How do you decide if combining finances is right for you? Whether you have been a couple for years and are interested in combining your finances, or are getting married soon and are considering doing it then, there are many things to think about. While the decision is up to you and your partner about what you end up doing, we are here to provide some tips on how to make a decision that works for you.
If marriage or any long term commitment is in your future, this may be a good time to discuss each other’s financial situation so you each know where you are starting from. Here are some great questions to get your conversation started. A popular question for couples that have recently married, is whether or not to combine bank accounts. Here is an article that talks about some of the benefits of combining bank accounts.
No matter what stage your relationship is in, talking about combining or managing your finances in general might seem like a stressful topic. It does not have to be. Watch this video to see some helpful hints on how to get started managing money as a couple. If you haven’t already you may want to consider setting up a joint budget if your decision is to combine finances. If you decide to continue to having separate finances, this may be a good time to update your current budget or set up a new budget. As a couple you may have some financial goals that you want to work on together, such as, purchasing a home, car, or having an emergency fund. Go here to see how to set up a financial goal.
When choosing to combine finances, or to keep them separate, choose what will work best for your personal situation. You may decide that you want to take a money management class together so you gain some additional strategies. You can also use the CA$H Maine money guide to find tools and tips to keep your finances on track.