Dec 23, 2016

Are you among those lucky few who are fortunate enough to have found their Mr. or Mrs. Right? You might have already tied the knot as well. While starting your journey towards matrimonial success, this thought is bound to come inside each couple’s mind—should they share each other’s bank account and credit card details or not? How about having to share credit cards, or having a long-term finance or retirement plan, which involves joint accounts?  

This might be undoubtedly a big leap, one which you would naturally hesitate to take. Therefore, to simplify things for your sake, here are some benefits of sharing your finance information with your better half.

Keeping Shared Goals

You and your partner keep shared goals in your focus if you are sharing financial plans with each other. This ultimately suggests that both of you have the same aspirations and drive to pay off whatever bills come your way.  While some people might consider this to be a negative point, it is in fact, the opposite. It’s keeping the vow which a couple takes during signing their marriage contract. Think about it this way, you and your partner will have the same vow to pay off your mortgage payments within 10 years, instead of 20.

Strong Protection of Finances

If you have a shared file or a copy of your financial statements with your spouse, that is great in terms of good record keeping. Chances of your details being lost or stolen get reduced to zero when you trust a loved one with your finances. If any identity thief gets inside your records, which you only kept on your personal computer, think of the worse that could happen.  

Building a Relationship with “Give And Take” 

In a relationship like marriage, a very obvious advantage of sharing similar monetary goals is that you get to build your relationship with a “Give and Take” enterprise. As you enter your silver and golden jubilees of marriage, you will be happy that your bond grew stronger over the period of time because of sharing every detail and flow together.

‘Ours’ Instead Of Mine

Sharing the same finance plans, along with bank statements will eventually harbor the feeling of safety in any relationship. You and your partner will be able to proudly state at every single point, “It’s ours,” instead of using the cold and empty word “Mine.”  

Healthy Sense of Family and Companionship

Your children are an ultimate source of joy and satisfaction in a settlement like marriage. If they see you and your significant other sharing finances, whether good or bad, with a smile on your face, they will definitely learn from you and grow up as strong and emotionally stable individuals.

Credit Score Rewards

There is this another great return you get after sharing your financial information—your credit score booms! What more could you benefit from, by a shared finance goal than this? If you and your spouse pay all due credits on time each and every month, you will both be rewarded a hale and hearty credit score. And who knows, that may just be what you need in the future.     

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