Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

How To Marry Your Finances

June 18, 2015 at 12:00 AM

It’s no secret that money can be a serious wedge issue for couples. Survey after survey reports that when couples argue, finances are often at the heart of the discord.

Here’s how every couple can lay the groundwork for financial compatibility.

  • You’re Both In Charge and Responsible. You both have to share equally in all money decisions. From the monthly spending to the long-term retirement planning. I don’t care if one of you “likes” to handle finances more than the other. You can delegate who takes the lead on things, but that does not mean that the other person can just tune out. There is to never be any decision made before it has been fully discussed and understood by both of you. Fail to do that, and I have to tell you, your relationship is at risk of failure.
  • Your Money Vow: Yours, Mine and Ours. I want you to have at least three separate checking accounts. The “Ours” account is the joint account that is always sufficiently funded to cover all your household’s essential spending and saving. That includes everything from the rent/mortgage to the monthly automatic deposits you are making into retirement accounts. If there is more money left over after meeting all of your monthly needs, I think it is healthy for you both to also have separate accounts as well. The Yours and Mine accounts are how you avoid fighting over different spending habits. Because you are already meeting all of your essential needs through your Joint account, you are both free to spend (or save) the money in your individual accounts as you want. No discussions or arguments necessary.

  • Retain your Own Credit Cards. It’s fine to have joint credit cards, but I also want every person to always have a credit card in their name only. Use it responsibly each month: make a few charges that you can pay off in full when the bill arrives. We never know how marriage or any relationship may play out. I wish all of you endless happiness. But my job is to protect you from life’s what ifs. Having your own credit card and using it responsibly will play a big role in helping you maintain a strong FICO credit score that isn’t tied to anyone else.

Tag Cloud

Student Debtfinancial fearssidelinedbuy down AccuQuote.comAARP Social security calculatoradvice for college graduatesFederal Stafford loanwives should be involved in retirementhome ownershipfour steps to retirement savings require chore in exchange for allowancewomen long term careno sneaking in feesphysical healthARMpublic service career student loan repayment january billsspeak new goalsecured cardDeath Benefitbe true to yourselfresponsibleprotect dependent 401K10% donate to charityunexpected expensedon't do five year car loanback-to-school budgetEric Dodge refinancedeath benefit 20 to 25 times annual incomeearn more on savingsage appropriate chorebuying car 2016How To Build Creditclosing costs 2% of loanschedule vacationuniversal college accessCory Bookergrandchild summer job IRA contributionmax employer matched 401(k) contributionCombo Insurance Productsteach importance of helping othersletter to suzeFICO credit score credit card mortgageFRARoth 401(k)AARPFICO at least 720is it kind?pay 100% cashUS Tax CodeFinancial Awarenessknow before you oweLTC shoppingsocial security not going brokeSuze Orman spouse Kathy Travislife insurancecar loandebtAshley Springerno late fee eight month living expense push yourself to save more for retirementFHA loan feesno fee transfereliminate credit card debtmultiple lendersstaycationterm life insurancecommunity bankfinancing car FICO ScoreInvest for savings growthage appropriate goalsplanbreakdown projected monthly housing costcommunity collegeaffordabilitydebt freeno retirement funds for down paymentback door Roth IRArolloverpoint cost offset by savingsno private loansMass MutualRevocable Living TrustStaffords this year have a fixed 6.8% interest rateloan is gift2015 financial roadmapstudent loan repaymentWarner Bros Television Grouphome insuranceschool Changing Livesbuy homeunsubsidized Stafford loanPrime Rate Increaseconfidentdon't spend SelectQuote.comSpendingcost of capitalization calculatorFinancial Cliffbalance transfer automatic withdraw to savings family save at least $100 monthlyHDHP/HSAterm insuranceno splurge Long Term Care premiumsPay Off Debt Before Retirementcouple financeslong-term care Lovecredit unionfinancial goal phrase20% down paymentbetter loan dealsFinancial EducatorDurable Power of Attorney for Health CareNew York Lifehealthy retirement blood pressureTelepicturessave moneylower mortgage interestbe kind to yourselfForbescalculate dependents annual income needsbetter termsCredit scorepeace of mindFinancial AdviceEasy Life Insurance save higher monthly paymentwrite new goalonly refinance if it pays740 credit scoreemergency fund savingsemotional stakesHeartstretch out haircut appointmentsretain separate credit cardscredit cardloved ones dependent on incomeget the most out of social security is it true? Fiscal Responsibilityescrow2017 TaxesCommunication Skills lousy investmentchildren under 18don't derail retirement savingssocial securitydeath benefit needs for familyGiftgift up to 14,000switch to spouse coverage30 year mortgage Gay RightsNewtowngay marriage ban end Florida Personal Financehealthy youbecome member buy home you can affordFinancial Awareness Video FestivalOverspendingfile taxes quickly20 to 25 times annual incomeAlarm Clockitemized deductionfraudulent returnSuze Orman's Money Warssummer job match income Moneylong term careFederal PLUS loanraise your deductiblerising home prices20% equityfile asapincrease emergency savingsLTCpercentage men widowed 75-84don't blow tax refundAmericans don't use all paid vacation timeroth iralowest cost fund optionprovider of financial supportultimate compounding giftone annual feeidentity frauddental discount planlearn good financial choicesis it necessary?Giftsraise deductiblespaid vacationGoodbyeavoid burn outFundstitle insuranceHDHP Suze changed my life15-year refinance dealbudgetdoctor no longer in networkretirment savingsstudent loan repayment planverify wellness screening and programsalways use all paid time offCPI-Wderailed plananticipated salaryWillForbes Top 10focus on new truth focus on needsverify retirement plan with HR or plan sponsorcharges on credit cardGraceLifestyleMoney-SavingPrime Rate Rise 2015ritual schedulecontribution marriage financial responsibilityInfluential Celebrityadjust allocations Inflation Benefitprofessional advisorARM Cautionincentives for health care wellness screeningclosing disclosurehealthy gumstelevision hostprotect your familyfinancial independencewomen outlive meninsurance yearly reviewsmall changes Phyllis Shelton expert long-term carereduce interest rateUniversity of Floridadangerous money seasonpublic service loan forgiveness programmonthly dental insurance premiumexercise reguarlyhigh FICO scoresame sex marriage band end Floridadoctors in networkInterestsavings pleasureautomate student loan paymentsinterest capitalizationholiday spendingFinal GoodbyeFinancial Power of Attorney50 over 50life insurance name trust as beneficiarystrained relationshipdon't cover cosmetic dentistryBaby Boomerspurely financial standpointbest interest ratesinterest on student loansFinancialsocial security never insolventmortgage disclosurehome buying budgetpaying for collegesuitablemental healthMortgage Credit Availability IndexCredit Card Rate Increasebe good examplereduce monthly paymentRichallowancerepay student loanstaxescollege studentraising mortgage rates pay down student loan debtkeep a scheduleworkaholiccommissionstax ID thefthome budget after tax costswitch to roth 401(k)buying a carHDHP'scostly insurance mistakeVital DocumentsFree Debt Eliminatorpay down car loannot gender specific meet monthly cut monthly cable billdebit card8 month safety netoverspend on giftslong term goal15 year mortgagedon't ignore open enrollmentshorter payback periodcan you afford itdon't use allowance as bribemaintain standard of livingannual cost of living adjustmentJose RodriguezAdequate Auto and Home Insurancealternative FICO scoreone credit cardRetirement Savingsreplace permanent life insurance with termSuze is my biggest mentorquick closingincreased auto insurance premiummanage student loans20% down payment avoid feesUniversity of Illinoishigh down paymentinitial tax break best interest of investorno tax on withdrawlsbig results Revocable TrustFinancial Solutions For Youmortgage interest tax deductionspecial saving accountcredit managementMotherdream schooldon't extend mortgage low-cost index mutual fundAuto Savings protect and provide for minor child make saving a pleasureautomatic payment2015 record year car salespay high rate off firstidentity theftSuze Orman Scholarshiplower ratecontribute household expenses Fixed Rate MortgageCiti Simplicity Card kids schedule paymentsclosing feesEmployer Matched ContributionHigh Credit Scoreunder 18 financial giftlet them have 50% controlget over life insurance phobiaFinancial Gift Cliffstudent loan debtreduce withholdingoverspend on dining outresponsible with moneyLegal GuardianYoung Adult 3% debt transferred 2016 adjust estimated tax401(k) Contributionsnew carhome buying mistakesnear historic lowsStudent Debt Crisisno waiting periodloan necessityis it necessarysetup automatic savings withdrawCNBChome related tax break bonus highest possible benefitvalue moneytraditional vs roth 401(k)Long Term Care shoppinghigh deductible health care planmobile appsocial workbad retirement planningsecure creditshop online guaranteed level term policypay more than minimumincrease retirement savingspowerfulhigh premiumsiffy incomehigher insurance deductiblepay off debtpay credit debt ASAPcnbc alarm clockmonthly benefit healthy teethCD'sdon't charge a pennylower overall drug costlow credit scoreallowance taskgift not loanWall Streetno apologySatisfyingStudent Loanprescription tiercompare provider pricingBill and Pennyat worst still pay 75% benefitwould you decline a bonus3 step financial road maphigh credit score discountshort term goal max benefit coveredsuccesslower premiumCollege of Veterinary Medicinerequired disclosurehome buying seasonPost-DivorceIRA contribution gifted moneybetter loan ratesmoney-aware childincrease retirement contribution ratecostly legal BankruptcyConventional loan PMIlow down paymentemployer funding HSAinsurance mistakeLong Term Care Insurance Emergency SavingsWashingtonovercome financial fearsorigination feesno negativityCredit Card Interest Rateignore 6 month grace period face your financial fearvalentines daycompare monthly expensespay interest while in schoolonly offered while employed Most Influential Celebrities ListSave Us MoneyMoney MarketinsuranceUrbana-Champaign10 year repayment plan The Suze Orman Showjuggle multiple financial goalsOne Wallet At A Timepositivepresident Obamaretirementcar buying mistakes8 month emergency fundSchool of Social Workhealthy aging High FICO Score = Better RateBeautypaid in fullyours, mine & oursretirement accountsgraduationSuze approvedaccelerate dental workHSA tax savingswomen live longerprotect loved ones co-sign consider roth 401(k)live below your meanschildren's bookpercentage of women widowed 75-8419 years cash flow problemlower interest ratewomen longer life span!00% tuition paidSandy Hook PromiseSuze OrmanLTCi ASAPthree year car loansame-sex marriageenjoy saving dental insurance Minor Children grandparent IRA contribution overspend on nights outteensInfluentialsdon't defer interest paymentsdepreciating asset bad decisionsraising interest ratescredit utilization rateStock Investmentscredit reportFederal Reservenon conventional routeloan no longer than 36monthsNew american Dream employer offered life insuranceno private loanopen enrollment review raise insurance deductiblesavingsstore credit cardsCivil RightsFederal Funds Ratehousing marketMust Have DocumentsHDHP's are good for youfinancial aid8 RulesstudentHDHP's are not bad40% toward financial goalTeach20 year level term create new truthheartacheHolidayAmy Lacyetcollege graduateCommencementdangerous retirement planETF'sdo not pay allowance for good behaviorreal estate marketearn allowancebill paying prioritiespreexisting condition not covereddo you need life insuranceVeterinary Schoolleave a legacyfiduciaryconfident of solutionmax employee matchnegotiate points with bank or sellerCOLAborrowing plan don't buy wantsburn outzero rate transfer dealsGay Couplesapproved medical 100% tax-freeloan big picture teach your child good money habitsget credit cardworst financial mistakekid borrow firstaffordable premiumno interestadd teenExhibitionlong-term care premiumsproperty taxnot enough life insurancehealthy retirement weightspring summer financial concernretirement planreferrals 2016 adjust withholding4 Must Have Documents dental savings planSelfishmoney vowsfull retirement age3 savings buckets premiumfinancial argumentsPBS Specialmortgage brokerrefunddear suze6 month waiting periodlow mileage discountstay positiveget health insurance3 bucket approachmarriage inequalitytoo expensive schoolgift grandchild IRA contributionmortgagecomparison shoppingstandard rateFinancial Systemfederal student loan deferment teens and moneystudent loan repayment estimatortax refund fraudMarlo Thomashome loan credit score below 740 best loan deal Sandy Hook Elementary Schoolcar leasingstandard deduction cut monthly cellular billpermanent life insurancerent vs buyreal estate mistakesBankHoliday ShoppingRetirement Incomewaive home inspection bidHoliday SeasonSwap Older Annuities or Life Insurance engaged in financestake actionno life insurance financially irresponsibleborrow each year, capitalization is going to pile up emergency fund adult childrenForeclosurecommit

View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel