A common question that arises for many couples headed in the direction of marriage is whether or not they should combine their accounts and finances. There is quite a bit of debate on this question, and while it is ultimately up to each couple to decide which way they will go, there are a few considerations.
Accountability
One of the first things a couple should do is to create a budget together and decide who is in charge of the finances. This establishes a game plan for the couple, knowing how much is coming in, what expenses are going out, what the long-term financial plan is, and how much extra is left over. Having this information allows the couple to stay on track and eliminate a lot of money-related stress and arguments. Ultimately it creates accountability where both people are informed and responsible. When couples keep accounts separate, this can create an accountability challenge because of the obvious disconnect between each other and a central, agreed-upon plan. Oftentimes this can lead to bills left unpaid, expenditures unaccounted for, a lack of a long-term financial plan, and overall stress and conflict from the absence of uniformity and agreement. Accountability in finances is a must. If you want to stay on track with your budget, savings, and financial plan, combining your finances is a great way to do so.
Tangible Expression
Combining your finances is a tangible expression of that inner commitment you have made to one another. In Mark 10:8 the Bible tells us in marriage “the two will become one flesh. So they are no longer two, but one.” This concept should permeate the entire relationship, including finances. When you take your two individual accounts, funds, and ways of handling things, and combine them, you are left with a unified plan for your financial future. You are literally expressing your commitment to become one in a tangible way.
In the Long Run
While combining your finances can be a little challenging up front, it is much easier in the long run. Taking the time to sit down and agree upon where your money needs to be spent, how you want to save for your future, and who is the best person to handle it all, will provide you with an easier and more efficient system from that point forward. It organizes you in a way that will prevent the common issues, arguments, and difficulties that arise in most marriages over finances.
Fun
Beyond the business-like benefits, unifying your finances is fun. It gives you an opportunity to laugh, communicate, problem-solve, and make memories together. You have to go to the bank together and make things official, which is an exciting time to bask in your newly-married status. Seeing your names together on your bank account, debit and credit cards, and checks is something that is sure to bring butterflies to your stomachs and smiles to your faces.
What you decide to do with your finances as a couple is your decision. Make sure that whatever you do, you take the time to talk through a financial plan and budget, create accountability, and be unified for the long haul. This simple act brings you closer as a couple and sets you up for financial success.
