Combining your finances is a serious decision and it shouldn’t be taken lightly. A lot of factors go into making the right choice, so let us help you! In this guide we’ve covered all the nitty gritty details in the decision making process.
Let’s Talk About: Merging Finances
Merging finances with your partner can go a lot deeper than just a joint bank account. Although it depends on the couple, this could mean combining all accounts, sharing debt, and making big changes to the way you manage money.
It can be difficult to give up the freedom of controlling your personal finances, even for the most flexible people. Make sure you and your partner have really thought it through before you make a big decision!
To Combine, Or Not To Combine
This is something only you and your partner can answer. While everyone’s circumstances are different, consulting our decision making chart is a good place to start!
This chart may have left you with more questions than answers, so we’ll break it down!
Why does it matter if you’re married? If you join finances before you get married, you could be at risk legally. Even if you live together, are engaged, or have kids!
What does it mean to be comfortable with each other’s financial positions? This means that you’ve discussed all of your financial baggage, credit scores, etc. and you’re both cool with it.
How do you know if you’re financially compatible? You don’t have to share the same money habits or practices, but you need to understand and respect each others values. For more on this, check out Love & Money: What Is Financial Compatibility?
What are the big pros and cons? These are different for every couple, but it’s important to understand how this would affect every aspect of your lives. Talk about how your debts may be affected, the flexibility it may provide, and everything in between.