Something that many people have differing opinions on is whether or not you should combine your finances with your spouse. The drawbacks that people bring up about combining your finances with your spouse’s usually boils down to trust issues. You need to be able to trust your spouse. If you do trust your spouse, you should combine your finances with your spouse.
It Provides Security
Combining finances with your spouse creates a sense of security. There will be times when women need to be away from work. Knowing that you have built a strong account together, gives you a sense of security. Should you need to take time off due to pregnancy, you can. If your husband is laid off, you also know where the finances stand and are better able to cope.
Things Are Easier
It’s so much easier to combine your income into one checking account rather than trying to determine who pays what. Everything comes from the same account and each person knows what things cost. You also know how much money is available.
You Can Be More Flexible
Combining finances allows couples to be more flexible. For example, one spouse may decide to go back to school or another may decide to work part-time in order to take care of the kids. When you’re both on the same page, you can be more flexible.
Couples Can Share Goals
Another benefit is being able to share goals with your spouse. You can both work together to build an emergency fund, save for a vacation, or get out of debt. This can bring you closer together. Each month, sit down and talk about your goals and where you are in reaching them.
There Are Tax Benefits
Last, but not least, combining your finances with your spouse has tax benefits. When you file jointly, you can get a larger amount of money back on your refund. Talk to an accountant and see if this makes sense for your household.
It only makes sense to combine finances with your spouse. Not only does it make it easier to pay bills and cover expenses, but it allows you to be more flexible and provides security. Also, you can work together to create and reach goals. Lastly, you can’t forget that there are tax benefits as well. Sit down and talk to your spouse about combining your finances.
Leave a Reply