handling finances

[anjans 21]

Hi.

I am just curious how you would or how you guys are handling with the finances after you have gotten married. I have no income, only my husband works.

How should it be? Do you have his atm card duplicated or?

[Harpa Timsah 13,258]

It's however you want it to be, but I would think the simplest is to have the bank account be made into a joint bank account. You don't get a card duplicated, rather, you get your own card in your name that draws from the same account.

[plasthandske 3]

The finance problem is one of the most common problems that leads to a divorce. As an old Financial Advisor, I can only give you one solid "advice" and that is to find a solution that fits you and your relationship so that both are satisfied. We have one rule only, if there is a more expensive purchase we talk it over and decide on the matter mutually. When there is something smaller, probably around $50/$100, we do not really talk this over since I trust my wife to make rational decisions and be financially smart. I suppose that this will be our way until it doesn't work, hopefully, this will always work for us!

In my household we have shared credits and accounts, so that I can build my credit score and amplify our joint for the future. We have gone from 720 isn to 795 on the FICO during the period. Why? Shared credits and paying off the balance every month is the way to go. That is a little off track from your question, but a good advice to give.

In the US after marriage, 50% off the household net worth is yours and the other 50% is his. Embrace this and share the income with your partner. My wife and I realized early that is not "yours" or "mine" any more, WE are not individuals anymore. We are "we" now and not "you" or "I", the sooner you realize this the better.

In short we have joint account where the income goes, with seperate savings and investing/brokerage account and one combined credit line. The combined credit line will also allow you to receive a higher line than you would separately. Besides this I have a delta credit card and she has one as well.

[anjans 21]

Ok thanks guys. We have been living like this for over 6 months. Well I had a little money in the beginning, but it's getting tiring to ask for everything. We'l see how it goes.

[Confusedtinybird 41]

Have you spoken to your husband about this? Maybe while you not working present him with a list of what you need and how much those things cost. The key to handling money is communication.