Building a Strong Financial Future: Combining Your Income When You Get Married

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Two Become One

When you get married, you have decided on that one person that you want to spend the rest of your life with. Your spouse is who you will share a space with, as you slowly make a house a home.

He will be there for you through the good and the bad. Your husband is your emotional support, the person who knows you and loves you more than anyone else. No matter what you are going through, you have him to lean on.

When you get married, two people become one. You decide that he is the person that you cannot live without. You will spend each day with him, for the rest of your life.

So it only makes sense that you will have a combined income and share your bank accounts and finances. This is a big step towards building a strong and secure future together.

If you are still wary about combining finances, we can help with a few talking points you can communicate to your spouse. This will help you put your mind at ease and plan for the future as a married couple.

Set shared financial goals:

Before you combine your finances, it's important to clearly understand your shared financial goals. This could include things like saving for a down payment on a home, paying off debt, or building an emergency fund. Having shared goals can help you stay focused and motivated as you work towards your financial future together.

If you are unsure of where to start, a great resource for beginning to save for the future or to pay off debt is Dave Ramsey. He offers simple and direct goal setting that will help you begin to remove debt and build solid savings. Check out his book The Total Money Makeover to learn more.

Plan a budget:

Creating a budget is a critical step in combining your incomes, as it helps you understand your joint spending and saving patterns. A budget can also help you identify areas where you can cut back on expenses and allocate your resources more effectively. Budgeting early on in a marriage can set your relationship up for success.

*Remember to talk about money and goals often, to avoid letting it create stress and havoc in your relationship.

Decide on a Joint Account:

If you are still unsure about completely combining accounts, an excellent place to start is by deciding on a joint account. This could be for shared expenses, such as bills, groceries, and rent. This can simplify the process of managing your finances and make it easier for both partners to contribute.

After you begin to understand one another’s spending habits, you can move into a fully combined account. You have established that you trust and rely on one another, so you can feel confident moving forward with this decision.

Discuss Financial responsibilities:

It's important to discuss and agree on financial responsibilities, such as who will be responsible for paying bills, managing the budget, and making investment decisions.

Clear roles and responsibilities can help reduce confusion and ensure that you are both working towards your shared financial goals.

A great way to keep track of the budget is using a Budget Binder. This will allow you to easily keep track of how much money you are spending, and where it is being spent. It will allow you to easily plan and budget for the future.

Improves Trust & Transparency:

Transparency and trust are crucial in a marriage. Combining bank accounts with your significant other provides openness with one another in a marriage.

It will allow you and your spouse to show that you have financial responsibilities and are willing to approach them as a team. This will help each of you avoid any misunderstandings or conflicts that may arise in the future due to different spending habits.

You will begin to create a sense of unity within the marriage, as you both work toward the same goals.

Open Communication:

If you're not sure how to best combine your finances, consider seeking the advice of a financial advisor. A professional can help you understand your options and develop a financial plan that works best for you and your spouse. It can be a great way to share what goals you want to work toward and how you will get there.

Open communication in a marriage will make both of you feel more comfortable with any decisions you make. Check out this blog: Have the Hard Talks to learn more about having the tough conversations with your partner.

Plan for a Future Together:

By setting shared financial goals, creating a budget, and showing each other full commitment, you can align your finances and work toward a secure and successful future.

You share everything now—the house, cars, responsibilities, AND money. You are a team, and you can’t be on a team if you are keeping a running tally of who owes what, or who paid last.

You must decide that you are each contributing to this marriage. Whether it is as a stay-at-home parent or full-time worker. You are each doing an important job.

This marriage is a partnership. Be sure that you are treating it as such.