It's not a simple thing to figure out. There are logistics to deal with, practices to change, emotions to manage, and often it seems like there is never enough time in the day for any of it. Successfully handling money together is essential to creating a happy partnership, so here are 4 pieces of suggestions as you go through this process yourself.
1. Focus on Joint Goals, Not Joint Accounts
It's tempting to get caught up in the logistics of joining your financial resources. What if you want to keep some money for yourself? Does that indicate your relationship is in difficulty?
Disregard all of that. It doesn't matter. At least not at the start.
What truly matters are your joint goals. What are you working on? Exactly what is your shared vision for the life you're developing together?
Start having discussions about what you each value and want from life. Listen to each other so you can genuinely comprehend exactly what's important to the other person.
Discover the goals you already share and make those the concerns. And start talking about how you can find middle ground on the others.
This communication is the genuine secret to effectively combining your financial resources. All the rest is just logistics.
2. Establish Shared Expenses
If one person makes substantially more, possibly they're accountable for a larger share of expenditures. That way each of you is entrusted to some totally free cash at the end of it.
3. Develop a System
There are two primary ways you can start sharing those costs.
The first is to produce a joint checking account where those costs are paid. Then you each are accountable for moving cash to that account on a regular schedule to cover the expenses. This lets you practice handling a joint account without needing to sign up with whatever.
Another choice is to put each person in charge of certain bills. For instance, among you could manage the cable costs while the other handles the electrical energy costs. This sort of system may be simpler to obtain working quickly.
Create a system for long-term cost savings. I understand somebody who gave half their paycheck to their partner to invest for the long term. This might not be the right relocation for you, however, start by discussing each of your present routines and how you might change those or improve on them as a couple.
4. Prepare for Extra Money
In addition to our routine expenses and cost savings, we each have many "desires" that our additional money might go to. For instance, I’d like to get curtains and my future husband wants gardening supplies. So, we made a list of these things and placed them in priority order. And now whenever we have some money, we merely describe this list and put it to the top product. This makes these choices easy, restricts the opportunity for arguments, and guarantees that we're both able to indulge a bit.
Do It Your Way
There's nobody best way to combine your financial resources. If you talk to 10 different effective couples, you'll discover 10 various systems. The key is to concentrate on your shared vision and to do things in a way that helps both of you work towards it.