When to Discuss Creating a Joint Savings Account With Your Future Spouse
A poll conducted by American Express found that only 43 percent of couples had a discussion about their finances before getting married. Start your marriage off right by exploring your finances before you walk down the aisle. The right time to discuss this with your partner depends on your relationship. Ideally, you should discuss finances when the relationship becomes serious. This is a subjective guideline, but once you begin to make plans for a future with your partner, it is essential to see if you have similar financial goals.
When you talk about finances with your future spouse, here are a few topics to address:
- Debt (how much and what type)
- Future money goals
- Expectations for commingling finances
Discussing a Joint Savings Account
Many couples are hesitant to merge their finances, especially if they are used to having financial autonomy. One solution is to open a joint checking and a joint savings account you can use in conjunction with your own accounts. You can use these joint accounts to fund shared goals or expenses.
For example, you may decide to take a vacation together. You can both make regular contributions to your joint savings account to meet your shared goal for your vacation fund. Or, when it is time to save for a wedding, you can keep your wedding savings in your joint savings account so both of you can contribute or access the money to pay wedding expenses.
Money-related matters are a leading source of stress for many couples. Keep financial discussions as stress-free as possible by being open with your partner about money issues. Don't hide or lie about your debt, and if you are concerned about any of your partner's financial habits, address these potential issues sooner rather than later.
No matter where you’re at financially, the key to balanced finances is saving. For a variety of resources and programs to help you get on track with your money, visit Banzai. Here, you’ll find programs to help you reduce debt, save more and achieve greater financial stability. To open a savings account with one of the top credit unions in Nevada, contact us today at 702-228-2228.