BAKERSFIELD, CA - Relationships can be challenging on their own, but throw in finances and for some couples that can create turmoil. One local expert says it's all about communication. When dealing with money and relationships, Consumer Credit Counseling Services president Katy Hudson says talking about finances is key.
"Any system that gets people talking about finances is a good thing," said Hudson.
She says it's becoming more common for couples to have both individual and joint accounts.
"Most people kind of have a hybridized thing where, you know, his, mine, and ours. A lot of couples will have a joint account where they pay the household bills of and then keep separate accounts for them to do with whatever they please," said Hudson.
Mike and Grace Aquino say having separate accounts didn't work well for them.
Grace Aquino said, "It was just getting all crazy, I think it's better to share accounts because we're both in the same place."
They say having a joint account makes it easier to keep track of their budget.
"I think it's good because that way you both know what's going in and out of the account and you pretty much both have the same information," she said.
The couple agrees, communication is important when managing their finances.
He said, "We keep track of our finances in a more joint way, it's easier."
No matter what situation fits best, Hudson says it's important to keep it in perspective.
Hudson said, "The joint goals should come first and should be talked about first, before the individual. That's what a marriage partnership is. Especially if we're talking about combining finances after you get married, the partnership comes first."
Hudson says if finances are a continued point of contention, having an outside view can be helpful in setting up a plan. Consumer Credit Counseling Services offers a variety of programs to help with money management.
"Any system that gets people talking about finances is a good thing," said Hudson.
She says it's becoming more common for couples to have both individual and joint accounts.
"Most people kind of have a hybridized thing where, you know, his, mine, and ours. A lot of couples will have a joint account where they pay the household bills of and then keep separate accounts for them to do with whatever they please," said Hudson.
Mike and Grace Aquino say having separate accounts didn't work well for them.
Grace Aquino said, "It was just getting all crazy, I think it's better to share accounts because we're both in the same place."
They say having a joint account makes it easier to keep track of their budget.
"I think it's good because that way you both know what's going in and out of the account and you pretty much both have the same information," she said.
The couple agrees, communication is important when managing their finances.
He said, "We keep track of our finances in a more joint way, it's easier."
No matter what situation fits best, Hudson says it's important to keep it in perspective.
Hudson said, "The joint goals should come first and should be talked about first, before the individual. That's what a marriage partnership is. Especially if we're talking about combining finances after you get married, the partnership comes first."
Hudson says if finances are a continued point of contention, having an outside view can be helpful in setting up a plan. Consumer Credit Counseling Services offers a variety of programs to help with money management.