OCUPATIILE SI PRIVILEGIILE FEMEII INTALNIRI RELATI

How to master personal finances before getting married: Part 2 (Bank Accounts and more)

The moment you commit yourselves to one another it is usually assumed that besides sharing food and shelter, you also share money. However, it is not as simple as it sounds, especially if this is your second marriage. From providing for your children from your former spouse, clearing up existing credit card debt or a mortgage, to paying off a student loan or house loan, you’ve got a lot on your plate and the last thing you need is to merge your finances with your second spouse. To put your anxieties to rest, I’ve tried to come up with a few ways in which you can deal with the situation and learn how to manage personal finances with ease.

Decide on what kind of account you want

Should married couples opt for a single joint account or should they have a joint account, while retaining their separate accounts? Financial expert Pooja Chopra Goel has shared her thoughts on the subject. She states, “While there is no perfect answer to this, getting a joint account with spouse while retaining separate accounts can be a great idea. Each spouse can contribute a portion of their funds to this joint account on a monthly basis. The bills for household expenses can be paid from this one account. They can maintain separate accounts for their individual expenses. Finally, only you can determine what works best for you as a couple; so have a discussion with each other and make your final decision.”

Instead of having a tussle over whether or not to have a joint checking account or maintaining your separate accounts after you get married, it is best that you discuss the matter before you get married. The first step is to understand your spending patterns and view your options.

Option 1: One Joint Account

This is an option that I recommend as I believe that when two become one, your bank accounts merge as well. What are the benefits of a joint account? For starters, when couples put their earnings into a single joint checking account, they find it an easier way to handle payments. If the two of you are comfortable with a single account, then go for it. You’re not only sharing each other’s money, but also proving to one another your trust in the other. However, if one of you in deep debt or is terrible at keeping a check on cheques that you issue or ATM withdrawals, most people would suggest that this is probably NOT the best option for you and your spouse. Don’t be bogged down with questions like “How to open up a joint account?” or “How can I take my name off a joint account?” or “If my wife leaves me should I close our joint account?” or “Can you add another name on to your bank account as joint”?  or “How do I remove