The Truth About Joining finances in a Relationship.

+ the Pros and Cons of Shared & Separate Finances in a Marriage

One of the biggest leaps you will take as an adult, and in a relationship, is joining your finances with another person. It takes a lot of trust and dedication to put your own financial future in someone else’s hands and knowing when the right time to do that, can be very nerve-wracking.

Let me start out by saying, the only reason you should be sharing finances with someone, is if you share a roof. That being said, you could be saving up to get a place together, and that’s great. Open up a TSFA and toss whatever you can in there until you have enough for that down payment or security deposit or whatever, but you should not be sharing finances 100% until you are both responsible for at least 4 shared expenses. But that’s just my opinion.

So there are 3 different ways within a relationship that money is handled;

1. Shared Finances
2. Completely Separate Finances
3. A Combination of Both

SHARED FINANCES

Anything earned lands in the same spot and everything from personal spending to the house expenses are taken by both people from a shared account.

Pros:

• Total relationship transparency. Some people need this for 100% trust in a relationship.
• It’s easier to make…