Consolidating finances when marrying

Figuring out the best way to manage your money as a couple takes a lot of discussion, and some trial and error.

And as your relationship grows and changes, the way you handle money will grow and change too.

The idea is that this money can be spent guilt free, without needing to consult the other person.

It’s kind of like the adult version of an allowance.

Set up paychecks so they are directly deposited into the joint checking account and set up automatic withdrawals to your savings account.

Why it works: If a couple is on the same page with how to spend and manage money, this option makes it really easy to work toward shared financial goals.

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How to do it: It’s best to sit down and draw up a plan to consolidate accounts—rather than add another person to all of your open accounts.

If you are each paid a similar amount and have similar lifestyle tastes, you may want to consider each contributing the same amount to the joint account.

If one person earns significantly more or prefers to live a slightly more lavish lifestyle, you may want to consider contributing different percentages, rather than splitting the cost of the shared expenses 50/50.

What it looks like: The couple combines all accounts (checking and savings) but each person keeps one account separate.

Each month a set amount of money is transferred from their joint checking account into the separate personal checking accounts.

Consolidating finances when marrying