Before Pooling Finances, Make Sure You and Your Partner Agree on What Is Worth Spending Money.
Everyone has different ideas about what you can spend money on, so before you combine finances with a partner or spouse, or even share common expenses, find out what you can spend more on, and what is not serious.
Talking about money isn’t easy, but if you do it before you and your partner combine your money, it will prevent problems later. Here are some areas that you two might want to discuss separately.
- Furniture and decor : What household items do you want to invest in or not? Great sofa? Good TV?
- Appliances and kitchen gadgets : which ones are worth spending more on? What are not?
- Groceries : What can you spend a few more dollars on? What suits you when you buy a brand in a store or insist on a brand?
- Eating Out : Do you prefer a budget meal or do you need to use a cloth napkin and tablecloth every time you dine out?
- Utilities and services . Would you mind spending more on your cable TV box or don’t want a TV at all? Are you spending money on a cell phone or buying a budget model? How about keeping warm or AC at a specific temperature?
Once you understand what you and your partner agree on, you can figure out what costs should be covered from your general fund. If there is anything you disagree with, offer to pay the difference yourself, or set up a discretionary account to pay for the waste that shouldn’t fall out of the family basket.
5 Money Talks From an Expert Before Moving Together | Financial diet