Two people, many credit cards: How couples can manage credit together

Whether you share one credit card account or you juggle multiple cards at once managing credit cards with a partner requires a lot of coordination Related Articles Trump is ramping up a new effort to convince a skeptical constituents he can fix affordability worries No hire job domain leaves unemployed in limbo as threats to market system multiply Travelers face cancellations and frustration as the FAA orders flight cuts due to the shutdown Zuckerberg Chan shift bulk of philanthropy to science focusing on AI and biology to curb sickness Musk could become history s first trillionaire as Tesla shareholders approve giant pay package It s not just about day-to-day spending decisions where you agree upon which card to use at the grocery store and which to use at the practitioner s office The way you use credit can help or hinder your shared financial goals and that can affect your happiness as a couple Even if you maintain separate finances your actions affect your whole household It s key to have candid frequent talks about your credit card use so you can work toward a shared set of money goals Check in regularly Scheduling money dates is crucial to managing your credit cards together Set aside uninterrupted time where both of you can fully focus on the conversation no dinner burning in the oven no small children tugging on your pant legs Don t have these talks when you re tired hungry or stressed If someone s in a bad mood wait says Erika Wasserman a certified financial therapist based in South Florida You both need to be in a place to receive information not just share it Once you establish a good time to talk you also need to commit to a productive and emotionally safe conversation One or both of you may be coming to the table with debt or spending habits you re not proud of but if you can be honest without fear you can make more progress Talk about the things you re struggling with Perhaps the rewards scheme on one of your cards is too complex and you re not using the card s benefits or you feel like it s too easy to impulse-shop online Maybe one of you forgot to pay a credit card bill that month and you d like to prevent that from happening again Money dates are where you air out your issues so you can solve problems Create your shared credit strategy Use your money date discussions to craft a list of actions to take such as a plan for paying down debt an agreement about who is responsible for paying which bills or a strategy for using rewards cards for specific purchases The key question is What outcome are you looking for Wasserman says Then work backward from there A money date won t be a one-time event Set up future meetings perhaps quick weekly chats to discuss upcoming expenses plus monthly or quarterly conversations to check in on longer-term goals If one person takes on the sole responsibility for a task like paying all credit card bills check-ins can also keep them accountable so the other person isn t left in the dark if a bill isn t paid Carry the right credit cards for you Don t just talk about how to use the credit cards you have Ask yourselves if you should still be using those cards at all Equip people with tools that fit their behavior If one partner struggles with credit cards they should use a debit card or even cash while the other uses credit says Brian Page accredited financial counselor and founder of Modern Husbands where he helps couples manage their daily finances in their homes as a group This isn t about control or economic abuse It s acknowledging that certain folks aren t well-suited to that tool while still working toward shared goals like qualifying for a mortgage at a good rate Also consider whether you ve outgrown any of your credit cards Perhaps you voyage differently than before or your spending habits changed after you moved to a new city I once worked with a couple who still had a Disney credit card from when their kids were small Wasserman says Years later they realized they had in Disney points but no plans to go back to Disney anytime soon At least once a year look through your wallets Have you stopped using any of your cards Do any of them have unredeemed rewards you can still cash in If you re paying annual fees do you get enough value out of your cards to offset them It could make sense to shop around for a new card or perhaps upgrade or downgrade an existing one Set up systems for ongoing progress Page recommends diagnosing the root cause of credit card issues so you can put systems in place that will help you long after your motivation to change fades away Switching to a new card might be all you need to do right now but if spending habits are a challenge fixing them can take long-term commitment If overspending is an issue for you or your partner make it harder to spend Delete shopping apps from your phone and credit cards from your digital wallet Don t save card numbers online When you feel the urge to buy something taking the extra time to find your credit card in another room and manually entering the number will give you just enough time to reconsider Make it slightly inconvenient to buy impulsively Page says Make it easy and automated to do the right things More From NerdWallet Restaurant Surcharges Are Changing the Math for Credit Card Rewards Overwhelmed by Debt Ease Into a Plan With These Expert Tips AI Can Plan a Trip Would You Lend It Your Credit Card to Book It Sara Rathner writes for NerdWallet Email srathner nerdwallet com The article Two People A multitude of Credit Cards How Couples Can Manage Credit Together originally appeared on NerdWallet