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

Fundsraise your deductibleMoney Marketschedule vacationterm life insurancecredit utilization rateFinancial Solutions For YouSandy Hook PromiseBaby Boomerscollege graduatestandard rateopen enrollment review money-aware childsocial security not going brokepaying for collegeAARP Social security calculatorwaive home inspection bidLegal GuardianFinancial CliffCommencementpay down student loan debt6 month waiting periodmarriage inequalityinterest on student loanshigh down paymentdon't do five year car loanmax employer matched 401(k) contributionsmall changes do not pay allowance for good behavior20% down payment avoid feesRevocable Trustmortgage brokerLTCnon conventional routedon't ignore open enrollmentcompare monthly expensescredit cardbill paying prioritiesprotect dependent teach importance of helping otherssavingsincrease retirement contribution rate3 bucket approachoverspend on nights outFederal Stafford loanlong-term care 10% donate to charityback door Roth IRApremiumRetirement Savingsalternative FICO scorecostly legal face your financial fearritual schedulejanuary billsborrowing plan gift grandchild IRA contributionnegotiate points with bank or sellercredit reportsummer job match income student loan debtEmployer Matched Contributionanticipated salaryfile taxes quickly8 Rulesretirement planis it true? Money-SavingOne Wallet At A Timepay down car loantake actionfocus on new truth Urbana-Champaignescrowno waiting periodschool CD'sno tax on withdrawlsexercise reguarlyno retirement funds for down paymentis it necessaryLTCi ASAPHDHP's are good for younot gender specific Federal Funds Ratestay positivepeace of mindcut monthly cellular billCNBCfinancial concerncalculate dependents annual income needsdebit cardemergency fund pay interest while in schoolLong Term Care shoppingfour steps to retirement savings women live longerPersonal Financeinsurancepay high rate off firstlowest cost fund optionrising home pricesinitial tax break Communication Skills can you afford itfraudulent returnteach your child good money habitsprotect your familyadd teenclosing disclosurekeep a schedulebreakdown projected monthly housing costForbes Top 10Final Goodbyereferrals letter to suzepush yourself to save more for retirement19 years cash flow problemeight month living expense big results long-term care premiumsterm insurancebe true to yourselfdon't extend mortgage 2015 record year car salesfinancial independencehealthy retirement weightlow-cost index mutual fundHDHP/HSAwrite new goalbuying a carInterestiffy incomedental discount planhome ownershipinsurance mistakeFree Debt EliminatorGiftsMinor Children Prime Rate IncreaseMotherfinancial argumentsno splurge BankSave Us MoneySuze is my biggest mentorphysical healthAlarm Clockkids schedule paymentslower mortgage interestpay more than minimumlower interest ratepublic service career student loan repayment higher insurance deductibleinterest capitalization20 to 25 times annual incomeget over life insurance phobiabalance transfer Financial Gift Cliffcredit unionshorter payback periodpaid in fullPhyllis Shelton expert long-term careFinancialautomate student loan payments2016 adjust withholdingfederal student loan deferment cut monthly cable billaffordabilityPost-DivorceFinancial Advicestandard deduction car buying mistakesFICO credit score credit card mortgagepercentage men widowed 75-84verify wellness screening and programsMust Have Documentsdon't defer interest paymentsRichfinancing car Staffords this year have a fixed 6.8% interest rateAuto Savings Swap Older Annuities or Life Insurance loan is giftzero rate transfer dealssocial securityChanging Livessetup automatic savings withdrawdon't charge a pennyDeath Benefiteliminate credit card debtConventional loan PMIdepreciating asset women outlive menpreexisting condition not coveredworst financial mistakeloan no longer than 36monthstitle insuranceVeterinary Schoolcompare provider pricingmake saving a pleasureHDHP 40% toward financial goalsave moneyannual cost of living adjustmenttax refund fraudno interestrepay student loansSuze Orman Scholarshipprotect and provide for minor child PBS SpecialSelfishLong Term Care Insurance couple financesEric Dodge no fee transferSuze changed my lifereduce interest rateStudent LoanMost Influential Celebrities ListMarlo Thomasswitch to roth 401(k)bad retirement planningNew York LifeCory Bookerno late fee 20 year level term !00% tuition paidovercome financial fearsrefinanceoverspend on dining outSelectQuote.comIRA contribution gifted moneycommitfile asap15 year mortgageburn outhealthy aging dangerous money seasonvalentines dayclosing costs 2% of loandoctor no longer in networkraising mortgage rates FICO at least 720Fiscal Responsibilityget credit cardStock Investmentsmeet monthly death benefit needs for familytoo expensive schoolAmy Lacyetcommunity bankquick closingcommunity college3 savings buckets FHA loan feesloved ones dependent on incomegrandchild summer job IRA contributioncharges on credit cardhighest possible benefitlower rateage appropriate goalsis it necessary?responsible with money15-year refinance dealNewtownFinancial Awareness401(k) Contributionsfinancial goal phraseBill and Pennystudent loan repayment estimatordangerous retirement planadjust allocations get health insuranceconfidentlower overall drug costultimate compounding giftpositiveloan big picture back-to-school budgetlow credit scorebetter termsvalue moneyInfluentialsHoliday Seasonsecure creditbuy home you can affordLifestyleroth iraage appropriate chorepowerfulincrease retirement savingsThe Suze Orman ShowFederal Reserveno apologyFICO Scorelife insurancealways use all paid time offunder 18 financial giftmortgage disclosurerequired disclosuredon't spend special saving accountJose Rodriguezcontribution high credit score discountearn allowanceWillunexpected expenseWarner Bros Television GroupRetirement IncomeCombo Insurance Productsjuggle multiple financial goalsresponsiblerent vs buychildren's bookmaintain standard of livinglong term goalGiftnot enough life insuranceraise insurance deductibleget the most out of social security Gay Rightsemployer funding HSAcomparison shoppingFixed Rate MortgageCollege of Veterinary Medicine740 credit scorestrained relationshipmoney vowsNew american Dream financial fearsallowanceCPI-Wstudent loan repayment planlousy investmentitemized deductionmultiple lendersbuy down only offered while employed High Credit Scoreno private loanAmericans don't use all paid vacation timesave employer offered life insuranceknow before you owehome related tax break bonus 2015 financial roadmapno sneaking in feesdental savings planStudent Debtdo you need life insuranceLoveadvice for college graduateswould you decline a bonusverify retirement plan with HR or plan sponsorFRAAccuQuote.comis it kind?focus on needsInflation BenefitARM CautionMass Mutualbest loan deal 50 over 50Bankruptcyhealthy teethdon't blow tax refunddon't buy wantsincrease emergency savingsprotect loved ones one annual feehealthy retirement blood pressurebad decisionskid borrow firstlife insurance name trust as beneficiarymanage student loanscollege studenthigher monthly paymenttax ID theftstudent loan repaymentFinancial Power of Attorneyemergency fund savingsstore credit cardscontribute household expenses LTC shoppingreal estate mistakesavoid burn outpaid vacation2016 adjust estimated taxcnbc alarm clockcreate new truthRoth 401(k)car leasingidentity theftSpendingbecome member percentage of women widowed 75-84same sex marriage band end Floridabetter loan dealswomen long term careHDHP'sgrandparent IRA contribution home buying mistakesearn more on savingsHolidaymortgage interest tax deductionbetter loan ratesPrime Rate Rise 2015don't use allowance as bribeorigination feesWall Streetswitch to spouse coverageshort term goal Durable Power of Attorney for Health Carehigh deductible health care planlower premiumOverspendingpay off debthigh FICO scoredoctors in networkignore 6 month grace period retain separate credit cardsdebtGay Couplesautomatic paymentleave a legacyraising interest ratesbest interest rateslive below your meansFederal PLUS loandon't cover cosmetic dentistrysecured cardWashingtonHow To Build CreditYoung Adult low down paymentSatisfyingsocial security never insolventHDHP's are not badhome insurance20% down paymentcredit managementunsubsidized Stafford loanVital Documentstelevision hostSuze Ormanraise deductiblesidentity fraudaccelerate dental workhigh premiumshealthy gums8 month emergency fundconfident of solutionchildren under 18teens and moneyAARPpublic service loan forgiveness programnear historic lowshome budget after tax costno life insurance financially irresponsiblereplace permanent life insurance with termreal estate marketSuze approvedaffordable premiummax employee matchfull retirement agedental insurance School of Social Workat worst still pay 75% benefitworkaholichome buying budgetSuze Orman's Money Warsfinancial aidHigh FICO Score = Better Rateadult childrenpresident ObamaUS Tax Codepay 100% cashretirement accountsclosing feesapproved medical 100% tax-freeTelepicturesForeclosureFinancial Awareness Video Festival20% equityExhibitionlow mileage discountpurely financial standpointreduce monthly paymentHSA tax savingsprescription tierproperty taxyours, mine & oursretirementCredit Card Interest Rateretirment savingsrequire chore in exchange for allowance401Kshop online guaranteed level term policyGracesavings pleasureenjoy saving COLAco-sign Adequate Auto and Home InsuranceteensBeautyincentives for health care wellness screeningMoneyTeachbuying car 2016Forbesstaycationlong term carederailed planCiti Simplicity Card gift not loanmonthly dental insurance premiumEmergency Savingsbuy homerefunddebt free10 year repayment plan stretch out haircut appointments30 year mortgage automatic withdraw to savings sidelined2017 Taxesincreased auto insurance premiumemotional stakescar loangraduationonly refinance if it paystaxesETF'sstudentgift up to 14,000home buying seasonbe kind to yourselfdear suze8 month safety netfamily save at least $100 monthlygay marriage ban end Florida University of FloridaEasy Life Insurance overspend on giftsmobile appHeartCredit score4 Must Have Documents Credit Card Rate IncreaseUniversity of Illinoisdream schoolno private loanspermanent life insurancelearn good financial choicessame-sex marriagemonthly benefit Holiday Shoppinginsurance yearly reviewno negativitysocial work3 step financial road maploan necessitybe good examplesuccesshousing marketnew cartraditional vs roth 401(k)speak new goalheartacheMortgage Credit Availability IndexFinancial Educatorwomen longer life spanlet them have 50% controlpoint cost offset by savings3% debt transferred max benefit coveredpay credit debt ASAPplandon't derail retirement savingsFinancial Systemhealthy youLong Term Care premiumsspring summer Sandy Hook Elementary SchoolCivil RightsStudent Debt Crisisreduce withholdingallowance taskuniversal college accessrollovermental healthARMInvest for savings growthAshley Springerborrow each year, capitalization is going to pile up Pay Off Debt Before Retirementhome loan credit score below 740 wives should be involved in retirementRevocable Living Trustholiday spendingdeath benefit 20 to 25 times annual incomeInfluential CelebrityGoodbyecostly insurance mistakeSuze Orman spouse Kathy Travisone credit cardprovider of financial supportconsider roth 401(k)three year car loanmarriage financial responsibilitymortgagecost of capitalization calculatorbudget


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