Must-Read Tips For Combining Your Finances

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ring on top of house with car and cash
Sharing your finances can be a source of conflict. Here are the 4 pieces of advice you need.

Determine how to divide the expenses.

Finally—here comes the tricky part.  Every couple must decide whether to fully combine all income, paying expenses from a communal account, or keep individual accounts, dividing expenses among each partner.  Believe it or not, Johnson says he's known plenty of successful couples in both camps. While he most often advises couples to combine incomes to achieve financial goals together, for a new couple for which marriage isn't on the immediate horizon, he'd likely recommend contributing to a mutual budget while retaining the rest of their income to control alone. If a couple decides to keep their money separate, he believes that when it comes to joint expenses, it should be very clear from the outset exactly who's responsible for what. "The last thing you want is for one person to feel taken advantage of," he cautions. The Frisky: 7 Ways To Work Through Money-Focused Fights

 

Continue to talk about it ... even after you've figured it out.

"The most important thing about the way you choose to divide common expenses is to make sure you don't just set it and forget it—you have to talk about it," asserts Johnson. Never assume your partner feels comfortable with your financial practices—check-in regularly to make sure you're both on the same page. "Find something that works for you and bring it up with one another every now and then to make sure it's still working," Johnson advises. The key to living a financial fairy tale with your Prince Charming is in your control, Cinderella. 

Written by Heather Teilhet for The Frisky

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