Getting married is a big decision.
Figuring out how to handle your finances? That’s a big challenge.
Many people handle their money differently, but it’s best to figure out how to integrate finances as a couple sooner than later. In my experience, we combined our paycheques and bills into a joint account, and it turned out to be convenient and efficient.
On the Same Page
Luckily, my wife and I were in similar financial situations and shared rather thrifty views on spending. We both had student loans and a bit of commercial debt, though once we combined our finances, we found consolidating our debts after marriage much easier to tackle and eliminate. As far as spending, neither of us are big shoppers, and we never really buy on impulse. When we do want something, we spend time researching it to determine if it’s worthwhile (and to find a sale).
Spender vs. Saver
However, not all couples share financial views. Often, a “spender” and a “saver” come together in marriage. While you may not be able to change the other person’s ways, you can agree to respect each other’s views, and to create a plan. For example, you could budget a monthly amount that you are each allowed to spend freely. The spender might spend it impulsively on whatever he likes, while the saver might decide to put that amount away and save up for something really great.
Combining your finances into a joint account may be as big a step as the actual marriage itself. But you might discover – like we did – that it can simplify things and bring you even closer together.
Tom Drake is the owner and head writer behind Canadian Finance Blog and also works as a financial analyst for a major retailer. Tom and his wife Amanda welcomed their beautiful baby boy Christian in October of 2009. To read more of Tom’s posts, subscribe to Canadian Finance Blog’s RSS feed and follow @CanadianFinance on Twitter.