Congratulations to the Mr. and Mrs.! The celebration of marriage is a special time with friends a family. However, you are not just merging your lives, but your financial assets as well. A lot of things must be considered when you are transitioning into this new season of life. For example, will you be merging bank accounts?
This might be a sensitive topic or might be a awkward to discuss, but it is essential for a healthy marriage moving forward. Merging your bank accounts after marriage is something you should heavily consider, and we recommend you start planning or talking about it as soon as possible.
If you are interested or need some tips on how to merge bank accounts with your partner, keep reading to learn more!
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We have compiled a list of topics you should consider when joining accounts. These talks may not be romantic, but they are very necessary. We hope having this discussion will only strengthen your financial status and help grow your marriage.
Mindset
For a successful marriage, you must get rid of the “it’s my money” mindset. When you become one, all of your assets are joined in the eyes of the law. Not only that, but having a “it’s mine” mentality will only cause problems in the future.
Before you have any discussion with your partner, have a self-evaluation first. Do you have this mindset? If you do, it is essential to get rid of it before you make any decisions without careful consideration.
Previous Debts
Before you merge accounts, you must be open with your partner about your financial status. Do you owe money? For example, do you have any debts remaining from college?
Discussing debt may help you decide how to move forward with your accounts. The last thing you want to do is hide or be dishonest with your partner about debt. It will only come back to haunt you further down the road. Remember, this is your committed life-long partner. Being transparent and honest is one of the many commitments you make with marriage.
Bill Paying
Who will pay the bills? Just one of you, or both? To prevent any errors, we recommend that you decide to make one person in charge of bill paying.
This doesn’t mean bill paying shouldn’t be a team effort. Even though one person is paying the bill, both partners should be aware and alongside each other because that’s what marriage is all about.
Budget
We recommend you take the necessary time to budget and discuss financial planning. Even before marriage, budgets should have been used to make sure you are managing your money efficiently.
Some topics that could come up are emergency funds, budget for food, individual spending, bill payments, etc. For example, what is considered a large purchase? Some might think it’s anything over $100, while another person might think it is a much lower number. This is just one example of an important matter that should be discussed.
A great way to manage money is to get a credit card. If you are interested, be sure to check out our list of Best Credit Card Promotions!
How to Combine Bank Accounts
Now that we have prepared you for some pretty serious talks with your partner, how do you physically merge accounts?
The task is pretty straight forward but it will take lots of consideration and time. We recommend you carefully plan out each step because these financial decisions will affect you for the rest of your life.
Different or Same Bank?
If you and your spouse already use the same bank it will be pretty easy to merge accounts. Just visit your local branch and they will take care of your needs.
However, if you are using separate banks, you will need to carefully consider which account to close and which account will remain open. Or, you can also decide to start a new banking experience from a different bank. These decisions take more planning and discussion, but being on the same page and mindset will make it easier.
There may be some banks that are better than others for your current situation, so be sure to check out our list of Best Bank Promotions and Best Bank Rates!
Move Direct Deposits to the New Combined Account
Before you close any account, be sure to contact all of the companies that have automatic deposits or debits and move them to the new account.
Conclusion
At the end of the day, joint accounts are simpler and makes payments easier. When you get married, you are planning to spend the rest of your life with someone which means you should be making financial decisions together.
Marriage is seen as a lifetime happiness and we hope that the years ahead are filled with lasting joy. However, we also know that you will face future road bumps down the road. We hope that after reading this post, you will be more equipped and ready to start a new financial life with your partner and overcome any obstacles you might face together.
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I liked your tip of budgeting and discussing finances before merging bank accounts once you get married. My fiancee and I are getting married soon and we were wondering how we can prepare to share the same bank account. I’ll be sure to tell her that we should start budgeting to prepare to have the same bank account.