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Yours, Mine, and Ours: Money Management

March 9, 2015

Here’s a great idea

Research shows that money management problems can make couples unhappy with their relationship. Overwhelmingly, happy couples reported that they agreed about how to spend money. Happy couples had fewer concerns about debt and were more satisfied with their financial decisions. –Dr. Laura Connerly

In other words

It may take time, patience, and practice to find your best management style but it’s well worth the effort. When both partners share in the financial decision making, couples have fewer arguments and experience more joy.

How this applies to you

Here are three common money management styles for you to consider.

Ours – all assets go into joint savings and checking accounts. Bills are paid from one account. Emergency and longer-term savings and investment accounts are all jointly held and managed.

Yours and Mine – Each partner maintains their own accounts. The couple agrees which person will be responsible for which bills out of their account. Income earned is deposited by that partner into his or her own account.

Yours, Mine and Ours – Each person directs part of her or his earnings to a joint account and part to an individual account. If one person earns more than the other, be careful to devise a plan that is fair. Make a plan to pay joint bills such as mortgage, utilities, etc. Also maintain a joint savings account for emergencies and for financial goals that you work towards together. Individual accounts can be used for personal spending and saving.

Regardless of the money management method used, it’s important to make joint decisions about your financial goals and plans.

To find out more

Whether newlyweds or a long-established couple, the Financial Smart Start for Newlyweds fact sheet series can help you find ways to eliminate money stress.  The fact sheets are available at:

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