Page 36 - Book3E

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income. Everything can be bliss and harmony at first. But when the bills arrive, all kinds of issues can come to the surface that neither of you had even thought about. So before you tie the knot, STOP!
Get to know your potential partner well. It is, whether you like it or not, a business partnership as well as a romantic partnership. Use the dating days to learn whether your significant other is free and easy with money or whether he or she tracks every penny that’s spent. You’re not off the hook either. Make sure your partner understands you as well. The only rule for a successful bottom line is to know your limitations and your strengths and how to make them work together.
There are as many opinions about whether or not to have a joint checking as there are banks. If you think you’re ready to make the transition to a joint account, remember that everything now becomes a joint decision. “I deserve... “ now becomes “Can we afford...” or even “May I buy...” Will you feel restricted with one account because neither of you has his or her own money?
If you do decide on a joint account, the process itself is pretty simple. You will, however, need to decide who will be listed as the primary account holder. Even little things like this can cause resentment if you haven’t talked them through thoroughly. Developing money habits as a team will be one of the biggest adjustments you make. You must decide how the money for daily expenses and how the money for future goals will be handled.
There are three general scenarios a couple can consider:
• one joint account
• two personal accounts
• one joint account and two personal accounts
One joint account: Both paychecks are deposited and all bills are paid from it. This can make it easier to be budget conscious, and bank costs are kept to a minimum.
Emotions and Money