MeVest founder, Lesley-Anne Scorgie, hosts guest contributor, Janine Rogan.
Merging your accounts with the love of your life has pros and cons. For starters it makes things easier at the end of the month when you don’t need to tally up who owes what. If it’s all coming out of one account and you treat every dollar as ‘ours’ it can be financially empowering to work towards those joint financial goals. On the flip side if you don’t trust your partner, or you jump into sharing finances too quickly without setting boundaries, it can be detrimental to the health of your relationship.
Here are three steps to take before you combine your money with your love:
- Lay all the cards on the table. Understand your starting points, who owns and owes what.
- Calculate your net worth. Your net worth is what you own (assets) less what you owe (liabilities). If that number is positive, continue to move it in the right direction. If it’s negative, you have a bit of work to do, but in the long run you can still achieve financial independence. Download our net worth tracking tool (click on the tracker from the right sidebar).
- Talk about your money values. Tell your partner what is important to you and understand what is important to them. Find common ground and focus your efforts there. Working towards bigger financial goals as a team will bring you closer together.
At the end of the day, frequent communication is what is going to be the key when it comes to achieving financial harmony with your partner. Make sure you are talking about your finances at least once a week for a few minutes every time.
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