4 Reasons to Have or Not Have Joint Accounts

Recently, Jana came across an article on keeping separate accounts after you get married.  What do you think?  Is it a good idea to keep separate accounts?  The article cites research that states 28% of millennials are keeping separate accounts, which is nearly double the number of Gen X and baby boomer couples, so there’s definitely a shift in how couples are managing their personal finances.  In this blog let’s explore the plusses and minuses to having separate accounts.

This topic is something that comes up frequently in conversations regarding marriage and money.  A number of years back Scott was on a trip with a number of couples and one day when the group stopped at an ATM to get cash to pay Scott for the house they were renting one of the couples each stepped up to the machine to get their individual share of the rental cost.  When Scott inquired about why one of them didn’t just pay their entire share (Scott’s kind of...

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Getting Your Spouse On-Board to Get Out of Debt

Are you revved up to get started on your journey to become debt-free?!?!  Can you already feel the grass between your toes walking through the yard of your paid-off house and being able to scream, “I’m a debt-free millionaire!”.  Can you see the dream becoming reality on the day when you will be able to do whatever you want to do, instead of doing what you have to do?  We can assure you that when that day comes you will have become a transformed person – one who thinks and acts differently when it comes to your life and money. 

So how revved up is your spouse?  Do you have more excitement about the journey than he or she does?  Don’t worry, you’re not alone if he or she is not jumping up-and-down with excitement to start the journey.  In fact, it’s quite normal one of you is not totally committed to taking the first step, or any steps for that matter, in freedom from your debt. 

A common challenge...

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Debt and Marriage: A Deadly Combination

One of the greatest things in life is marriage.  When you find someone to share your life with you become a more complete person.  However, marriage is also one of the greatest challenges in life, and when you throw money issues into the mix it’s no surprise that one of the top reasons for divorce is money fights.

Those fights are not regarding having too much money:-), but are centered on challenges primarily related to debt and having too little money to cover monthly bills.  Arguments about money is by far the top predictor of divorce, according to Sonya Britt-Lutter, assistant professor family studies and human services and program director of personal financial planning at Kansas State University.  She was one of the researchers who conducted a study using longitudinal data from more than 4,500 couples as part of the National Survey of Families and Households.  In their study the researchers controlled for income, debt, and net worth and the...

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