My personal journey in a blended family
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There is no lack of hurdles and challenges in bringing two separate and distinct families together in a blended family environment. The merging of finances and financial decision making is one of the most important aspects of the marital relationship in a blended family.
Today’s writing centers on the cash management within a new blended family.
Many young couples often ask the question, what is the best way to handle our cash at the bank?
- Should we have two separate checking accounts and one joint savings?
- Or should we have one joint checking together and one joint savings?
The scenarios for account titling and setup are numerous. And here is how I respond to those questions…..There is no one right way to do it. Every couple is different. What works for some, may not work for others.
There are some common traits though that dictate banking success for a new couple. A cash management system that allows for a couple to have transparency on where their money goes, along with open, honest communication is a system poised for success.
Accountability to one another, along with accountability as a family are important facets of a sound cash management plan. I encourage open, honest communication together, in order to establish what is the best set up in a cash management system for a new couple.