Combining your finances once you are married


Combining finances when you get married requires some consideration. How will you manage your money? We’ve listed some helpful hints and tips on how to approaching combining finances.

Understand your financial history

A good first step is to sit and look through both of your finances. A good start is to use our free budget planner tool to understand each of your regular incomes and expenditure. You can also check each of your credit scores, as well as seeing if you have any individual debt before combining your finances. Being married to someone with a poor credit score will not affect your own, but it could affect you if you apply for credit together.

Understand your responsibility

When combining finances, you will both be responsible for the same money. Therefore, it is good to be open and honest from the start about your individual responsibilities.

Consider how much you will each be responsible for saving each month, what you will each spend your money on, how you go about obtaining credit should you need to. If you have to make a large purchase over a certain amount, be sure to discuss it before making individual decisions. By understanding each of your spending habits, you can be honest about how you will use your money and build trust when sharing it.

How will you split your money?

There are different ways of combining finances when getting married. Will you put both of your money into one account, have separate accounts, have the main earner give some money to the partner, share most money but have some for yourself?

Discuss which approach would be right for you based on each of your incomes and your combined expenditure.

Test it first

It could be a good idea to test the waters when it comes to combining finances. You could set up a joint account and only deposit some of your finances into it. See how this goes and if you are happy with things work, you could combine some more. This can encourage you to build good habits with a smaller amount of money before taking the leap. If it doesn’t quite work, discuss what the issue could be and try and find a solution.

Discuss which approach would be right for you based on each of your incomes and your combined expenditure.

Take your time

Combining finances is a big decision and can take some work to ensure it works out. Take your time and be sure to fully understand your combined situation to prevent any unwanted issues in the future.

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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