Mary White
Getting married?

When it comes to newlyweds bank accounts, that is. Communication about money is the number one source of strife in a newly married couple's life. People getting ready for marriage would be smart to start discussing finances long before they tie the knot.

Couples should decide how they want to handle their banking relationships. This is why one plus one might equal three: each person might want to maintain his or her own account, in addition to having a joint account for household expenses. If the couple has two paychecks, both could be deposited into the joint account, with an allowance given to each person for his or her separate accounts.

Another option would be for each person to be responsible for depositing a set amount into the joint account each month, with the rest for personal use. Maintaining personal accounts helps alleviate the concerns of spending our money on what one person might view as a frivolous purchase.

Some people feel that money should be married along with everything else in a marriage. These couples may elect to have all joint accounts. Having two or three accounts might mean two or three service charges every month, depending on the terms of the account.

Whatever the preference, newly married couples should start to talk about how to structure their finances before they say I do.

Once they decide what kind of accounts they want to have, they should shop around for a bank. Don't forget that many banks offer deals to people who hold more than one account, such as free safe deposit box rental or a credit card with no annual fee. Good customers mean income to a bank, so account holders should ask to have fees waived, even if the bank doesn't offer to do so.

Finally, newlyweds should be aware of any debt incurred before the wedding by either party. No one should be surprised by credit card bills after they've taken their vows. Being up front with one's future mate about finances paves the way for bigger issues later on, like buying a house, planning for retirement, and financing children's college education.

Newlyweds have many jobs to accomplish ion the first year of marriage. Starting out a financial life together is one of these. For more information, call the Emanuel County Extension office at 237-1226.

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