Welcome Happy Couples,
Marriage is that connective bond where two individuals become one together. With that in mind, it should also be the intent of both marriage partners to become one in their finances. Together they should discuss a financial plan for each of them to earn and save separately and together. Why both ways you may ask? Because the day we become married we are still very much ourselves as we are joint. In today’s economic climate it takes 2 partners to save even if there is only 1 person working. The goal for saving has so many possibilities, and as a couple, finances should be discussed prior to marriage as well as throughout your marriage. Setting financial goals together and adhering to financial plan is just one aspect of creating a solid foundation in your marriage.
Everyone gets married with different goals in mind. Some look forward to children, homes, cars, travel, small businesses, retirement, college, taking care of a family member…. the list goes on and on. Whatever you and your spouse have in mind make sure you have a savings goal that both of you decide on together as a part of your financial plan. One should always have an individual account and a joint account for checking or savings or both. As a couple you both can decide what is necessary a joint checking or savings or having both accounts. The purpose of the joint account is to take care of joint financial matters and to save collectively even though you may also do the same separately. You should discuss an amount you want to contribute each month for your savings and add the total of your monthly household bills to decide what to save in your checking account to cover your expenses. This is just one of the many aspects of marriage and finances. Look out for my next bit of financial advice in my next article.
Tamara Miller, Licensed and Certified Accountant
Tamara Stanford & Associates