You may or may not already have a clear idea about your partner’s financial situation. Either way, it’s helpful to set aside time to discuss this topic in detail. Here are some practical moves to help you money together:
1. Understand Your Joint Financial Picture
This can be intimidating and scary, but being open and transparent about your debts, investments and account balances is really the first step. No judgement, just practicality. So ask your partner:
2. Your Shared Goals and Plans
What do you want? And what do you want as a couple? Talk about your goals and expectations:
All of these questions and more will help you define both short and long term goals and create a shared plan together.
3. Plan and budget together
Now that you know what your goals are, it’s time to do some planning. Clarify how much you want to save, what you want to budget for, and your timeline. Don’t forget to budget for emergencies!
4. Commingling your finances
Joint finances mean something different for every couple. Some couples keep their money mostly separate and only share one or two bank accounts. Other couples combine everything — bank accounts, credit cards, and investments accounts. When it comes to combining finances, there isn’t a right or wrong answer.
Since it is rare that a couple makes the same amount, you could share expenses based on the percentage of income you contribute to the relationship, instead of by equal amounts.
We’re here for you
You don’t have to navigate any of your major life and money moves alone. Whether you’re getting married, moving in, buying a house together or having kids, we can help you figure out how to manage your money in a way that feels good for you.