Whether you’re newly engaged or recently married, it’s important to sit down and figure out how you will handle your financials together.

Financially Ever After

When it comes to money and marriage, honesty and communication are crucial, and different money personalities and levels of income require unique strategies. Whether you’re newly engaged or recently married, it’s important to sit down and figure out how you will handle your financials together.

First, start by defining what your goals are as a couple. Too many couples don’t have a clear idea of where they want their money to go. “Do you both want to buy a house, plan a trip or think of kids in the future?” asks Angela Hansen, Financial Advisor for Prospera Credit Union. “When coming together as a combined household, you’ll need to merge these ideas and create a list of joint priorities that you both support and believe in. These priorities will help influence your most crucial financial decisions.”

Next, decide what works best for the both of you when it comes to combining accounts or keeping your money separate. Everyone thinks and feels differently about finances, no matter how much you earn.

“Joint finances mean something different for every couple,” says Mark LaHaie, Financial Advisor for Prospera Credit Union. “Some couples keep their money mostly separate and only share one or two bank accounts, while others combine everything—bank accounts, credit cards, investments accounts, and more. When it comes to combining finances there isn’t a right or wrong answer, it’s about finding the best solution for you and your spouse.”

Having one bank account offers a number of benefits. For example, sharing an account allows each spouse access to money when they need it. A few legal affairs are also streamlined with joint bank accounts. “In the event that one spouse passes away, the other spouse will retain access to the funds in the account, as long as it is a joint with rights of survivorship account,” says Hansen.

Finally, one of the main advantages of a joint bank account is that “there’s a smaller chance of encountering financial “surprises” when all money goes into and comes out of one account that both of you can see,” adds LaHaie.

If you don’t want to merge finances, you can choose to maintain separate accounts, which allows couples to divvy up joint expenses and enjoy total freedom over their own finances. Although having similar incomes makes this much simpler, couples with different levels of income can separate finances by assigning more expensive items like a mortgage to the higher earner and utilities to the lower earner.

The most important thing when deciding to combine finances is to be honest about your feelings from the start and always keep an open line of communication. Money is frequently the biggest strain on relationships, but working together to find solutions that work for everyone can reduce some of the stress.

For advice on the best way to handle your finances while becoming one household, talk to your Financial Advisor. Professionals such as Angela Hansen and Mark LaHaie are there to set you both up for financial success.

Just Posted

Imagination Library Fraser Valley celebrating Christmas in July

Dolly Parton early literacy intiative looking for financial support to help with waitlist

Community Camera: July 9, 2020

Submit your photos through our website

Gryfalcon missing in Agassiz

Escaped from a falcon breeding centre, last seen near McCallum Road

Offline at the Agassiz Library

Physical book check-outs are back

B.C. sees 25 new COVID-19 cases, community exposure tracked

One death, outbreaks remain in two long-term care facilities

VIDEO: Vancouver Island cat missing 18 months reunited with family

Blue the cat found at Victoria museum 17 kilometres from home

VIDEO: Alberta man rescues baby eagle believed to be drowning in East Kootenay lake

Brett Bacon was boating on a lake in Windermere when he spotted the baby eagle struggling in the water

Police nab three impaired drivers in one night in Maple Ridge

Ridge Meadows RCMP served 80 impaired driving infractions in June

Conservationists raise concerns over state of care for grizzly cubs transferred to B.C. zoo

‘Let them be assessed now before their fate is sealed,’ urges B.C. conservationist Barb Murray

B.C.’s COVID-19 job recovery led by tourism, finance minister says

Okanagan a bright spot for in-province visitor economy

National Kitten Day aka the ‘purrfect’ day to foster a new friend

July 10 marks National Kitten Day, a special day to celebrate all things kittens

Lower Mainland YouTubers claim to be Kelowna display toilet ‘poopers’

RCMP can not speak to legitimacy of video, will be investigating

Haida matriarchs occupy ancient villages as fishing lodges reopen to visitors

‘Daughters of the rivers’ say occupation follows two fishing lodges reopening without Haida consent

Most Read