You and your partner have been have been happy for a long while now, in fact, you have even began planning for your future together – life is rosier than ever. Then it hits you, you have not had ‘the talk yet’: should you have joint credit cards or merge your bank accounts? As much as we wish there was one single answer having joint personal finances, there isn’t but hopefully this article will give you the insight you require.
Sit down and have ‘the talk’
Before you even start worrying about whether or not you have joint young talk with personal finances, how about a sit and a young chat concerning your finances?
Statistics indicate that most relationships do not work out mainly due to money issues – mismanagement to be precise. So do not waste time, shoot straight to the point and get the elephant out of the room from the get go. If you disagree on how you disagree on how you spend your money, then it is best to keep those accounts separate.
If you sit down and put a little thought into it, you will realize that money is one of the few constants in your relationship, so there is no sense in sweeping the issue under the rug. You could have a trial period where you and your partner exchange credit cards – that is bound to give you the real ‘feel’ of things. All you have to do is take it from there.
So should you… Or shouldn’t you?
Synchronization, harmony and feeling like you are on the same page where finances are concerned are proof that both of you’re not condemning yourselves to fatal doom should you decide to have a joint account. Merging your accounts will be a result of mutual goals.
Are you a spender and does he seems to sit tight on his money? (or it could be the other way around). This is a red card for both of you, should you decide on having a joint financial plan, your relationship could be headed for doom. But then again, you could use this to your advantage and work on your differences together.
So should you or shouldn’t you have joint personal finances? The choice is yours – tell us what you have decided, we would love to hear it! ‘til then…