Wedding Showcase 2010 - 13
Money Merging Strategies for Young Couples
A
mong the many decisions newlyweds spending. Decide who is going to have
must make, deciding how to combine primary responsibility for writing cheques or
their incomes and share financial how you're going to share them. Set a time to
decision-making is at the forefront. Even in sit down together every month when it's time
single-income households, individual assets and to pay bills to talk about current and future
debts are typically merged, requiring couples spending so you're on the same page. Agree
to work together to determine their financial on discretionary spending and saving after
future. Here are some strategies for a successful bills and expenses have been paid. The easiest
money merger. way to keep money from undermining your
• Honesty is the best policy. Along with trust and
marriage is to make a plan together, agreeing
honesty, open communication about finances
on where the funds will come from and how
is important in building a strong marriage.
they will be spent each month.
Without these components, it's difficult to • Balance the bills. More often than not, couples
work together as a team toward common merging their finances have different incomes
financial goals. Each person needs to be aware and amounts of accumulated debt. Couples
of any assets or outstanding debts belonging need to agree on how much each person should
to their spouse. It's okay for couples to have contribute to the household and how past
separate accounts so long as there are no secret debts are to be paid off. There are a number
like vacations can be treated the same as other
accounts. Having joint chequing, savings of basic ways to divide the financial pie. If a
household expenses while personal purchases
and credit card accounts creates transparency couple has similar incomes and debts, a 50/50
might be considered the responsibility of the
and requires couples to communicate clearly split is a simple solution. A couple can decide
individual.
and work together. Even if only one partner to each contribute a set percentage of their
generally signs the checks and balances the incomes towards expenses and purchases.
There are countless ways to determine how
accounts, ideally both partners should have a
finances are shared, but the important thing is
Previous debts can be absorbed to become a
clear sense of the financial picture.
that you and your partner are clear about each
shared expense or remain the responsibility of the
others' expectations when it comes to spending
• Make a plan. Create a budget that you can spouse who accumulated them. Discretionary
and saving.
stick to that realistically reflects future spending towards the household or things
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