How To Combine Finances When Dating5 min read
Those days are long gone where you had to be married to combine finances. It is a way of showing your partner that you are ready to take the next big step and take your relationship to a whole new level. It all sounds great in writing, but the reality of it could be quite different. You see, money can be a very sensitive subject to discuss, especially if you are in a serious relationship, and things could get complicated very easily, very fast. So people generally ignore it at the beginning of a relationship.
But, it is one of the most important topics in a relationship and must be covered so your relationship could have a strong foundation. The most common question that arises when addressing the top is whether or not couples should share their bank accounts. This needs huge levels of commitment between the couple as it opens you up to your partner’s debts. So it’s better to always know your partner for some time before making this huge decision. It’s never okay to rush into important financial decisions such as these as they could bankrupt you.
Making Up Your Mind And Setting It In Motion
Before you and your significant other combine finances, you need to clear your head and you have to ask yourself how committed you are to your partner and where do you see yourselves in 5 years. If you flinch whilst thinking or answering any of those questions, you are not there yet. There is nothing wrong with that and nothing to be embarrassed about.
It’s your hard-earned money, and you have every right to savor it. But if you’re certain that you see yourselves together for the foreseeable future, you are ready for the big step, and it’s time for you to put on your big boy pants and set this thing in motion. But keep in mind that both of you must be on the same page of this and you must be comfortable with each other to combine finances.
Once you both are on the same page, simply sit down and start by asking each other simple questions about the future of the relationship. It’s very natural for the conversation to get heated when you start asking the wrong questions. Both of you need to behave rationally and have this discussion when both of you are in the right state of mind.
We can take a page off of Jeff Motske’s “The Couple’s Guide to Financial Compatibility: Avoid Fights about Spending and Saving–and Build a Happy and Secure Future Together.” It contains vital tips on how couples can savor their relationship and avoid breaking up or even getting divorces and save thousands of dollars on couples therapy. Moreover, it contains hundreds of questions for couples so that they get a better understanding of each other’s financial conditions and their views—a great book for couples planning to combine finances.
Plan How To Merge
There is no correct way to combine finances; you either do it completely or partially. Whichever you choose, it is always wise to have a discussion about what each person owns and how much they owe and talking about how each person is going to repay their debt. You can choose to merge based on your preferences. It’s very natural for you to be confused about these things.
You can borrow some wisdom from David Bach’s “Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner” It’s an amazing book and provides couples with some incredible techniques on how to live happily as a couple and how to combine finances, help couples figure out their goals and put money aside for their retirement accounts. It’s great for all relationship stages, and is a perfect tool to help couples reach financial freedom!
Picking The Right Time To Merge
There is no right time to combine finances. Most people go through this at different times depending on how close they are with their partners and vary drastically from one person to another. For some people, the right time is when they are seriously dating, for some when they move in together, while others wait till they are married or have kids. The books: “Smart Couples Finish Rich ” and “The Couple’s Guide to Financial Compatibility” both help combine finances for couples and help them figure out what they want out of their relationships so they can decide when is the right time for them to combine finances.
The Sky Is The Limit
In every healthy relationship, there shouldn’t be any jealousy between the partners, and one should motivate the other to achieve great success in their respective fields. David Bach’s “Smart Couples Finish Rich, Revised and Updated: 9 Steps to Creating a Rich Future for You and Your Partner” is the perfect book that offers this philosophy to couples. It talks about how couples, both with and without joined finances, should thrive in their respective fields with each other’s help and share the success with each other. It helps couples combine finances and understand that now that they are now part of a team and that they are both of them are going to share the wins and losses.
Combining your finances can take relationships to a whole new level and might make partners feel even closer to each other. Although it’s awkward to have the “money talk” with your partners, in the long run, it really helps out as partners get to know what each of them wants out of their lives and relationships. Combining finances not only brings financial stability and freedom in a relationship but also strengthens a connection to its very core.