The wedding bells have finished ringing, the honeymoon was a blast, and now it’s time to start settling into your new life. Married life can take some getting used to, especially if you weren’t living together beforehand. Finding how your two lives mesh and meld into each other is part of the fun of being newlyweds.

One area of struggle common in marriage is finances. Between who pays what bills, coming together on spending habits, and being on the same page with the budget can lead to some tough conversations. In fact, financial problems and debt are a common root cause for divorce.

Whether you are engaged, recently married, or just wanting to get a financial conversation started with your spouse, here’s some tips on combining and managing your funds when married.
 

Be Open and Loving While Talking Finances
 

Our society has placed a strange taboo with talking about finances. Many people feel very uncomfortable discussing how much money they earn, what debts they have, how much they spend on bills, and more. Some are embarrassed by perceived failings, like not earning enough, while others don’t want to make their friends and family feel bad.

Whenever you start a financial conversation with a loved one, it needs to be from a place of love and understanding. No judgements, no mocking, and don’t get emotional. All this will do is make this conversation and future ones much more difficult. This is a time to be caring and mature.

Set aside time and space where you can focus, talk, and listen. Make sure your spouse knows the conversation is coming and to come prepared to discuss finances. Then, have an open conversation. Explain your thoughts, information and opinions, and then listen to your spouse. Likely, what you want is not what they want and vice versa. Then, be sure to show love and acceptance once it’s all done.
 

Combine Accounts or Keep Them Separate?
 

The first question comes with how to manage your existing funds and income. Do you get a joint banking account or do you keep your accounts separate? 

There is no right and wrong answer here. Couples can be happy in both scenarios. Couples who have been married 60 years have had joint and shared accounts, and others have had completely separate accounts for the same time.

What you need to figure out is what is right for your relationship. Would it be easier to have all your family’s finances in one place? Does having a joint account encourage trust within your relationship? Would it be simpler for each of you to just manage your finances individually? Those are questions that need to be answered.

You could even have the best of both worlds. You can open a joint account that you each deposit into but keep separate accounts for other finances. You have to make that decision.
 

Pick a Financial Institution
 

If you choose to share an account, you need to pick the right financial institution for it. This might be one you already bank with, or a new one that better fits your individual life styles.

For example, let’s say convenient branch locations are very important to you, but not so important to your spouse. Your current financial institution has tons of branches. Your spouse on the other hand, a credit card with good rewards is essential and your bank doesn’t have that for them. Your spouse uses a bank that has just a few branches in the area, and none of them are convenient for you. You could pick a new institution for your new account that matches both of your needs.

Take your time and research financial institutions. Look at banks and credit unions to find what you are both looking for. It might require some compromising, but a good match can alleviate a lot of headaches in the future. 

If you are considering a new place to bank, look at Pioneer. With tons of conveniences like 15 different branch locations, video teller chats with longer hours, and a robust credit card rewards system, we might be just the match for you.
 

Make a Budget
 

New life means a new budget. Sit down and start cataloging your incomes, bills, and regular expenses. This goes alongside that loving conversation you had earlier. You need to know not just your spouse’s debts and bills, but also their spending habits. Do they like to buy a coffee each morning before work? Are they prone to shopping sprees at the drop of a hat? Is there some credit card debt that they haven’t told you about?

All of this and more needs to go into building your budget. Then, both of you need to be responsible for sticking to the budget. Track purchases, make adjustments and have regular conversations about your budget.
 

Have the Same Financial Goals
 

Having a life together means sharing each others goals. You need to be on the same page of what you plan on using savings for, what your next big purchases are, and why you might be trying to save money. Failing to do this could lead to one of you spending money that the other person had plans for already.

Financial goals can be both big and small and don’t even need to be focused on your new family. If your spouse wants to save up money for a new computer that is important to them, plan for it. If you want to look at buying a new car, that goal is also important. As a couple, you can prioritize goals and take steps to reach them. A computer might get put on the backburner for a bit so you can save up for a new car, but it is not forgotten or dismissed.

For larger goals, like buying a home, you definitely have to be on the same page. Large purchases will require both of your attention to achieve. That means sticking to budgets, keeping each other accountable, and doing whatever you need to reach your goal.
 

Building Credit Together
 

While your credit score is an individual number, your marriage actually does affect it. For example, you have an electric bill you forgot to pay, but it is in your spouse’s name. Your mistake could lead to their credit score going down because the electric company reported the missed payment to the credit bureaus.

Similarly, co-signing on a car or buying a house together, both credit scores are looked at. You want both of you to have a high credit score in these scenarios. Take steps as a couple to build your credit. That means if both of you have a credit card open, be sure to pay all bills on time, and take on new loans and credit cards after talking with your spouse.

If you are looking for a great way to build your credit as a couple, Pioneer's Credit Builder Loan is a powerful tool. How it works is that you open a “loan” with Pioneer. The funds from the loan are then put into a savings account you can’t touch. Then, you make payments on the loan, like any other debts, which gets reported to the credit bureaus positively, raising your credit score. Once the loan is paid, Pioneer releases the funds in the savings account and you walk away with a better credit score. 

Learn more about Credit Builder Loans