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

Suze is my biggest mentoralways use all paid time offSchool of Social Workage appropriate chorehigh FICO scorealternative FICO scoredoctors in networksame-sex marriagesmall changes dental insurance gift grandchild IRA contributionrefundSatisfyingknow before you oweitemized deductionMost Influential Celebrities Listwomen longer life spanHow To Build Creditchildren under 18no life insurance financially irresponsibleGraceHoliday ShoppingNew american Dream 2015 financial roadmapcar loancharges on credit cardmoney vowsEmployer Matched Contributioninitial tax break long term carebill paying prioritiesWashingtongraduationautomate student loan paymentsForeclosureheartachestore credit cardsThe Suze Orman Showsecure creditInterest401Kmental healthwomen live longeremployer funding HSAescrowdeath benefit 20 to 25 times annual incomesuccessincrease emergency savingsbe kind to yourselfAlarm ClockFinancial CliffHoliday SeasonFinancial Power of AttorneyRich8 Rulesincrease retirement savingsteach importance of helping otherscollege graduatestretch out haircut appointmentsfinancial concerncompare monthly expensesstudent loan repayment estimatordepreciating asset reduce withholdingdon't ignore open enrollmentstudent loan repaymentstudent loan debtclosing costs 2% of loanwould you decline a bonussocial security not going brokehome insuranceprotect dependent low credit scoreis it kind?be good exampleRetirement Savingsrent vs buyget over life insurance phobiahealthy retirement weightIRA contribution gifted moneyretirement planvalue moneyidentity theftmeet monthly pay down car loanadvice for college graduatesMass MutualLong Term Care shoppingorigination feessocial security never insolventpresident ObamaEric Dodge women long term careis it necessary?dangerous money seasonLTC shoppingMoneyBaby Boomersmarriage financial responsibilitystudentovercome financial fearsfour steps to retirement savings standard deduction money-aware childCiti Simplicity Card Jose Rodriguezbuying car 2016taxesgay marriage ban end Florida Retirement IncomeCommunication Skills wives should be involved in retirementplancouple financesPay Off Debt Before Retirementapproved medical 100% tax-freenot enough life insuranceno retirement funds for down paymentspecial saving accountinsurance mistakeBeautyfamily save at least $100 monthlysocial securitydon't defer interest paymentsretain separate credit cardsVeterinary Schooldon't do five year car loanmanage student loansget the most out of social security home loan credit score below 740 Financial Advice10% donate to charityStudent Debt CrisisUniversity of Illinoisprescription tierreal estate marketno sneaking in feeslet them have 50% controlmortgagebe true to yourselfback door Roth IRAfinancial goal phrasebuy home you can affordpaying for collegeclosing disclosurepaid vacationonly offered while employed reduce interest ratesame sex marriage band end FloridaCOLAcar buying mistakesterm insurancenegotiate points with bank or sellerpercentage men widowed 75-84teensFinancial Solutions For Youmortgage interest tax deductionWarner Bros Television Groupshort term goal speak new goalworst financial mistakeMotherunder 18 financial giftis it necessary2015 record year car salesdangerous retirement plancontribute household expenses debt freereal estate mistakes4 Must Have Documents valentines dayPersonal FinanceFinancial Awareness Video FestivalSuze Orman's Money Warsno splurge housing marketmortgage brokeronly refinance if it paysconfident of solutionpay 100% cashdeath benefit needs for familyfinancial independenceemergency fund credit unionfile asapno waiting periodcommitMarlo Thomasbecome member best loan deal don't buy wantsCredit scoreCommencementallowance3% debt transferred Suze approvedsetup automatic savings withdrawhome buying budgetretirment savingsHearttelevision hostadjust allocations healthy aging cut monthly cable billteach your child good money habitsat worst still pay 75% benefitmaintain standard of livingdon't cover cosmetic dentistrylousy investmentsidelinedSave Us Moneyfile taxes quicklyfinancial fearsAARP Social security calculatorFinancial Awarenessoverspend on dining outresponsible with moneyAmy Lacyetpublic service loan forgiveness programFree Debt EliminatorGay CouplesSelectQuote.comdream schoolcomparison shoppingSuze Orman Scholarshipbetter loan ratessummer job match income required disclosureloan is giftbuying a carAmericans don't use all paid vacation timeinsurance yearly reviewFICO Scorelive below your meansFinancial Educatorhighest possible benefitUrbana-Champaignbreakdown projected monthly housing costpreexisting condition not coveredpay down student loan debtnot gender specific refinancecost of capitalization calculatorYoung Adult Student LoanBankdo not pay allowance for good behavior8 month safety net40% toward financial goalAccuQuote.comprotect and provide for minor child FICO credit score credit card mortgageGiftUS Tax Codeadd teenfocus on needsLTCi ASAPCNBCcredit reportUniversity of Floridazero rate transfer dealsavoid burn outSandy Hook Elementary School3 savings buckets Phyllis Shelton expert long-term careSuze Orman spouse Kathy TravisbudgetHDHP'sritual schedulecreate new truthdo you need life insuranceiffy incomeno private loanuniversal college access10 year repayment plan push yourself to save more for retirementCivil RightsCredit Card Rate Increaseignore 6 month grace period provider of financial supportmax employee match2017 Taxesgift not loanbuy down college studentpositiveSuze changed my lifedon't extend mortgage focus on new truth doctor no longer in networkborrow each year, capitalization is going to pile up PBS SpecialSpendingbest interest ratesLong Term Care premiumsis it true? point cost offset by savingstake action50 over 50women outlive menultimate compounding gifttitle insurancefederal student loan deferment ExhibitionStaffords this year have a fixed 6.8% interest rateFiscal ResponsibilityBankruptcyEmergency SavingsPost-DivorceAARPoverspend on giftsbad decisionsnew carretirementETF'sbetter termsdon't charge a pennylow down paymentsocial workautomatic paymentsavings pleasureAshley Springermobile appone credit cardtax ID theftholiday spendingpermanent life insurancegift up to 14,000no fee transferraise deductiblesfraudulent returnLifestyleopen enrollment review verify wellness screening and programssecured cardPrime Rate Increasesave Influential Celebritymultiple lendersCPI-Wschool reduce monthly paymentdental discount planretirement accountsFundsLong Term Care Insurance percentage of women widowed 75-84learn good financial choicesloan no longer than 36monthswaive home inspection bidmortgage disclosurestay positiveno negativitycontribution dental savings planrepay student loansMortgage Credit Availability Indexleave a legacyresponsiblewrite new goalphysical healthpay high rate off firstcut monthly cellular billkeep a schedulelower mortgage interestearn allowancesave moneyHDHP no tax on withdrawlsthree year car loanno late fee adult childrenroth ira3 step financial road mapone annual feeno interesttax refund fraudanticipated salaryOverspendingSandy Hook PromiseHSA tax savingsget credit cardfinancial argumentsfull retirement age20 year level term lowest cost fund optiondebit carddon't derail retirement savingscommunity bankconsider roth 401(k)derailed planmax employer matched 401(k) contributionpay off debt6 month waiting periodletter to suzeprotect your familyproperty tax2016 adjust withholdingFRAFinal Goodbyehome related tax break bonus FHA loan fees2016 adjust estimated tax3 bucket approachlong-term care premiumsHDHP's are good for youLovegrandparent IRA contribution children's bookverify retirement plan with HR or plan sponsoryours, mine & oursFinancial Systempurely financial standpointswitch to spouse coverageDurable Power of Attorney for Health Careprotect loved ones don't spend Bill and PennyGiftshigh premiumsborrowing plan raise insurance deductibleAdequate Auto and Home Insuranceinsurancelower premiumstudent loan repayment planmonthly benefit LTCloan big picture cnbc alarm clockMoney Marketlife insuranceHDHP's are not badSuze Ormanemployer offered life insurancehome budget after tax costemergency fund savingsCredit Card Interest Rateexercise reguarlydon't use allowance as bribeConventional loan PMImake saving a pleasureswitch to roth 401(k)savingsGoodbyeStudent Debtbad retirement planningbig results grandchild summer job IRA contributionloved ones dependent on incomeback-to-school budgetkid borrow firstFICO at least 720New York Liferising home pricesForbes Top 10teens and moneycostly insurance mistakeface your financial fearlong term goalOne Wallet At A Timeenjoy saving allowance taskAuto Savings paid in fullbalance transfer Forbesrequire chore in exchange for allowanceEasy Life Insurance traditional vs roth 401(k)Telepicturesreferrals powerfuljuggle multiple financial goalslife insurance name trust as beneficiaryInvest for savings growthFinancial Gift Cliffhigh deductible health care planco-sign term life insuranceconfidentmax benefit coveredincrease retirement contribution rateFederal Funds Ratekids schedule paymentscredit cardoverspend on nights outCory Bookerpay interest while in schooljanuary billsdear suzeWall Streetunsubsidized Stafford loanhome ownershipStock Investmentsinterest on student loanshealthy retirement blood pressureChanging Livesnear historic lowsstandard rateunexpected expensequick closingloan necessitymarriage inequalityTeachhigher insurance deductiblebuy home401(k) ContributionsMoney-SavingHDHP/HSAlong-term care HolidaydebtRoth 401(k)can you afford it8 month emergency fundshop online guaranteed level term policyreplace permanent life insurance with termclosing feesfinancing car don't blow tax refundrolloverlow-cost index mutual fundlower overall drug cost!00% tuition paidinterest capitalizationhome buying mistakesincentives for health care wellness screeningage appropriate goals20% equitymonthly dental insurance premium15-year refinance dealbetter loan dealsCollege of Veterinary Medicinelower rate20% down payment avoid feesautomatic withdraw to savings community collegecar leasingcalculate dependents annual income needs20% down paymentpremiumGay Rightspay more than minimumFinancialpublic service career student loan repayment Revocable Living Trustpay credit debt ASAPemotional stakesNewtownidentity fraudInfluentialscredit managementget health insurancePrime Rate Rise 201519 years cash flow problemannual cost of living adjustment

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