It’s come time and you and your partner are ready to move in together, and take the relationship to the next level. More than likely you will have a mix of things that you are yours, and things that are hers and you will have some things that the two of you own. After you are living together, should you share finances – the same checking account, for example and pay bills together or should you keep your separate checking accounts?
Many couples opt to share finances, pooling the monetary earnings into one account and paying bills and using the rest of the money to save for a common goal – this can get tricky when you realize that she spent more than a week’s salary on a new bag, or a new pair of shoes. It could get ugly too, with the age of online banking you are able to check up on each other like never before and track spending habits.
Tracking finance comes in handy when you are trying to create a budget for the two of you to abide by. If you are able to track the budget together there may be some drama if one is spending more than one earns, or taking many cash transactions out of the bank without knowledge of the other.
I have shared an account for more than a year now. There has been ups and there has been downs and recently we have decided to go back to using separate accounts. We save in the joint account and spend money in the joint account when we are together but we each keep twenty percent of our earnings in a separate account, therefore we still feel like we have some independent control over our finances – this saves face a lot of the time.
I would advise only saving money if you were sure that you were going to be together for a very long time – I would advise doing so if there were plans to get married in the future, or are at least engaged. If you are engaged than it presents someone sense of security for the relationship. After all, you must be able to trust each other to the utmost extent in order to give control of finances over to your partner – after all, it may be your reputation.
In all – it is best to keep finances separate until you are in a serious relationship. There can be serious repercussions if you do not. Make sure that you are both responsible with your finances, and honest with each other and you should be able to avoid all difficulties!