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How couples can merge their finances and find harmony

Wilson Luna

As brutally honest as that sounds, it's a good question to ask before marriage or about to move in together. To make it a seamless transition, a couple, planning to merge their households, need to take certain steps:

Consider the 'business' aspects of the relationship. You love each other and you may even have common ground on all sorts of social, cultural and religious issues. But financial obligations and goals need a conversation Even the question of who pays the household bills and when? Will you have separate or joint bank accounts?

This takes some organisation. All financial facts must bed out on the table. Not only does this bring out the facts but it enables the couple to establish how they are going to communicate about often difficult and challenging issues. At a time when there is so much goodwill towards each other you are much more likely to accommodate each other than when issues come up much later at times of stress or worry.

You each have your own personalities and money is no different. Understand your money personalities. Opposites attract, and that's abundantly clear when you're living under the one roof. Acknowledging each other's strengths and weaknesses prevents future conflicts.

What’s your partner's vision of the future? What's yours?  Are yours realistic and compatible goals? Make a plan that engages each of your wishes and the total, merged entity. It’s an exciting journey.  But take care of the detail stuff at the outset. And establish a regular meeting – perhaps even going out somewhere. Make it a joy and make it routine. For example once every two months.

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Tags: relationships and money, couples money planning advice, relationships and finances

Author's Biography

Wilson Luna is an author, wealth adviser and founder of Your Family Your Money. Your Family Your Money’s goal is to simplify traditionally complex financial strategies, demystify financial jargon and debunk common financial myths, becoming every family’s first stop for financial advice, information and inspiration.