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..................................................................................................................................................................... cause problems when it comes to shared household expenses such as mortgage payments or utility bills. If you choose to do this, you may want to draft an agreement about who is responsible for paying which bills. A HYBRID APPROACH . Some people choose to operate a household with three bank accounts: one joint account for household expenses and individual spending accounts for each partner. This can be complex to set up, but it often runs very smoothly once it's established. This arrangement works best when both partners have similar incomes. If one person makes substantially less than the other, he or she may be responsible for a smaller share of the household expenses. Once you've decided which method to use, you'll need to decide how to handle specific financial aspects of your marriage. Here are a few common topics to negotiate early in your marriage: D RAFT A FAMILY BUDGET . Decide what expenses must be paid and whether they are family expenses or the responsibility of just one partner. Developing and sticking to an accurate budget will help save you money. P RIORITIZE PURCHASES . If something is going to be spent with shared money, it's some- thing that should benefit both partners. Be sure to discuss any major purchases and be prepared to listen to the other person's viewpoint. S TREAMLINE BILLS . Some bills are easy to economize. A household needs only one electricity provider or cable account, for example. Others will re- quire some negotiation. Decide whose Netflix account you'll use, what magazine subscriptions you'll keep or which phone provider to use. Many services offer discounts for bundling, and you will save money by adding the other person to your cell phone contract or auto insurance policy. D ISCUSS DEBT . If your spouse enters the marriage with substantial personal debt, you will need to discuss how those debts should be paid. Unless you choose to refinance a debt together, your spouse's con- sumer debt is not your legal responsibility. You may still choose to help pay it, though, if you wish to work toward a debt-free future together. If you want to buy a home together, for example, it's in your best interests to help your spouse with his or her debt first. As with so many aspects of a successful marriage, negotiating your financial future requires communication and understanding. By taking the time to identify your concerns and discussing them as a couple, you can strengthen your marriage and improve the health of your wallet. n Find us on Facebook, Instagram and Twitter WEDDING ISSUE 2021 25