5 minutes only, that is all what it’ll take 🙂 Hello our dear friends and readers from everywhere: the US 😉
When you get into a partnership, you need to be clear about how you’re going to manage your finances with your partner, before getting into serious decisions. The reason is that after getting involved into a strong relationship, financial problems can destroy this relationship, and you would feel that you invested your time and money with the wrong partner. You would feel terrible regrets that you didn’t discuss any important money decisions before getting committed to that person.
Now it is your chance to take a deep look before moving in into someone’s place, or let someone move into your own place. There should be agreed upon rules. The agreement should be by both parties. It should be clear and fair. Negotiation is acceptable but not binding until both agree.
Your financial Concerns:
Money or financial matters are seen differently by different people depending on how they raised up to look at it. A person who grew up with a mom working as a banker, would be not the same as someone who had a nurse mom, or others.
If you decide to have a partner, it is long term relationship, and you have to ask questions about how she/he think of money, spending, or savings. It is normal to know about these matters, not necessarily in details (although details will be better).
Your Every Week Budget:
What is your limit? You have to be open telling your partner that you have a budget for X amount of money every week or every month. There is nothing wrong in saying that. It is great not to pretend that you can spend money while you’re borrowing it from your credit cards.
Of course, if you make it clear that you buy certain items on a regular basis, it would be appreciated by your partner, and she/he might talk about her/his fixed purchases.
Some people like to have a joint account; others prefer individual accounts, as well as individual taxes. Both are fine. The only thing is that you need to decide and talk about this in advance. Waiting until the last moment like one day before the marriage contract is not a wise approach.
Spend or Save?
Once you have and agreed upon a budget, it would be planned what to spend and what to save, unless new factors came to the surface!