Page 127 - Wedding Essentials & Essential Groom Issue 7

JOINT
ACCOUNTS
WHEN TWO ACCOUNTS BECOME ONE
HONESTY,
As a couple, sit down and be honest with one another about your nancial histo- ry. Be transparent about anything that
could a ect your nancial future such as your credit rating and debts.
DAILY SPENDING HABITS
A lot of people do not really have a rm handle
on their partner’s daily spending habits until a er they merge their nances. It is bene cial for you as
a couple to be completely transparent about your daily and monthly budgets. You might think it is good to eat out for lunch during the day while your partner may take a ready made lunch to the o ce to save where possible. Being honest about these things means there won’t be surprises later when your rent and loan payments are due.
JOINT ACCOUNT
Many couples prefer to open a joint bank account when they get engaged. Each partner puts an agreed amount of money into the account and these funds are used to cover expenses like rent, utilities and loans. Ensure that there is a set monthly budget so you can stay on track. Maintain open communication about what you are spending money on.
EMERGENCY FUNDS
For the unexpected expenses that may occur, a good idea is to put aside some funds every month into an emergency fund which gives you the peace of mind that you can handle any adversity which could dis- rupt your nances.
Maintaining an honest and clear communication regarding nances is one of the most important ways to avoid future nancial issues and the stresses that go along with them.
127 | Wedding Essentials