Determine Whether You Will Have a Joint Account or Separated Accounts
The first thing to decide is whether or not you plan on pooling your money together. You may also want to consider having one joint account to which you both contribute and then separate accounts for personal money. There are pros and cons to both options, but you need to decide together which option is going to work best for you and your lifestyle.
Decide if You Want to Manage Your Money From Multiple Accounts
If you decide to have joint accounts, you may want to determine whether or not you want to maintain multiple accounts to keep necessary bills and payment money separate from spending money. This can be a good option for those couples where one or both of the pair tend to be avid shoppers.
By making sure the billing account is full and all your money budgeted for the month and savings are satisfied, you can then have a separate account for the overflow that you can make purchases with. This can keep you from running into cash flow problems at the end of the month, and save yourself from arguments in the future.
Discuss Who Will Be Responsible for Money Management
You will also want to consider how financial decisions are made, who will handle the money, and how the bills will be paid. You can designate one person who makes sure that everything gets paid and stays on track, or if you prefer you can make these as joint decisions.
If you decide to manage your money jointly, you will want to set up the plan for how you will be able to do that. Try setting up a day of the week that you can sit down together and pay the bills and maybe another meeting once every couple of months to discuss savings and budget goals. To make sure money doesn't become a defining point in your marriage, it is best to schedule times to do this, instead of discussing them on a day to day basis. This will keep you from getting stressed or overwhelmed by having these conversations in pieces.
Determine How You Will Be Able to Access the Accounts
When deciding what types of accounts you will use, you will also need to decide how you will be able to access the funds within each account. This might mean having debit cards for spending accounts, but possibly only checks for the expense or bill paying accounts. Another option for savings accounts is to make it so that you must withdrawal your money from the bank so that you make sure you're only spending your money on planned purchases, rather than on those impulse buys.
It is important to remember that while it is vital to determine how you will manage your money as a couple, there is no right or wrong way to manage your finances after your marriage. It is up to you to decide what will work best for your goals and financial situation.
If you are interested in finding out more about how to manage your money after your wedding or would like information on how to save for the future, contact the financial specialists at Rocky Mountain Credit Union today.
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