Things to understand before combining finances with your partner.

While love remains a beautiful thing, there are certain things that may want to cause a crack in the wall among the love birds, and of those things is money. Money is a very strong word, and we have different perspectives about money depending on our backgrounds and personal life experiences. I have heard stories of couples who begin to join finances together at an early stage of their relationship, and it didn't end well at all. So the question I am asking today is, how do we know that the time is right to join finances with our partner?

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From the stages of moving in together, to the point of getting engaged, there are several signs to indicate that couples are willing to take the next step in the relationship, financial experts advise that, if you have the plan of running a joint account or not, this should be discussed before moving in with one another, this way you have your mind prepared for what is to come. It may sound casual when we speak about combining finances, but it is way deeper than that, as questions about if the bill will be split equally, and the preparation for unforeseen circumstances after proper budgeting.

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Right before you agree to combine money, ensure that this person is a person you can completely trust with your finances, be sure that at the end of the money, you will not be the only person splitting bills while your partner refuses to show up. You may trust this person when it is related to other aspects of life, but people can be really funny when it has to do with money, so asides from taking the time to know them, also begin the financial commitment partway first before you give in completely.

Understand each other's financial point of view, there can only be financial prosperity when both of you are on the same page in the area of money spending and management, and even if he/she hasn't been good in that area, they must be ready to learn.

You also need to have it at the back of your mind, while times are changing, so could your budget change, as children come in, you may want to start planning for their expenses also, this means your budget may need to get re-adjusted as time goes by.
It is only smart that you begin to combine finance as a couple when it becomes legal by the law, so in the case of an unforeseen issue, the law would be able to intervene, but without being identified by the law, it would be difficult for the law to intervene. Even if you choose to combine finances after years of dating, make sure you do so with your individual names.