Being in a relationship with someone that you love is great. Not only have you found someone who you care about and want to spend time with, but as your relationship grows and grows, there are lots of exciting things that you will go through together.
Moving into a home together, getting married and having children are just some of these things, however, one that is just as important, but perhaps not as fun is merging your finances.
Whether it is setting up a joint account or joint loans for couples, there are plenty of things to think about when you are taking a look at your finances as one unit.
Only do it when you are ready
Whilst some of us like to take things slowly when it comes to our relationships, there are also those of us who move into a higher gear.
The thing about finances and bringing them together is that you should only ever do it when you are ready and when you feel ready to make a long-term commitment to one another.
Go through the basics, warts and all
If you feel that you are ready to take the plunge and merge your finances then you need to plan a good time when you can come together to discuss it.
This shouldn’t be rushed, this shouldn’t be at a time when you are both feeling emotional and it should be something that you take your time with.
You will need to disclose a number of details about your own personal finances, so be prepared to discuss this.
Things that you may need to cover is how much you earn on a monthly basis, how much you owe in credit cards or loans and of course, the bills (or other spending) that you pay out on a regular basis.
For some people this could be a positive conversation, however, if your personal finances are less than healthy, this could be a difficult conversation to have.
Decide how you want to merge
Every couple is different, which means that there is no right or wrong way that you should bring together your finances. Some couples decide that they need to merge everything together, whilst some may decide that it makes more sense to have an account for their shared bills and costs but keep their own money separate.
You need to speak to one another about what is going to be right for you both and come to an agreement. If you can’t agree, then perhaps it is a good idea to take a step back and revisit it when you are both able to agree.
Merging your finances is not easy. There are plenty of things that you need to think about, there are plenty of things that you need to talk about and it is going to take time to ensure that you do it the right way.
However, once you make the step and bring together your finances, then we are sure that you will really enjoy this next stage in your relationship and your commitment to one another.