Financially Married After: Merging Finances

Filed in Rahel , THE BABBIES 2 comments

This is the first in a series about money and marriage.

When getting married and combining your lives, some things are easy…


“Umm honey, let’s not go with your artwork.”

And some thing, well, not so easy…

“You want me to give you MY on-line banking password?!?!”

Figuring out how you will handle your finances once you say I do may end up being just as hard if not harder than pickingĀ  your wedding colors, or what kind of flowers you’ll have, but it’s probably one of the most important decisions you’ll make. Money merging and future maintance is the one thing you cannot avoid discussing before getting married. Take a guess, what’s the number one reason why married couples divorce? Yep, it’s all about the Benjamins baby!

Here are a few tips to get the dialogue going.

  • Come to the table with a copy of your credit report from the three credit agencies, (Experian, Equifax and TransUnion) make a list of your combined debt and note where there are trouble spots so there are no surprises going forward. Remember, once you say I do, you are responsible for his debts as he is for yours.
  • Make a budget of your future expenses (if you don’t live together) and figure out who will pay what? Every couple is different. Some split it down the middle 50/50, some have one pay all of the bills and the other save their check. Find what works for you and commit to a budget and paying system.
  • Talk about where your income will go. Will you keep your own accounts, merge everything into one, or just add each other’s name to all accounts. Many couples on this forum have separate checking and savings accounts. We tried that for a few months and found that it really was easier for us to merge our finances (that whole two become one theory works-lol). We use one primary shared checking account for our expenses, and have shared savings/retirement/insurance accounts.
  • Set goals for your financial future. Agree on a set of short term and long term goals that you both want to meet. Short term goals may include money to celebrate an anniversary or upgrade a vehicle. Long term goals may include money for a down payment on a home, and money for retirement.
  • Figure out spending allowances per month for personal purchaces. Maybe, it’s $250 a month, or maybe it’s an undefined amount with a discussion with your partner on what will be purchased.
Posted by sweetpy   @   10 June 2009 2 comments
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Jun 10, 2009
1:04 PM
#1 Kym :

Great topic & advice!

Jun 15, 2009
12:44 AM
#2 Tangy :

Very good post Rah!

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