Combining Finances after Marriage

How to transition from personal finance to effective household budgeting.

merge your finances into joint accounts

A happy marriage isn’t easy – and fights about money definitely have the potential to get in the way on any given day. After all, it’s hard enough to achieve and maintain financial stability as an individual. Things get much tougher when you have two people with their own habits and perspectives trying to work together to achieve financial goals.

On the other hand, when handled correctly, having a partner to support and stand with you in the face of financial challenges can be highly beneficial. While you may be bad at saving but good at paying off debt, your spouse may compliment you by being a big saver but not so well versed at using credit strategically. You can balance each other out and divide and conquer to make sure everything gets covered accordingly.

The information below can help you and your spouse get on the same financial page so you can move forward as a couple. If you’re having trouble – or one or both of you could use a little help eliminating the debt you brought into the marriage, we can help. Call Consolidated Credit today at or complete an online application to request a free confidential debt and budget evaluation with a certified credit counselor.

Crossing the financial threshold

These days, couples often start to come together financially even before they walk down the aisle – especially if you’ve already been living together. Still there may be some financial concerns that need to be addressed once you’re officially hitched. The tips below can help ensure you have everything in order for your new life together.

Ensuring a happy financial home

have a happy financial household

When you first combine your financial life with your spouse or partner, don’t expect that everything is going to be perfect and run as smoothly as it did when you were on your own – two people with two perspectives and two sets of ingrained habits are usually likely to face at least some conflict or challenges when they bring their financial houses together.

Things may slip through the cracks at first or problems can arise that you didn’t expect, like overdrafts on your new joint bank account because you’re not used to two people making transactions or higher than expected credit card debt if both of you are making charges. Set your expectations so you’re prepared to keep a clear head to have a calm discussion when it happens. That way you can both make any adjustments you need to make without added tension or stress.

Make sure to sit down and decide who pays what – even if you have joint accounts, one person should be the one that goes into that account to set up bill payments every month. You also need to decide how and where money gets saved, especially if you have separate accounts. In this case, you may decide to divide savings – allocating one spouse’s savings for short-term savings, while the other covers long-term.

Of course, even once your finances are initially set up, you need to have regular conversations about money and finances. The more you talk, the more you can work together to address issues and reach your goals. Don’t keep anything secret from your spouse. It may be hard to tell your spouse you overcharged a credit card, but financial infidelity is worse if you try to hide the issue.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

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Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

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