Nansemond River Financial Services

Financial Planning, Investment & Insurance Planning

My Blog


Combining Your Finances When You Marry

Posted on April 11, 2017 at 12:11 PM
How separate (or intertwined) should your financial lives be?
Some spouses share everything with each other - including the smallest details of their personal finances. Other spouses decide to keep some individual financial decisions and details to themselves, and their relationship is just fine.  
Just as a marriage requires understanding, respect, and compromise, so does the financial life of a married couple. If you are marrying soon or have just married, you may be surprised (and encouraged) by the way your individual finances may and may not need to change.
If you are like most single people, you have two or three bank accounts. Besides your savings account and your checking account, you may also have a "dream account" where you park your travel money or your future down payment on a home. You can retain all three after you marry, of course - but when it comes to your expenses, you have a fundamental decision to make.
After you marry, the two of you may also find it best to have three checking accounts. Yours, mine, and ours? Essentially. A joint account can be set up specifically for household expenses, with each spouse retaining an individual checking account. Of course, each spouse might also maintain an individual savings account.
Do you want to have a joint bank account? The optimal move is to create it as soon as you marry. Some newlyweds find they need a joint bank account only after some financial trial-and-error; they would have been better off starting out married life with one.  
If you only have individual checking accounts, that forces some decisions. Who pays what bill? Should one of you pay most of the bills? If you have a shared dream (like buying a home), how will you each save for it? How will you finance or pay for major purchases?
It is certainly possible to answer these money questions without going out and creating a joint account. Some marrying couples never create one - they already have a bunch of accounts, so why add another? There can be a downside, though, to not wedding your finances together in some fashion.
Privacy is good, but secrecy can be an issue. Over time, that is what plagues some married couples. Even when one spouse's savings or investments are individually held, effects from that individual's finances may spill into the whole of the household finances. A spouse who has poor borrowing or spending habits, an addiction, a sudden major debt issue, or an entirely secret bank account may be positioning himself or herself for a money argument. The financial impact of these matters may affect both spouses, not just one.
A recent Ameriprise Financial survey of 1,500 couples found that nearly a third of them argued about money matters at least once per month. About 70% of the respondents in that survey reported making purchases without informing their spouse or partner. Seventy-three percent said that they made money decisions differently than their better half did. In households like these, a little communication could help put both spouses or partners on the same page. 1  
So above all, talk. Talk to each other about how you want to handle the bills and other recurring expenses. Discuss how you want to save for a dream. Chat about the way you want to invest and the amount of risk and debt you think you can tolerate. Combine your finances to the degree you see fit, while keeping the lines of communication ever open.
Mark McGahee may be reached at 757 539 9465 or [email protected]
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory Services offered through Securities America Advisors, Inc. Trading instructions sent via e-mail may not be honored. Please contact my office at 757-539-9465 or Securities America, Inc. at 800-747-6111 for all buy/sell orders. You should continue to rely on confirmations and statements received from the custodian(s) of your assets. The text of this communication is confidential and use by any person who is not the intended recipient is prohibited. Any person who receives this communication in error is requested to immediately destroy the text of this communication without copying or further dissemination. Your cooperation is appreciated."
1 - [9/29/16]

Categories: Financial Planning

Post a Comment


Oops, you forgot something.


The words you entered did not match the given text. Please try again.


Reply air jordan travis scott
3:42 PM on December 6, 2022 
I want to convey my gratitude for your generosity in support of individuals that require guidance on this area of interest. Your personal commitment to passing the message throughout turned out to be extraordinarily invaluable and have regularly permitted folks like me to realize their ambitions. The insightful guideline signifies so much a person like me and somewhat more to my mates. With thanks; from each one of us.
air jordan travis scott
Reply supreme clothing
3:43 PM on December 6, 2022 
I am only commenting to make you understand what a helpful encounter my cousin's child enjoyed viewing your webblog. She realized lots of details, not to mention what it is like to possess a great giving nature to get men and women easily fully grasp chosen hard to do matters. You really surpassed visitors' expectations. Thanks for churning out the essential, trusted, educational and even easy thoughts on the topic to Jane.
supreme clothing
Reply off white clothing
9:35 PM on December 7, 2022 
I together with my guys happened to be analyzing the nice thoughts on your web page then quickly got an awful suspicion I never expressed respect to the website owner for those tips. All of the guys ended up as a result stimulated to study them and have absolutely been loving them. Appreciate your really being so helpful and also for getting this form of exceptional themes millions of individuals are really desperate to understand about. My very own sincere regret for not saying thanks to you sooner.
off white clothing
Reply supreme outlet
9:36 PM on December 7, 2022 
I must show my appreciation to this writer just for bailing me out of such a incident. After checking through the internet and getting methods which were not beneficial, I figured my entire life was done. Being alive devoid of the strategies to the problems you have solved as a result of the post is a critical case, as well as those which might have negatively affected my career if I hadn't encountered your site. Your personal know-how and kindness in dealing with all areas was crucial. I don't know what I would've done if I hadn't encountered such a step like this. I am able to at this moment look ahead to my future. Thanks very much for the skilled and result oriented guide. I will not hesitate to recommend the sites to any person who would need guide on this area.
supreme outlet
Reply bape
1:42 AM on December 8, 2022 
I just wanted to type a small comment to thank you for all the superb tactics you are placing on this site. My considerable internet look up has finally been compensated with good content to write about with my companions. I would tell you that many of us readers actually are truly lucky to live in a magnificent place with very many perfect individuals with useful things. I feel extremely happy to have discovered the web site and look forward to some more awesome moments reading here. Thank you once again for all the details.
Reply bape
1:43 AM on December 8, 2022 
I am glad for commenting to make you know of the incredible encounter my princess encountered checking your web page. She discovered too many things, which included how it is like to have an ideal helping character to let many others without problems know just exactly some tortuous subject matter. You actually exceeded our expectations. I appreciate you for providing the precious, trusted, informative and as well as easy guidance on your topic to Kate.
Reply bape
1:44 AM on December 8, 2022 
I as well as my guys have been reading the best things located on your web blog and immediately developed a horrible suspicion I never thanked the blog owner for those techniques. Those young boys are actually certainly stimulated to learn them and have in effect undoubtedly been taking advantage of them. Appreciation for genuinely very thoughtful as well as for having these kinds of marvelous areas millions of individuals are really eager to discover. Our own sincere regret for not saying thanks to you sooner.
Reply supreme clothing
4:39 AM on December 9, 2022 
I enjoy you because of every one of your efforts on this blog. Debby takes pleasure in setting aside time for research and it's really simple to grasp why. A lot of people notice all of the powerful mode you deliver practical tips and tricks on this blog and as well invigorate participation from people on that area then our own princess is actually becoming educated a lot of things. Take pleasure in the rest of the year. You are always performing a really good job.
supreme clothing
Reply chrome hearts online store
4:40 AM on December 9, 2022 
I have to express appreciation to this writer just for rescuing me from such a predicament. Because of surfing around throughout the online world and seeing advice which are not beneficial, I assumed my entire life was over. Existing devoid of the answers to the issues you've solved as a result of your short post is a crucial case, and ones which could have in a negative way affected my entire career if I had not noticed your web site. Your good natural talent and kindness in controlling the whole thing was crucial. I'm not sure what I would've done if I hadn't come upon such a solution like this. I am able to at this time relish my future. Thanks a lot very much for the high quality and results-oriented help. I will not think twice to recommend your web sites to any individual who requires counselling on this area.
chrome hearts online store
Reply pg 1
4:41 AM on December 9, 2022 
My husband and i have been contented Chris could finish up his survey with the precious recommendations he came across through the weblog. It is now and again perplexing to just find yourself giving out thoughts which usually the rest have been selling. So we discover we have the blog owner to appreciate because of that. The specific illustrations you've made, the simple web site menu, the relationships you make it easier to create - it's got everything great, and it's really aiding our son in addition to the family consider that the matter is awesome, and that's tremendously indispensable. Thank you for everything!
pg 1
Reply curry 9
10:01 AM on December 9, 2022 
I want to show some appreciation to you just for bailing me out of this particular instance. Just after scouting through the the net and meeting techniques which are not pleasant, I was thinking my life was done. Living devoid of the strategies to the issues you've fixed as a result of your good review is a crucial case, as well as ones which could have in a wrong way affected my entire career if I hadn't noticed your site. Your good knowledge and kindness in touching all the details was very helpful. I am not sure what I would have done if I had not encountered such a thing like this. I can also at this time look forward to my future. Thanks very much for this impressive and amazing help. I won't think twice to endorse your web sites to any person who will need guidance on this situation.
curry 9
Reply goyard
10:02 AM on December 9, 2022 
I would like to convey my respect for your generosity supporting people that really want help with in this field. Your personal dedication to getting the message up and down was incredibly informative and has all the time permitted guys and women just like me to arrive at their pursuits. This important guide implies this much a person like me and additionally to my peers. Warm regards; from all of us.
Reply hermes belts
10:02 AM on December 9, 2022 
I must convey my admiration for your generosity giving support to all those that actually need guidance on the subject. Your special dedication to getting the message all-around appeared to be exceptionally insightful and has frequently empowered employees much like me to arrive at their dreams. Your own warm and friendly suggestions signifies so much to me and extremely more to my colleagues. Many thanks; from everyone of us.
hermes belts
Reply chrome hearts outlet
10:02 AM on December 9, 2022 
I simply wished to appreciate you all over again. I do not know the things I might have sorted out in the absence of these tricks shared by you about such a concern. It had become an absolute scary condition in my view, however , discovering the skilled mode you managed it made me to leap with joy. Extremely grateful for this help and thus believe you find out what a great job that you are doing training some other people through the use of a site. Most likely you haven't got to know all of us.
chrome hearts outlet
Reply golden goose sneakers
12:41 PM on December 10, 2022 
I intended to send you the little note to say thanks over again relating to the remarkable concepts you have featured on this page. This is so pretty open-handed of you to provide openly all that some people could have advertised for an ebook in making some money for themselves, principally now that you might well have tried it if you decided. These inspiring ideas also served to be the easy way to understand that other people online have the same zeal much like my own to figure out a great deal more with regard to this issue. Certainly there are thousands of more pleasurable opportunities ahead for individuals that looked over your blog post.
golden goose sneakers
Reply palm angels
12:42 PM on December 10, 2022 
I must get across my appreciation for your kind-heartedness supporting men who require help on your topic. Your special commitment to getting the solution throughout had become exceedingly invaluable and have continually made employees much like me to achieve their dreams. Your personal insightful instruction can mean a great deal a person like me and much more to my office colleagues. Best wishes; from each one of us.
palm angels
Reply hermes handbags
12:43 PM on December 10, 2022 
I actually wanted to write down a quick message to be able to express gratitude to you for the magnificent tricks you are posting at this site. My extended internet search has finally been paid with high-quality points to write about with my family and friends. I would declare that most of us readers actually are truly endowed to dwell in a useful place with so many wonderful people with useful plans. I feel extremely grateful to have come across the web pages and look forward to some more pleasurable minutes reading here. Thank you once again for everything.
hermes handbags