Many couples wonder if they should have separate bank accounts. There are many arguments for and against a single bank account. Separate accounts may encourage an attitude of "my" money v. "your" money, when in marriage you want to be fostering unity so that the money becomes "our" money and any debt is likewise shared. Seeds of arguments are planted in attitudes of financial separateness. Partners should not have to ask their spouse for money, or sneak around and lie or withhold information about expenditures.

Some couples do budget a personal allowance each month -- "play money" to be used as they desire without having to report it to their husband or wife. It is a small amount, and used for items bought solely for that person, such as going golfing with the guys or out to lunch with the girls. They also may use this account to buy gifts for one another. They find that this small allowance gives them greater freedom.

It is important to realize that budgets are a work in progress. You may want to continually re-evaluate your spending (say every three months in the beginning, then every six) to adjust any areas that need to be changed. Financial software, such as Quicken, is highly recommended. It allows you to make charts and graphs of spending, follow investments on-line, and much more! Being financially responsible early in your marriage will not only reduce your heated discussions, but also contribute to a better lifestyle for you in the future.