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JUST MARRIED? NOW WHAT? Finances for Newlyweds S TAFF R EPORT O NCE THE WEDDING BELLS HAVE STOPPED RINGING AND THE HONEYMOON IS OVER , IT ' S TIME TO FOCUS ON THE REALITIES OF MARRIED LIFE . haring a home and combining finances can be a difficult task for many adults. Fortu- nately, with some planning and good com- munication skills, it's possible to overcome these problems. You don't need an account- ing degree to work out your shared finances; you just need a nudge in the right direction. D ECIDING H OW TO C OMBINE F INANCES The first challenge to handling money as a married couple is deciding how income will be combined. Before you were married, you each had your own bank accounts and expenses. Now, it's up to you to decide whether to maintain separate finances or combine your resources and expenses. Here are a few common methods: A SINGLE BANK ACCOUNT . This is the simplest method of managing money, but it can cause difficulties for some couples. In this type of arrangement, both partners pool their incomes together into a single joint ac- count, and all purchases are made from that money. This can work well if you're good communicators, but it can cause strife if you don't want to discuss every individual purchase you make. Additionally, this arrangement can be disastrous for couples where one member is thrifty and the other is a heavy spender. The thrifty partner can often feel that his or her money is being stolen by the other partner's frivolous purchases. S EPARATE BANK ACCOUNTS . The opposite method from the one listed above, having separate bank accounts works for some partners. Under this method, each person has his or her own bank account and pays his or her own bills, just like they did when they were dating. This gives partners more freedom to spend money they way they see fit, but it can 24 AL/ Metro 360 www.almetro360.com MONEY MATTERS .......................................................................................................................... S