Consolidating finances when marrying
Still, though managing personal finances may be personal, it is not always an individual pursuit.Often times, marriage or other circumstances can create a situation where there are two people in the financial driver’s seat.So, I agreed to fully cover our joint living expenses and her tuition, without any expectation of her paying me back (there are indeed couples who loan each other money in these types of scenarios with the full expectation of paying it back). Did I loan her money for her half of the car (I say half, but she was the only one using it)? I saw it as an opportunity to invest in my wife to enable her to personally grow and ultimately improve our relationship.
When my wife and I first married (7 years ago), we were mostly financial firewallers.
After a few years, our money habits can become more like money rules, and staying open minded to new ways of handling our finances can be tough.
Even the more flexible among us can still struggle with financial changes.
We started out immediately with separate bank accounts, to which our income was direct deposited.
From there, we determined what out average monthly living expenses were, added a small cushion, and then each set up a second direct deposit of an equal 50% to cover those joint living expenses.