Saying *I Do* to Joint Financial Decisions | St. Johns Bank
Spring is one of the most popular seasons to get married. If you’re joining the ranks by walking down the aisle this spring, take some time first to have the all-important financial conversation with your soon-to-be spouse.
Our team at St. Johns Banks has some suggestions on where to begin. Let’s take a look at some financial topics you should consider discussing with your loved one before walking down the aisle.
First, you want to discuss whether you will be keeping your finances separate or joining them together. There’s no wrong or right on that decision—you should do what works best for the two of you.
Some couples meet in the middle financially by maintaining separate accounts but also having a joint account for household expenses like:
Another topic you’ll want to discuss is who will handle paying the bills each month. While some couples choose to have one person in charge of making the payments each month, others choose to sit down together to pay bills and also balance the checkbook to make sure everything is added up correctly. Either way, you need to make sure bills are getting paid and both parties trust the person paying them!
Finally, if anyone is carrying debt into the marriage, the debt needs to be discussed and out in the open.
Not only are you going to be saying I do to your loved one, you are also going to be saying I do to his or her debt. Therefore, you are going to want to discuss ways you can conquer that debt after the wedding.
This would also be a great time to discuss creating a joint budget, so that additional debt isn’t added on throughout the marriage.
When choosing the right checking account to fit your needs, our team at St. Johns Bank has a number of options available. Give our team a call today to learn more!