|
Article:
His And Her Finances by: Simon Harris It's difficult to learn how to manage finances together when you've been managing your finances on you own, for better or worse, up until now. But when you become part of a couple, many things change, and your finances are no exception! Some couples take the traditional path of blending all their finances together, however more and more couples are deciding to keep their finances separate. . What are the benefits of each option? The benefits of consolidating funds into one checking account includes easier record keeping, simplified money management (ideally), and less paperwork when applying for a loan. In addition, the blending of finances can create a 'unified front' in that aspect of a relationship that simply can't be argued with. Obviously, the drawbacks are that both people are actively using the account and that will make it harder to track transactions and monitor your balance when you don't know what the other is doing. On the other hand, maintaining separate accounts will allow each person in the relationship more freedom, because they won't have to run purchases by the other person. In addition, doing so may create fewer complications in the relationship, allow each person to build their own good credit, and quite simply allow them to maintain a sense of independence. The most obvious downfall to a his and her finance arrangement is that it can be disproportionately unfair. If one person makes $'60
|
