Experienced a pay cut? Here’s what to do next:
- Discuss a plan with family members
- Adjust your budget or create a new one
- Trim non-essential expenses
Money can be a sensitive subject for couples, but it’s one that should be addressed. As your relationship grows more serious, you may begin wondering how you’ll combine your finances and whether you should share a checking account?
Should you have one account for everything or keep a joint account just for shared expenses such as rent and utilities? Maybe you prefer two accounts – one for major expenses and the other for discretionary spending? While you may not find easy answers, here are a few guidelines that may help you make the best decision.
Evaluate the advantages and disadvantages of combining your finances together in one checking account. Then decide whether or not combining finances is right for you.
Money can be a sensitive subject for couples, but it’s one that should be addressed.
One of the biggest challenges will be deciding who is in charge of the joint account. While both of you may monitor it, you may want to decide who will balance the account and ensure that bills are paid. The other option is to set up a day of the week that both of you sit down to balance the account. Together, you should decide how to spend your hard-earned money and agree on what you can afford and what you can’t. This is where open communication about finances in the relationship can save a lot of headaches.
It’s important to keep in mind your larger financial goals as a couple. Are you planning a vacation to Europe? Saving up for a wedding? Are you saving for a nice retirement? These are all financial goals you can work towards together.
If you are ready to combine finances into a joint checking account, consider these tips for making money management for two easier.
One person’s style of money management may not work for another. Just make sure you talk through the issue and reach an agreement both of you will be happy with, regardless of whether or not you open a joint checking account.
Experts share tips on what to do if you’ve been scammed out of money and how to protect yourself in the future.Read Article
Learn the four essential steps to creating your own financial vision board from the experts who wrote the book on it.Read Article
Thoughtful spending (and saving) is the best way to get the most benefit from your bonus.Read Article
You earned it.
Now earn more with it.
Online savings with no minimum balance.Start Saving
Discover Bank, Member FDIC
If you’re thinking of withdrawing money from your 401(k), it’s important to understand if you’re eligible, how the process works and what the potential downsides are before tapping into retirement savings.*Read Article