A financial plan you both can live with

When you were just starting out, whatever you earned was all yours. But now there are two of you, and things are a little different. Because, let's face it, you're in this together, and what used to be 'yours' is now 'ours'. US bankers Charles Schwab provide some guidance on how handle the transition to marriage.

Among the bank's financial tips for married couples are:

• DON'T BE AFRAID TO TALK ABOUT MONEY: Even the most compatible couples can have very different opinions about spending and saving. So it's essential to have that conversation and make sure you understand each other before the credit card bills come due.
• DECIDE WHETHER OR NOT TO MERGE YOUR MONEY: Every couple is different. Some will pool all their resources. Others will create a joint account for shared expenses and retain individual accounts for personal ones. Then, of course, there's the issue of taxes.
• CREATE A FINANCIAL PLAN YOU CAN BOTH LIVE WITH: When you talk about money, you'll want to discuss your financial goals. And if one of you likes to spend while the other prefers to save, find a fair compromise that'll make both of you happy. You'll thank each other later.

Read the Charles Schwab article in full here.

Other interesting articles from the same bank include On the Road to Financial Bliss and Talk Finances Before You Tie the Knot.