5 Tips on Merging Finances with Your Spouse

If you’re recently married, at some point you’ll be faced with a big decision: how to merge finances. (And if you’ve been married for a couple of years, but you’re finally deciding to merge finances with your spouse, this article is for you, too.) Sheiresa Ngo of Black Enterprise share five tips that will help you and your spouse work in perfect financial harmony.

Have regular meetings. 

Don’t remain in the dark about your individual and household finances. Regularly meet to discuss savings goals, big purchases, and your overall progress. Write down your short-, mid-, and long-term financial goals. Make sure that you hold meetings at a time when you’re both relaxed and ready to talk.

Share your financial history. 

Be open about your financial track record. Share information such as any financial snags, your salary, where you currently bank, and how much you have in your bank accounts. Honesty is the best policy. Don’t lie about extra money or secretly open up a new bank account to hide money or large purchases you didn’t discuss as a couple. This is sure to cause strife between the two of you.

Draft a plan. 

Once you’ve had a few meetings and worked out the kinks, work on drafting a financial plan. This plan should include a household budget.

Agree on where you’ll bank. 

Take time to research the best banks for your needs. The bank where you currently do business might have worked for you individually, but (continue reading Merging Finances with Your Spouse by Sheiresa Ngo)