Member Articles

5.) Should we have separate, joint, or separate and joint accounts? Once you know how many accounts you each have, how much is in them, and how much you will need to spend on monthly expenses, you'll need to decide whether to merge your accounts, keep separate accounts or agree on a combination of the two. There is no one right answer. But you need to decide what works for you as a couple, and to make sure money decisions are transparent and up-front. Stacy Rapacon gives examples of how each arrangement works for different couples in this Kiplinger.com article.

6.) Should we set and follow a monthly budget? You may find you each take a different approach to budgeting. One of you may like to establish a clear budget and stick to it, while the other may want to take a less-structured approach. Find the best approach that works for you both while keeping close watch on how much you are spending each month. 7.) How will we making buying decisions? To avoid arguments over individual purchases and to keep on track with your financial goals as a couple, it's a good idea to decide what purchase decisions should be made together and which should not. Maybe it will be a dollar cutoff ($100 or more, for example). Or maybe it will fall to household purchases. But whatever you decide, recognize that money matters are often tied up in emotional issues such as independence. So it's better to talk about the role emotions play than to shove them aside and spend individually as you please.

8.) Who will be responsible for paying bills and preparing taxes? The day-to-day nitty gritty of finances needs to be addressed. You need to talk about who will take care of the monthly bills, if you'll split them, and what accounts they will be paid from. Same goes for taxes: whether you prepare them youselves or hire an accountant (another decision), one of you needs to be on top of keeping good records.

9.) Do our work benefits overlap, and do you have insurance? These are the kinds of question that grow in importance if you own a home together or have children. But it's good to consider them early on in your relationship, too.

10.) What are our your money goals? Fact is, we need money to achieve most of our goals in life -- be it a house, travel, having children and paying for their education, and finally, retiring to a comfortable lifestyle. You may think you share the same goals, but until you ask each other, you won't know for sure. Talk it out. One of you may want to work less if and when you have young children, while the other assumes you'll both keep working full time. One of you may want to travel, while the other hopes to buy a boat. You get the idea. Talking about your goals will help you figure out how to handle your money day to day in a way that meshes with your future aims as a couple.