Combining Finances

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Managing day-to-day finances together

This is an exciting time in your relationship, filled with discovery and possibility.

Whether you're living together or getting married, you're doing much more than combining belongings - you're paving the way for your future as a couple. An important part of this is the financial foundation you are preparing.

Some couples find that each partner takes a different approach to finances. That's why it's important to talk openly from the start.

For example:

• Discuss your spending and saving habits as well as your values and attitudes surrounding money matters.
• Be honest about any past mistakes, like defaulting on a student loan or outstanding debts, since previous actions now affect both of you.

Once you discover each other's money management style, you can sort out the day-to-day practicalities more successfully. Decide on key issues like:

• Who pays for which expenses
• Who's in charge of paying bills and reconciling bank accounts
• What are your financial goals are as a couple (Are you saving for a car, a vacation, a down payment? Trying to pay down debt?)
• What does spending and saving mean to each of you?

Then, consider your banking arrangements. Even if your finances were well organized when you were single, you'll need to reconsider your arrangements as a couple, to make the best use of your money. Sit down together and review all of your accounts, plans and investments, and simplify as much as possible.

Whether you use a joint account or manage separate accounts, keeping a banking account for day-to-day expenses helps make bill paying easier and helps you track spending.

Working through your financial goals and arrangements together will give you confidence that you are managing your money wisely.

View additional tools and resources to help you manage your finances.

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Managing day-to-day finances

To keep your finances organized, efficient and simple, you'll need to set up the right accounts with the right features for both of you. Here are just a few examples of how we can help you manage your day-to-day finances.

¹ Must qualify for overdraft. Annual interest charge applies if used.

² Co-owner must be an existing RBC client and added through Online Banking.

³ RBC Investments Savings Account is excluded from the MultiProduct Rebate