June has always been the most popular month for weddings and according to an article in the Financial Post, those newlyweds who bank together have a better chance of celebrating and anniversary ten Junes from now. In the immortal words of Rob Base and DJ E Z Rock… it takes two to make a thing go right.
“Sit down once a month and check in on your finances. It will help you check in on your life together and maintain your relationship.”, advise banking experts.
Certainly, we’ve all heard the old saying that couples fight most often over money but at the heart of the matter is not so much the money itself but rather issues of trust, respect and fear that your partner may not be on board with your personal vision of achieving security.
Indeed, keeping track of the monthly finances can help to alleviate some of the anxiety around these concerns as does a frank and honest discussion about each person’s view on money early into the relationship. As the article suggests, it’s not the most romantic discussion you’ll have in those early days, however, “understanding those motivations and creating common goals is important in achieving financial success as a couple.”
If you skipped that conversation, it’s never too late to have it. Understanding your partner’s relationship to money will help you both decide the best method to successfully handle your finances. Some couples find that having only one main account works best for them. Others have one account for household expenses along with separate personal accounts. Some couples divvy up the bills and others contribute equally to the living expenses. The right choice will depend on each person’s tolerance for debt, need for security, financial goals and overall financial goals for the future.
It’s also extremely important to remember that both individuals should establish a credit rating along with money management skills. Making this a priority will mean that both partners are prepared should something happen to the other person but it also insures that the income earned by both parties can be used on a credit or mortgage application.
Lastly, the best advice of all comes from the article entitled 5 Financial Tips For Newlyweds on the How Stuff Works website; when it comes to finances, newlyweds should practice the phrase, “Let’s talk about it.”
For more information about how to maintain your credit score – check out this post
For more ideas about money management for couples – have a look at these links: