Banking for couples

CIBC personal finance expert Jamie Golombek reveals the most common money disputes among couples, before offering his two cents on how we can better manage our money and settle financial brawls.

5 Steps to better manage your finances

Step #1: Look back at three months worth of expenses. This will give you a sense of how much money you’re spending each month and what you’re spending it on.

Step #2: Set up a budget. Discuss with your partner how much of your combined finances will go toward the household needs.

Step #3: Check your finances monthly. Make sure you and your partner are on track when it comes to family goals, such as post-secondary education, a family vacation, etc.

Step #4: Set up a discretionary fund. This is the “fun” money you and your partner spend outside the household expenses. These are the wants and should be free of judgment from your partner. Remember, this goes both ways.

Step #5: Combine services to save money. You can save a lot of money on your cellphone bill or medical expenses if you pay as a couple as opposed to two individuals.