As wedding season is here, many couples are facing not only decisions about wedding planning, but also about how to spend their money as a married couple. Combining finances and financial planning can be a tricky and daunting task. It is important for every couple to sit down and thoroughly discuss financial issues before combining their finances and agree on common financial goals.

Combining your finances with someone else brings with it new responsibilities and concerns. The money you spend is no longer just "yours", rather it now "ours", making you accountable to another person regarding your spending habits. Worrying about someone else's spending can be stressful, especially when it doesn't conform to your idea of how to spend joint money. In order to make this financial transition a little smoother, we’ve included some helpful ideas regarding shared money.

• Establish 3 bank accounts. With this system, each person has their own bank account, plus a joint account for household expenses, etc. This allows the couple to both contribute to the relationship, while maintaining some financial independence. Decide how much money each of you will contribute to the joint account every pay period, with the remaining balance to go into your personal account. You can also set up a fourth account, for joint savings if you wish.
• Decide on a budget as a couple. Make sure that your financial priorities are the same; one person may want to save for a house, while the other wants an expensive vacation, or new vehicles every few years. Devising a budget as a couple means that you must first decide on how much to save, what you are saving for, etc. Only after you decide what percentage of your incoming money you plan on saving can you then divvy up the rest.
• Discuss issues such as children, retirement, etc. Having children is not only a major step in life, but brings with it certain financial issues. Your financial planning for the future will be a lot easier if you have an idea of when you plan on having children, how much you plan on saving for future education, etc. Retirement is also a major event that requires certain financial planning to be put in place early. By discussing these issues early on, you can avoid financial pitfalls later.
• Cover all your bases. Major purchases, such as a home, bring with it certain additional expenses which need to be considered. For instance, are you factoring in how much you will need to spend for lawn care, general maintenance, etc? Do some research about what your major purchase will entail, and make sure that this purchase fits your budget. If you plan on owning vehicles, consider the cost of gas, insurance, maintenance, parking, etc.
• Communicate with each other regarding major expenditures. If you are spending money in the joint account, apprise each other beforehand in order to make sure you do not overspend. You may decide that purchases that benefit you as a couple such as furniture or electronics, will be purchased from funds in your joint account. Discuss these purchases before actually buying the items, in order to ensure that enough money is in the account, and that you are both in agreement.

By deciding together as a couple what your financial goals are and what your ambitions are, you can avoid some common pitfalls. Remember, as your family grows, and your assets accumulate, to consult with your insurance broker to make sure you have sufficient life insurance coverage that reflects your new status.