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Marriage: Merging Finances, Not Just Hearts.

Taylor Wikowsky

Posted on March 6, 2019 11:17

2 users

This piece deals with the struggles of merging finances within a new found marriage.

Marriage is a time of bliss. The two individuals entering into this bond, hopefully, are happy and excited to merge their lives together. Many individuals entering marriage discuss moving in together, core values, how many children they want to have, which religion they follow. Often times, the "What will we do about our bank accounts?" conversation isn't even thought of. 

Due to this common lack of communication, the realization involving the difficulties of paying bills together can come as quite a shock to some couples. Traditionally, it is preferred that a married couple live off of "their" money. This usually involves splitting one account between the two of them. All of the bills come out of this account, as well as anything that each partner spends throughout the week. How practical is this though? 

When two individuals spend from the same account, things can get messy. Set aside the fact that you are taking on someone else's expenses in addition to your own, you now wake up thinking there is X amount of money in the bank account and go to bed after finding out that you now have Y amount of money in the bank account. This can lead to overdrafts and a surplus of fees to go along with them. Bills can go unpaid and, if ignored, property begins to get repossessed. 

With all of this piling up, it is no wonder that money is one of the leading causes of arguments, and later divorce, in new marriages. So, how does one face this head on and keep it from being a problem later on down the road? The answer is more simple than it seems. Good communication can save your financial life, and in some cases your marriage. 

When individuals sit down with their future partner, they should always think to include the financial discussion. It will matter, greatly, to both partners down the road. Discuss the possibilities and their outcomes. Joint banking is certainly an option for those who are confident in their ability to keep up with the money. Other solutions include starting a joint "bill" account and each partner putting money for the bills into that respective account. Of course, for those who want to keep their finances separate, simply keeping your own bills and your partner keeping their bills, thus keeping separate bank accounts, is a viable option. 

Though this is a problem which should be addressed by all couples, the solution is going to be different for everyone. It is undeniable that marriage is a merging of hearts. Though newlyweds are excited to start the newest chapter in their life together, the merging of finances is something that should also be addressed early on and in a proactive manner. It could, later in their journey, save their marriage and/or their financial standing as a couple. 

Taylor Wikowsky

Posted on March 6, 2019 11:17

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Source: Daily Mail

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