Between picking out the perfect flowers, the perfect dress and the most delicious cake to make your wedding day one for the books, it can be easy to skip over how you and your spouse will handle your finances after the big day. It’s an age-old debate, whether or not spouses should combine bank accounts after they say “I do,” but if you decide to pool your money together, here are a few tips to do it successfully.
Start Early and Plan for the Future
You’ll thank us later! Sit down and start talking about money early on in your marriage. By establishing healthy spending and saving patterns early on, you’ll be able to be more transparent about your spending and saving, allowing you to save more for your future together.
Save the Date
And we’re not talking about the wedding! Communication and honesty are extremely important characteristics to build a strong marriage on. Pick a date every month to sit down and discuss your finances.
Stay Transparent and Set Limits
Agree to talk to each other before you make any big purchases and set spending limits. Studies show newly married couples have a tendency to purchase things beyond their economic capacity. By establishing transparency, you’ll not only start off on the right foot when it comes to saving for down the road, but you’ll avoid any unexpected financial burdens later on.
Establish an emergency bank account for you and your spouse and agree to put a certain percentage of your income into it every month. You’ll thank yourselves if you ever do run into a situation where you need cash fast.
For more advice on how to combine your bank accounts into one, visit our website today!