Excitement will build as you await your upcoming nuptials, let us start by saying congratulations to you both.
While we know that you can’t wait until you say I do, we also know that you’re probably deliberating over the tricky question, “how to combine your money as a couple”.
Every couple approaches this differently and there is no right answer.
Below we have listed three common approaches to help you decide:
Some couples like to go “all in”, pooling all their income and spending from the one joint account. Everything you both earn is collectively viewed as “ours”. You also treat debts in the same way regardless of whose name is on the loan. For example, if one of you has a car loan and the other is still paying off a student loan, both burdens are shared. Couples who choose this approach like the benefit of having fewer accounts to track.
Some couples feel that equal contributions are a fairer arrangement, while others think it amplifies income disparities. It really depends on the personal choices of the couple and whether they are happy in their decisions.
This approach is tricky because it would be hard to decide on who should pay what bill. Nevertheless, some couples are happy to do this.
Under this approach, you both still maintain individual accounts and you might get one partner to pay the likes of your Mortgage and the other may pay all the utility bills.
Every strategy has some benefits and some drawbacks, you need to be happy with your decision. Discuss all three options with your spouse and find the approach that feels right for you as a couple. You will have a lot of financial stresses to deal with before and after you get married. Therefore, if you require any assistance with your Mortgage Application, Financial Planning, Life Cover etc. Murray & Spelman (Financial Services) Ltd would be happy to help you.
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