As I mentioned last week, I have a reader who is a newlywed and she has some questions. I am hoping that you guys can chime in, because I am (in no way an expert, and) not a newlywed.
How do you handle finances? This could be way worse, but it is still uncomfortable. We have enough money. Together, we do just fine. I can only imagine if we had to be careful - that time may come of course. I think the real issue for us is control. We have been controlling our own money for at least a decade (me) or closer to two (him) so giving up control of how we manage our money is tough. Again, I think that once we get it worked out, it will be easier. We are taking baby steps.
When we got married, we combined bank accounts and…that was it. We’ve taken turns being the “primary bread winner”, so it’s been equal over time.
We have friends who use different systems, such as:
- Keeping your finances separate, but having a joint account for items such as rent/mortgage, groceries, utilities, etc.
- Having a joint account, but each spouse having an “allowance” that they can spend without thought.
Do you guys have any finance advice/wisdom you can share? Do you have any questions that you want answered?