There’s no right way to manage finances in a relationship other than maintaining open communication, but conversations about money are a progression in any relationship
Entering the next stage of a relationship can be exciting but when it comes to the financial part of your life together, experts suggest having an honest talk about money before packing your bags and moving in with your partner.
Bridge and his fiancée don’t have a joint account yet but he said: “We know what the other person makes, what they have saved, and we also know that we are working toward common goals.” To find the approach that works best, Sellery said a couple should pick the method in line with their values which also accommodates temperaments such as spending and consistency. If it’s too difficult to decide, he suggested consulting a personal finance adviser or life coach for a neutral take.
For instance, if one partner has debt and the other has savings, it will be much easier to pay down the debt, he said, as the couple splits the cost of living and other day-to-day expenses. In some cases, the couple can decide to pay down the debt together as a household. But before diving into a long-term relationship, Bridge warns of red flags such as secrecy or controlling behaviours.
While joining finances can feel like a big move, Bridge suggested taking a smaller step and creating a joint budget or joint cash flow to track where the money is going.
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