How couples can combine their finances more easily

IDAHO FALLS, Idaho (KIFI) - Valentine’s Day is on Wednesday. Some couples might be planning to combine their finances, which is no easy task. How can couples build financial harmony together?

“One of the first things you learn in the financial industry is finances are not just numbers,” Mountain America Credit Union Branch Manager Jacob Baggaley said. “It's an emotional thing for couples to work through together and figure out their finances.”

Baggaley says it’s important for couples to have open communication about their financial goals and debts to pay off.

It’s common for one member of a couple to make more money than the other. Baggaley says creating a budget can help with that kind of situation.

“Then both know how they can contribute to the goal according to how much income they make.”

Mountain America Credit Union Regional Manager Daeson Rueckert also recommends couples set up insurance in their financial plan. This can put their minds at ease and help with unexpected incidents.

“Whether it's life insurance…, car and auto insurance, home insurance, whatever the case is—if you're not prepared for the unexpected…you leave your future up to risk.”

Baggaley and Rueckert say two financial goals couples often overlook are funds for emergencies and for their children.

Make a “plan for having some sort of a fund for them that continuously gets deposits,” Rueckert said.

More financial education resources can be found here.