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Sharing finances

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Studies show that most people get married (for the first time) in their twenties. With marriage come joining together in multiple ways.

Yes, you are now legally linked to the other person. You share a home. You may even share children or pets. You also now share finances. Sharing your finances with another person can be a scary, soemtimes challenging situation.

Even if you don't have a joint checking account or shared savings, majority of the time, they two of you are putting in money towards whatever it is you may be doing. This could vary from right down the middle, or the breadwinner paying for a higher percentage. Whatever your situation is, it is important that there is communication and honesty.

Nobody wants to work 40 plus hours for some hard-earned money for their significant other to blow it all in one shopping trip. Whether male or female, it is important that the two of you set up a budget together and stick to it.

There are so many amazing online resources for how to set up a budget (see here, here or here) that you should take advantage of to make sure that you are living within your means, especially in the economy our country is currently facing.

Not to mention all of the apps that are available for your tablet or smartphone.

So before you add your new spouse's name to your checking and savings account, talk about your finances and find some common ground that you both can work with over your now joint budget.

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