Planning your financial future together is critical. Be open with your spouse about current debts. Talk with each other about financial goals for your next ten years together. Make it specific – buying a home, starting a family? Add up your combined income anticipated over the next ten years. Be intentional about managing that revenue. The goal is for each of you to have sufficient information and feel each has input into decisions.
Three practical options:
Merge? Combine all funds into joint accounts, close old accounts, and start with a “clean slate.” Budgeting will be easier with fewer accounts and accessing the money is less complicated since both are “owners” on each account. Merge your accounts and be transparent with every dollar spent.
Keep Separate? Some choose to keep separate accounts and are willing to negotiate on who pays which bill (rent, mortgage, utilities, food, etc.). This option encourages “mine and yours” thinking.
Hybrid? Some couples open one joint account and pay bills from that account. They have to work out who contributes and how much. Those who vote for a hybrid usually have a desire to spend independently on discretionary items.
Both people need to meet the needs of their spouse and build their relationship together, evenly and faithfully.