Financially Merging!

Good job with the budget for next month! I'm not sure if I have any tips, my husband and I had a joint bank account two years into dating (I was 23 and he was 27) and he was an authorized user on all my credit cards & accounts. But we both are very similar financially, and save a lot and use credit cards very minimally. So we haven't ever had arguments since we both think the same about spending money or how to or when. If you have disagreements, you can see a counselor for financial counseling and that can be helpful! I think just being honest & discussing everything is great. We bought a house together prior to being married so we already knew about all debt, credit score, income, etc. for each other.

My FH and I just merged all of our accounts recently. Checking, savings, credit cards, the whole nine. I know it's different for every couple and that's perfectly fine, but we're a team and that means my money is our money and his money is our money. We both have our checks direct deposited into the same account, we've sat down and listed out all of our bills (together and individual) and a bill schedule so we know what should be coming out when. Honestly, we are so much more comfortable this way than the when we used to swap back and forth on who paid for the pizza delivery or asking him to send me half for the grocery trip I made. I do make less than my fiancé and I've asked him if that makes him feel like I don't contribute as much and he said absolutely not. He works very strenuous 12 hour shifts, I work a desk job for eight hours and do a little more around the house than he does. It's all about finding your groove with each other, no couple is the same. We wouldn't have it any other way!

We have a joint account we put in the same amount of money in every month. It's really just for common things like when we go on vacation or household stuff. We also have a credit card we use for everything we share. We started both of these while we were dating though. But man ITS SO HELPFUL. Because prior to when we go on vacations together it would always be like ok I paid airfare so you can pay hotel, etc. This way is just so much easier splitting everything down the middle.

I'd keep an eye on the statement weekly if not daily till you feel like you can trust him with it. My father in law was using my husband's credit card for some purchases a couple years back and it was fine (he has no credit) - he would put a few hundred dollars on it, then pay it off. We trusted him. Then one of his sons (not my husband's brother) got his hands on it...we checked randomly and there were balance of over a thousand bucks with super random purchases from a vape shop, game stop, you get the deal. We took the card away immediately. I guess what I am saying it's ok to check and not fully trust. Lol

We both have kept our personal accounts, but we have a joint savings and checking. Every month we both put money into the checking account. He pays everything from there. We don’t really question what we do with our other money but will discuss big purchases before doing them. But honestly he’s basically in charge of making sure things get paid, not because I don’t have the money, but I tend to forget.

Thanks guys! Yeah we were getting to the point where we were Facebook paying each other money back and forth for silly things. It just made sense to do a joint account now. Surprisingly we agree on most things money wise including what's important. Although I was a little surprised at how much he spends on Dr. Pepper to the point he has it as a line item in his budget lol.

When we moved in together several years ago, we got a joint account we would both put an equal amount of money into. We would use that to pay rent and any other joint expenses. Now that we are married, we are merging all of our accounts. Luckily, we already had the same bank before starting to date, so it's just a matter of changing direct deposits and closing some extra accounts. We have talked in length about financial goals, and we are similar in how we manage our money. I kinda took on the role of sending out all the payments when we moved in and continue to do so.

The biggest tip: make sure you guys are super open about spending habits, debt, and budgets. Is there a price amount that requires checking in before spending? Like, anything under $100 is fine, but anything over needs to be discussed and agreed upon by both parties or something. Talk about short term and long term financial goals and how you will allocate savings for those goals. Also, remember, what works for some couples doesn't work for all. There may be some growing pains as you guys figure out the best money management strategies for you as a couple.

When we first moved in together, my FH and I kept track of every dollar and made sure our spending was equal. He paid $100 in groceries, so I paid for the $100 utility bill, etc. After 5 years of living together, with separate accounts, we don't even care anymore lol. He gives me half for our bills and most of the time I round it out so he's not writing me a check for a silly amount like $719.56.

But after we're married, we will work on transitioning all of his accounts into mine. My biggest advice: use your accounts to your advantage to consolidate. For instance, our mortgage is through the same bank where I keep my accounts. Because of this, not only did we get a better loan rate, but all of those accounts are connected into one portal. Same goes for his credit cards, we're going to pay his off and get him moved over to my account. It's through the same bank as our insurances and car loan. And again, because of this volume and history, we got better rates.