simple.
Both of you have access to the accounts and you spend all the money jointly. That’s an easy way to see what the other person is doing or paying. Just make sure you communicate with one another to avoid issues like overdraft fees.
Separate but Still a Team
If you’d rather not have a joint account, talk to your spouse. Together, you can decide who pays what portion of the family’s expenses.
For example, my husband and I have separate bank accounts. We both own businesses, and it’s just easier that way. I pay for our car payment, utilities and groceries. He pays for our mortgage, car insurance and the extra expenses associated with our kids. When we go out, we take turns paying. If one of us is ever short, the other takes care of it.
Together and Apart
Finally, the two of you can have both joint and separate accounts. In this case, you’d figure out an amount that you’d both put in your joint account. Then you’d use that account for all your expenses, and maybe a portion of it would go to savings. As for your separate accounts, you’d be free to spend them as you wish.
There’s no wrong way to bank with your spouse as long as you both approach it respectfully. So sit down and have a conversation, then decide what’s best for your family together.
~Here’s to Your Financial Health!
Copyright 2020, FinancialHealth.net