Catherine Alford, a family finance expert at CatherineAlford.com and wife of a second-year resident, met with me to discuss the pros and cons of combining finances with your partner. From opening a joint savings account to having a shared monthly budget, we give our thoughts on why we believe it is an option worth considering.
Catherine shares some tips on how to start the process, and her own strategy for sticking to a monthly budget while sharing finances with your partner. After all, you don’t just marry the individual, you also marry their financial behaviors, philosophies and often times, debt.
What better way to work through it all than together as a team?
WHAT YOU WILL LEARN IN THIS EPISODE:
- The benefits of savings buckets
- The difference between budgeting and cash flow planning
- Budgeting strategies for couples
- What to do if one partner does not want to combine finances
- How to max out your IRA and have it auto-invested the way you want
- What the $50 rule is and how it can help your joint financial relationship