Indiana MoneyWise September 2014 | Page 5

Before you jump into conversation, keep in mind these tips:

SHARE THE RESPONSIBILITY. Don’t put the burden of managing finances on one person. Split up the duties or schedule monthly meetings to review everything together. This spreads out the stress of managing finances and helps ensure both partners fully understand the situation in case of an emergency.

KEEP A POSITIVE ATTITUDE. Go to the table with an open mind and an understanding that there is more than one right way to manage money. Compromising and finding what works for you as a couple should be the goal. Keep in mind it may take time to adapt to your shared budget and slip ups may happen, especially early on. Learn from those experiences and regularly communicate about how well you are sticking to the financial plan.

AGREE ON A JOINT BUDGET. Decide how much of your money will be pooled together. Some couples combine everything into one account. Others maintain individual accounts while contributing a percentage of their income to a joint account used for joint expenses. Remember, there’s no one right or wrong way to manage your money as a couple. Find what works best for you.

Assuming you are on the same page is only setting you up to fail. Some people are naturally savers and frugal with their money while others have a harder time restraining their spending habits. Determining what style you and your partner are prior to marriage only helps you in the future.

Even the most compatible couples may have very different financial styles and habits.