Combining Finances Made Easy

Combining Finances Made Easy

So it’s official you have tied the knot! Well first thing is first congratulations! Now that the honeymoon is over you need to get serious. Combining finances can be a complicated experience. Don’t let it be. Hopefully you and your spouse have discussed some finances prior to walking down the aisle but if not no harm no foul. Simply discuss it now.


Discuss Your Finances

Share with your spouse where you stand financially and have them do the same. As financial stress is one of the leading causes of divorce be honest and upfront with one another. Knowing where you start financially can allow you to set realistic goals. Whether your financial status is good or bad it should not matter in a marriage but it is important to be open to talk about it. Tackling your debt together and being able to discuss everything will help aide in a successful marriage. Once you are married your finances are not yours they become ours and they includes debt. Remember that when before saying I do.Make a plan and decision of either both of you sitting down and paying bills or if one of you is going to do that. Keep communication open either way. If one of your becomes the primary payer of bills let the other know the current financial status of you two so no is in the dark. Don’t be another statistic and let financial issues get in the way of why you married in the first place.


Set Goals and A Budget

Now that you have been open and honest with each other regarding each of your finances. Depending on where you stand financially as a couple. Whether you are in debt or gaining more income as a couple you start with combined finances. For all of the major expenses you will be using joint credit and that determines a lot. Credit is used for everything these days. As a couple set financial goals. Goals that should be set in place like in five years you want to be debt free or want to purchase your first home together. Set goals for when you retire,  when and what age you want to retire. Once your goals are set in place you need to create a budgeting plan to accomplish your goals. Create a budget plan and stick to it. One of the best ways is using an app on your smart device that allows you to combine both you and your spouse’s financial information all on in one convenient spot. You can even use these apps to set goals and they usually recommend things to help you achieve your goals. It is usually much easier to combine bank accounts and it makes it easier to keep track of all finances instead of having a joint account and then each separate accounts.


Combining your finances won’t be that hard. Communication is key. Communicate, stick to the plan, and when wanting to purchase any large expense let your significant other know and discuss whether or not it is a good investment.

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