Combining finances with a partner is a huge step for both your relationship and your finances.
Having joint finances with a partner looks different for every couple. Every couple has unique
money goals and financial situations. But it is crucial to learn what works for you and what works
for your partner.

Whether you are newlyweds or moving in together for the first time, merging finances can be
tricky. And it requires open and honest communication with your partner to succeed. There are
a few different ways to have joint finances with a partner, and talking to your partner about their
financial goals and habits will help you figure out which method is best for you.

Joint Accounts

One option for many couples is to merge finances, putting all income and savings into joint
accounts. If you are married, own a house together, or otherwise have merged lives majorly,
this option is the simplest. With all the money in one shared place, paying bills and saving
money is easy to keep track of regularly. But surprise gifts and different spending habits will
require a bit more communication. And should there be a breakup without a marriage, this
method may have unforeseen complications.

Separate Accounts

Keeping your finances separate can be a good idea if you are just living together or have very
different spending styles. Maintaining individual assets can be helpful if there is an income
disparity or differences in debt. It can make things like figuring out expenses a bit more
complicated but may limit arguing over spending habits.

A Combination of Both

 
This method could work best for newer couples with a few income, debts, and goals disparities.
Merging the best of having joint finances and separate finances can be a good start towards
having joint finances. Or it could be the best way to keep money arguments at bay.

Finding the right approach to joining finances with your partner will take lots of communication
and maybe some trial and error. If you and your partner are having trouble with this, don’t be
afraid to reach out to your financial advisor for advice and ideas on how to successfully join
finances with your partner.

Good luck, and remember, where there is a will, there is a way!