Reid Trego welcomes one of Goodwin Investment Advisory’s financial advisor’s, Ray Brown, to discuss combining finances as a newly married couple. Reid and Ray both believe that it’s better to combine finances, especially for young couples in their first marriage. They reference a bank rate study that shows that only 43% of married couples have combined their money. Another Cornell research study supports the idea that combining finances can strengthen relationships and improve satisfaction. They also talk about reasons why some couples choose not to combine finances, such as maintaining independence and self-identity. Reed and Ray suggest designing a plan together, including having one joint account and setting shared financial goals. They emphasize the importance of viewing assets collectively rather than separately, as divorce would consider all assets jointly owned anyway.
Check out this money conversations guide for tips on 20 questions to discuss regularly when it comes to financial planning. We also have a blog specifically, titled, “Marriage and money.”
Ray and his new wife Lindsay discuss the importance of budgeting and joint financial goals. They make budget meetings fun by incorporating activities like Trivia. They emphasize the need for open conversations about spending priorities and justify expenses. They also highlight the benefits of tracking expenses, reviewing subscriptions, and finding hidden savings. The couple believes that debt should be tackled together as a team, and they prioritize vacations as their financial goal. Additionally, they mention the validation provided by research supporting their views on combining finances in marriage.
Reid discusses the complexity of decision-making in relationships and emphasizes the importance of understanding each other’s perspectives. They suggest treating a shared bank account as a married entity to promote teamwork and alignment. He advises against keeping assets separate, as it can lead to misunderstandings and complications. They encourage couples to have budget meetings and recommend using budgeting software like YNAB for effective financial planning. The host concludes by stating that their financial advisory services cater to individual goals and situations, without judgment or bias.
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The Money PIG podcast is hosted by Reid Trego. Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.