Consolidating finances when marrying
If we had a big joint expense coming up, we’d add equal amounts to our joint account, without exception.
A few years ago, we started discussing a career change for my wife.
So, I agreed to fully cover our joint living expenses and her tuition, without any expectation of her paying me back (there are indeed couples who loan each other money in these types of scenarios with the full expectation of paying it back). Did I loan her money for her half of the car (I say half, but she was the only one using it)? I saw it as an opportunity to invest in my wife to enable her to personally grow and ultimately improve our relationship.
And given my financial situation, I didn’t think it would be fair to put unnecessary financial or other stress on her for the purpose of sticking to a previously determined financial ideology.
Throughout our lives, I anticipate we will encounter many situations where one of our personal savings or employment situations can be advantageously used to enhance each other’s lives and our relationship. I have my opinion on what works, but it’s what has worked for us.
Like most things, there is no one-size fits all approach. The one common denominator that I think is necessary for everyone is to be fully open and discuss it.
Still, though managing personal finances may be personal, it is not always an individual pursuit.
Before you look at combining your finances with someone else, you need to have a clear understanding of your own personal finance picture.#wp-subscribe.wp-subscribe-1 #wp-subscribe.wp-subscribe-1 h4 #wp-subscribe.wp-subscribe-1 p #wp-subscribe.wp-subscribe-1 .regular-text #wp-subscribe.wp-subscribe-1 .wps-consent-wrapper label #wp-subscribe.wp-subscribe-1 .submit #wp-subscribe.wp-subscribe-1 .thanks #wp-subscribe.wp-subscribe-1 .error #wp-subscribe.wp-subscribe-1 .When it comes to personal finance, we all do things a little differently.After a few years, our money habits can become more like money rules, and staying open minded to new ways of handling our finances can be tough.Even the more flexible among us can still struggle with financial changes.