You and your new spouse have just celebrated what will be one of the most special days of your lives – your wedding. You return home together after the celebration and walk in the door to find a not-so-romantic surprise awaiting you – your first bill as a married couple. Now what?
If you are a newly wedded couple seeking the ideal balance between “yours”, “mine” and “ours”, this article will be a great resource and guide to framing and having those conversations.
Consciously making the time and effort to communicate about finances with each other will be one of the most influential actions affecting your overall experience discussing finances. The conversations must be ongoing as your goals and financial situation change. It’s important to acknowledge that no decisions are set in stone and you can always adjust if something isn’t working for one of you. It will take many conversations for you to find the financial communication cadence that works best and you will likely tweak your approach over time.
My wife, Krystie, and I sit down together once a quarter to review our finances. These conversations are focused on both the numbers and how we feel our current structure is working for us.
What is your ideal balance between “yours”, “mine” and “ours”?
When we first combined our finances, Krystie and I directed a percentage of our take-home pay to our individual checking accounts to maintain some independence. As we both became more comfortable, that percentage shrunk over time. We now direct all take-home pay to our joint checking account, which we find easier from an administrative and tracking perspective.
Research cited in this WSJ article suggests there is a correlation between combining accounts and reported happiness in relationships. There are also administrative benefits of combining accounts and simplifying your financial situation.
Marriage presents a new reason to do some financial housekeeping and ensure your situation and documents in place are reflective of your wishes.
While marriage prompts conversations related to merging finances, you certainly don’t need to wait until after the wedding to begin having these chats with your significant other. There’s no time like the present.
Should you or a loved one have any questions about your evolving financial situation, please do not hesitate to contact a Modera advisor. It is our pleasure to help.
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