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Though some studies indicate that couples who combine finances are happier, many younger couples are opting to keep things separate. Here are eight reasons why couples should consider combining finances, and why this idea isn't as old-fashioned as you may think. The average interest rate for a savings account is 0.09% APY, though there are many online banks with savings programs that have a much higher interest rate. Communicate more up front about your financial goals and values with your current partner to make sure you're both on the same page." Combining finances from the beginning and having regular check-ins about your finances can prevent the surprises that lead to conflict.
Persons: , Amanda Clayman, Sherri Newpol, Clayman, Brian Face, spender, you'll Organizations: Research, Service, Prudential, Newpol Psychological
The best way to save for retirement depends on a few different things, says one financial planner. And if you don't have an emergency fund, you'll need to prioritize that first before focusing on your retirement savings. Retirement savings depend on compound interest to grow over time, so generally, you want to leave any funds in retirement accounts untouched until retirement age. A Roth IRA also isn't an option for everyone, since there are income limits for the people who can contribute. "Whether to invest in a Roth IRA or not will depend on your tax bracket and retirement plan at work," he said.
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