Jenny Posted November 1, 2002 Share Posted November 1, 2002 What is the best way for a newly married couple to set up their money. Is it best to have joint account or separate account? I am really good w/ paying my bills and have no outstanding debt. My new husband pays bills late and carrys balences on credit cards. What is a successful mix for people. Thanks. Link to post Share on other sites
Tony T Posted November 1, 2002 Share Posted November 1, 2002 Money and the handling of it is one of the most critical parts of a marriage and an area that plays way up there in the causes for marital discord. When you get married, you are basically starting a business...a loving business...where the lives of two people are joined as one as the Mr. and Mrs. Bride and Groom Corporation. That corporation has to run smoothly and jointly lest it go bankrupt. First, people have no business marrying people who can't handle their money. A marriage between a person who is very good with budgets and money matters and a person who freely spends and has debt problems is a time bomb that can go off at any minute. I urge you and your husband to work hard and concentrate on this area. Someone who cannot postpone gratification is going to strongly resist being put on a budget and being made to live within his means. You've got a job cut out for you. Now, back to the Mr. and Mrs. Corporation. If you are going to have a true marriage, your major monies and debts have to be joint and you both have to work together in unison to build a secure future. If you are going to have your own chips...and he's going to have his, you will NOT be married in one of the most critical areas of the union. Work together to formulate a budget. Build a strategy for your husband to get out of debt and control his spending. Help him in whatever way you can. Perhaps you should be in charge of paying all the bills in the family and keeping tabs on savings. Meet at least once a week for a short while to discuss your money situation. Most people would rather run naked down Main Street than discuss or disclose their finances but now that you're married, both of you have got to come clean and cooperate with each other on this. If you're even thinking about living separate financial lives then you just as well not be together. Marriages that last the longest have a strong base of love and financial stability and there's just no way of getting around that. A marriage where there are financial problems and stress can be hell. Get this problem solved NOW so at least you'll have a fighting chance of staying together and having a fulfilling marriage. Link to post Share on other sites
Ally Boo Posted November 2, 2002 Share Posted November 2, 2002 Just discuss it with him, how your forte is paying bills, and tell him you'd really like to do that. He should have no problem with it. When I was married, we had a joint checking account, and both of our checks were automatically deposited in them. And if he needed money, he'd ask me how much was avilable, and we'd discuss getting some out. You can't TOTALLY control the money...it's his too, but as far as keeping up with him, he'd probably rest easier knowing you were doing it. Link to post Share on other sites
quankanne Posted November 4, 2002 Share Posted November 4, 2002 have worked the best with my husband and I, esp. when he was working jobs that took him all over the country. He'd chip in for the bills, but otherwise, he had access to money when he needed it, and I wouldn't have problems balancing my checkbook. Link to post Share on other sites
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