Hello All,
The focus of Dual Income No Kids was initially intended to be a discussion of personal finance in the context of being a married couple. In the pressure of our busy schedules, we don’t always discuss this aspect of our financial lives as much as we really should.
But, I did come across an interesting article on Kiplinger’s personal finance that’s worth reading. The latter half of the article gives several good tips on creating a financial union. Among these are:
1) Separate v. Joint Checking Accounts. Kiplinger says the question to have separate versus joint accounts is a choice that should be made by the couple. Essentially, how you organize your checking accounts should evolve in a way that’s most advantageous for your situation. I’m in agreement. Both separate and joint account arrangements work, it’s just a matter of what works best for you.
2) Separate Credit Cards. The Kiplinger article cites a couple of experts who say you should have separate credit cards. The rationale is that you should avoid tarnishing the records of both parties if you have credit card debt. If one person has good credit, then it improves the ability of the marriage overall to borrow money at favorable terms. – This also strikes me as solid advice.
There’s more in the Kiplinger piece. If you’re in a position where you’re thinking about getting married or are married and are integrating your accounts, this article may be helpful.
Best,
James
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