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Bottom Line Up Front

  • Discuss your personal finances before you officially tie the knot and consider whether you want to combine finances, keep them separate or adopt a hybrid approach.
  • Combining your finances offers several benefits, such as making it simpler to pay for everyday expenses.
  • If you decide to keep your money separate, have clear expectations of who pays for what.

Time to Read

2 minutes

June 14, 2022

Wedding bells in your future? Before you say “I do,” make sure you’ve had a conversation around how you’ll manage finances. After all, there is a lot to consider. Are you a saver and they’re a spender? Should you opt for joint bank accounts or individual bank accounts? What about setting aside funds for retirement savings? You may even need to consider if a prenuptial agreement is the right path for you and your partner. 

These conversations are tough but critical. Here’s some paths to consider to get you started. Maintain open and honest communication about your financial lives and money issues. Be frank about existing debt and liabilities, including credit card debt. Talk about future financial goals and the financial decisions you'll make together, such as your retirement plans.

Merging Finances

Some couples choose to combine their personal finances completely. This option comes with some major benefits, including:

  • A clean slate toward savings goals
  • Ease of budgeting
  • No delays in accessing funds

For this strategy to work, both partners must agree on how shared money will be spent. That means simple costs like groceries and clothes to more complicated categories like insurance premiums. 

Merging Finances

Some couples choose to combine their personal finances completely. This option comes with some major benefits, including:

  • A clean slate toward savings goals
  • Ease of budgeting
  • No delays in accessing funds

For this strategy to work, both partners must agree on how shared money will be spent. That means simple costs like groceries and clothes to more complicated categories like insurance premiums. 

If you’re opting for this route, you also should consider the implications of closing old financial obligations and merging credit card accounts. For example, closing credit accounts could impact one partner’s credit score, while adding a partner as an authorized user may positively increase their score. 


Separate Accounts


Another option is to split things up. In this approach, one person may pay the rent while the other pays for utilities. You could also split expenses completely, with each partner contributing their share. This ensures equal contribution if that approach makes sense for your marriage.


A Hybrid Approach

There are elements of combining finances and of keeping them separate that may make sense to use together. In this approach, you’d set up a joint account for household bills and mutually agreed-upon expenses such as a down payment on a home while individually managing your separate accounts for other expenses.


Moving Ahead

As a Navy Federal member, you and your new spouse have access to a wide range of savings, checking and loan products to make the financial side of your relationship flourish. 

 

Next Steps Next Steps

  1. Merging finances is an important decision. If you and your partner have decided this is the way forward, check out Navy Federal Credit Union’s assortment of savings accounts today. 
  2. If you’d like a way to keep tabs on your monthly spending, use our handy spending calculator to keep you on track. 

Savings and Budgeting Resources

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Disclosures

This content is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.