There are plenty of valid reasons to combine finances. It can make budgeting easier. It can be part of the commitment that comes with a serious relationship. But joining finances too soon can be problematic too.
Picture: Ashley MacKinnon MacKinnon/Flickr
GOBankingRates points out:
Obviously a joint account is problematic when a breakup happens, but it can also cause relationship woes while you are together. A joint account might lead to frequent arguments if one person spends more than they should or unwisely spends money.
This isn’t to say you should never combine finances or that combining finances is a bad idea overall. The point is that it’s not a decision to be made lightly. Before jumping into it, make sure you know your partner’s spending habits. Ask them about their debt and credit history. Come up with a thorough plan for budgeting, saving and paying off any debts.
Some argue that couples who don’t combine finances are doomed. Don’t let this pressure you into sharing your financial life with someone before you’re ready. If you’re not yet on the same financial page, it could make things worse.
For more relationship money mistakes, check out the full post at the link below.
7 Worst Money Mistakes People Make in the Name of Love [GOBankingRates]