Couples entering into a marriage have at least two bank accounts, but as they unite to become one, does it mean your bank accounts should too? There is always some discussion over the dilemma of whether to join the accounts or to keep each account separate.
When you were single you were use to having your own money and perhaps spending it as you like. Once you become married your finances change and now you are looking at buying a new car, house and furnishings. This will obviously affect the way to spend as you need to concentrate on these other fees that were never once a thought.
First and most importantly you must decide together on a joint bank account to place the wedding gifts in. Many couple discuss this before the wedding reception. If the cheques are made out to Mr & Mrs, it will be easier to cash or deposit if you have a joint account.
Some couple choose to have one shared account to cover all house expenses and bills which is usually (and wisely) monitored and kept track by the female in the family. Look at your finances together and decide how much is required to be put away in this account to cover items like, car payments, mortgage, groceries and perhaps a vacation. Now, everything you put in should just not cover everything you take out. Don't forget about putting a little aside for savings too. You never know when a surprise may come your way and you need to reach for a few extra dollars in your piggy bank!
Two additional separate accounts can be opened that are called "fun" money accounts. Everyone needs some financial independence, right? These accounts may be for the husband who wants to purchase sporting tickets and the wife who dips in for a new pair of designer shoes. You need to put a certain percentage of both paychecks into this account every two weeks and of course do it evenly.
Many times in a relationship, there is always one that is a spender and one that is a saver. Sometimes that is a good thing as the saver will do their best to control how much money you are going through. If you are both free with your money than you really need to change the ways you do things. You may have fun for a while but eventually it will catch up with you as you notice you are getting by week to week. If you are both tight with your money then I guess that's not a bad thing either, but don't give up something important because you are too cheap to buy it. It's all a balancing act and each couples needs and wishes are different from others.
One cannot live on love alone so you want to make sure you do your best to keep your finances in order. The number one reason for fighting in a relationship is money.Do your best to make the financial aspect work out. Communicate with each other and learn that sometimes you need to give a little here and there. In the end, you are building your future together and need to look down the road and not always on the present.
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