Wondering when it’s time to take the big leap in a serious relationship? Combined finances are a key aspect of many couple's lives together but sharing everything can lead to some really sticky situations no matter how much you love your partner. “What’s mine is yours” does not have to be defining mantra for your financial relationship with your serious partner.
Here is our advice on when and how you should combine finances with a serious partner.
Save Your Bank Account Until Marriage (or don’t)
Stick to this general rule. If you aren’t sharing bills, there is no real reason to share your income on any level. If your partner requests for you to share before a big step like marriage or a move-in, take it as a huge red flag.
Ultimately, you don’t have to combine finances at any stage in the relationship or marriage. It’s totally up to you, just make sure you have a candid money conversation with your partner.
When You Live Together
When you live with your partner, it only makes sense to split household expenses evenly. Even though you’re splitting expenses, there is no real need to share any sort of joint account at this point. Your best bet is to make a household budget, where you make an agreement on who pays for what household expenses. Maintain your own income and accounts on an individual level and follow your household budget plan.
When Should Couples Combine Finances?
If you’re set on combining finances and growing savings together, wait until you’re married and know with full certainty that there is enough security for your bills to be comfortably covered.