So you're in a dedicated relationship and considering sharing wallets?
It's true -- money problems the most common cause of relationship breakdowns? Everyone knows not to talk politics, religion and money. But if you're joining households, you're going to need a game plan.
First, set a time to discuss when everyone is relaxed and dedicated. Begin by sharing your experiences with money - your struggles, your goals, your habits, your beliefs.
Do you really need or want to combine funds or does it make more sense to keep finances separate. It's not a requirement, you now. So keep an open mind and seek legal advice if a prenup or postnup is an option.
Combined or not, you will need to create a budget -- together. Be transparent about income, expenses, investments and expectations. Determine where to put any extra funds left at the end of month. Plenty of apps are out there to assist and allow you to share in real time.
Who will take on the role of paying bills and managing the budget? How will you handle large purchases, personal allowance, disagreements, joint versus separate accounts, previous debt, taxes?
Remember there's bound to be some bumps in the road. It takes time and communication to find a system that works for you. Discuss your financial status at least once a week. Set a regular time and stick to it.
If you get in over your head, 1StopDebt is here to help! Be sure and contact us long before it snowballs!