How to Commingle Finances After a Wedding
Money Issues Don’t Have to Cause Strife
After 2020 forced so many couples to postpone their weddings, many will finally get to say I do this summer. This means these newlyweds will also be commingling their finances.
Talking about money in a relationship can be difficult. After all, money issues can cause fights and are often cited as a reason couples break up. The good news is that it doesn’t have to be that way. There are several strategies newlyweds can deploy to merge their finances and maintain marital bliss. Every couple is different, but here are a few strategies which could be helpful.
Keep It Separate
One method adopted by many newlyweds is to keep their finances completely separate. Each partner maintains their own bank account and contributes income each month for shared expenses such as a mortgage payment, subscription services, or shared groceries. This method enables both individuals to maintain financial independence. It could also make it less complicated if each partner is working toward their own financial goals like retirement or investing.
Keeping finances separate could get complicated if one person earns more than the other. This method also does not work well in single-income households. Another similar strategy could be for a couple to maintain a joint bank account for shared expenses while each having their own bank accounts to cover personal expenses.
For Love and Money
For couples who want to join everything including their finances, there is the all-in method. With this approach, the couple maintains a joint bank account and shares all expenses. This strategy enables complete transparency when it comes to transactions. It may work well in single-income households and when one spouse makes more than the other. However, that is not to say this strategy will help couples avoid all conflict. If partners have different approaches to financial decisions, both large and small, this could cause strife.
This method also makes it difficult for people to pursue individual financial goals. As with all decisions in a relationship, it’s a good idea for couples to have honest and open conversations about how they plan to handle their finances both before and after tying the knot.
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