It is not uncommon for people to have problems managing their own finances but once you put two of these people together the damage that can be done multiplies exponentially. Finances change once you become a better half whether you blend your finances or not.
If you were to put your finances into the community couples pool will make for easier record keeping as well as make managing your finances simpler. This method of couples finance can also cut down on the paperwork you need to fill out when applying for a loan.
There are some low points of using this method as well. For one, you will never be quite sure just how much money you have in the bank at any given moment. This will not be such a big deal if you have a large bank balance, but if you live month to month this could cause some problems at the supermarket when you go to pay with your debit card. You do not know what your partner has been doing, he or she could have just gone shopping and that money may not be in the bank anymore.
That is why many couple are opting to keep their finances separate these days. This will give each person more freedom, or at least a feeling of more freedom. They will be free to go and spend what they want without worrying about having the money to pay for it because they will always know how much is in the bank account.
If you go this route with your partner you will need to work out an effective system for paying the bills and other shared expenses. This has been known to cause some upset now and then among couples. A good way to deal with this aspect of your finances is to create a joint third account. This account will be used only for bills and such. You and your partner should sit down and go over how much is paid out each month and then decide how much each of you should be depositing in this account each month. You can then set up most payments to be automatically withdrawn.
Credit is another subject that you need to work out with your spouse. Credit is something that you need to make wise decisions concerning. You need to remember that if you simply put your partner on your account they are not really responsible for any of the purchases that they make. If something were to happen and you were to break up your spouse can leave you holding the bag for a whole lot of money. Your credit can be destroyed.
A good option for married couples is to get a joint credit card to purchase big expensive items. At least this way if they decide to stick you with the bill they are going down to the depths of bad credit with you.
Keeping your own separate credit is probably the safest way to go if you want to make sure that your credit does not ever get hurt by divorce or by the other persons spending. If your spouse has had bad credit in the past you should definitely keep your accounts separate because their low score will affect your good one if you apply together for a credit card.
They key to successful couples finances is to talk and be honest with each other. If you have a weakness for something, and you cannot walk by a store that has it without making a purchase, let your partner know. Honesty is the best policy.
Martin Lukac, represents http://www.RateEmpire.com, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies! Visit http://www.RateEmpire.com today