When it comes to managing our finances there are several of us who aren’t completely honest with our spouses when the subject arises. One of the main reasons for this is that is can often lead to a pretty heated discussion. In fact, money causes more arguments between couples than anything else does. However, money plays a huge role in all of our lives so the sooner you get yourself out of the mindset that couples and money management don’t mix the better. Below are a couple tips and tricks that can prove useful and also help to assure that you and your spouse stay on the right track when it comes to sharing your accounts and joint finances.
Start the Conversation
This one is basically a no brainer. If you never have the conversation then you will never know where you stand financially, separated or jointly. The best time to do this is before you get married, mainly because in most cases your accounts have not yet merged then. However, if that time has already come and gone then you need to sit down and begin the conversation as soon as possible. It is imperative that you discuss how you expect money to be handled and that each person has a good understanding of where you stand financially – keeping your accounts in the positive and on the up-and-up will be impossible if you both aren’t on the same page.
Create a Budget
This is especially important when you and your spouse are sharing an account. You both need to remain on the same page when it comes to what is going into and coming out of your account to assure that you don’t wind up spending more money that you’re earning. Remember to discuss your progress and any unexpected expenses that happen to pop up regularly. Making sure you’re both aware of your account status is the only way for this to work successfully.
Have Weekly Meetings
As crazy as it may sound, one of the easiest ways to stay on top of things is to set aside time every week to sit down and discuss your finances. Use this time to discuss your budget, upcoming bills, how your financial goals are coming along, and anything else that is related to money. These meetings help to serve more than one purpose – not only are you staying on top of your finances, but you are also strengthening your relationship by building up those communication skills.
There are pros and cons when it comes to merging bank accounts with your spouse. However, if you follow the above tips then combining accounts can help to simplify your finances and may even help to strengthen the trust between yourself and your spouse. Sharing an account can be even more beneficial down the road should one spouse choose to take on more household duties than the other. Having joint accounts, especially in cases where there is an inequality of income, can come in handy.
If you find yourself struggling with debt or would like to find out about becoming debt free, call Debthelper at 800-920-2262, or visit @ www.debthelper.com.