Couples Banking: Are You Part Of The One-third?

According to an RBC poll, it seems one-in-three Canadian couples between the ages of 18 and 35 keep at least one separate bank account

. Only 10% of the surveyed couples say they keep all their accounts joint and more than half of the couples surveyed say they are keeping some of their funds divided to maintain a sense of financial independence. Meanwhile 31% of couples say they keep separate accounts because they have different financial needs than their partner.

Even though their accounts may be separate, these couples are committed to building their financial futures together. House buying and having children were some of the things couples planned to do within the next five years. Two-thirds of couples said that planning for financial stability was a priority.

Discussing financial plans is definitely a key to making the long-term financial relationship work. It's all about communication and defining your personal objectives. A couple needs to agree on the same financial priorities. This will help with home buying, traveling or starting a family.

It's important to decide on key issues. A couple needs to discuss who's in charge of the bank accounts and paying the bills. Who pays for what expenses? What spending means to you. What are your personal financial goals?

Simplify, simplify, simplify. Review your account records, plans and investments. Regardless if you have single or joint accounts, keeping track of daily spending is a helpful guide when it comes to finding out where all the money goes. This may prove to be a little tedious, but it's worth the effort, even if you chose to do it for only one month.

It's very important to discuss your spending habits as well as your saving habits. It may prove impossible to reach your financial goals if one of you is a spender and the other one is a saver. Knowing your past mistakes, like defaulting on a loan or not paying outstanding debts, will help you both to learn where you currently are and what your money attitude is.

If you are thinking of your financial future and are wondering how you can manage unpaid loans or boost a bad credit rating, there are many financial institutions that can help. For those with bad credit, talking to a car title lender about a private loan may be just what you need. Many offer a variety of private loans through their no obligation, 24-hour, on line applications.

by: Molly Wider

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