5 ways for you merge your finances with your partner without a disaster

Congratulations! You’re confident enough in your relationship to start pooling your money together. Hopefully you’ve already moved in together and are ready to commit your lives to each other. You might not be married but, to you, it makes sense to merge your finances with your partner.

However, be wary that money is the number one leading cause of break-ups. So, to avoid heartbreak – here are five great tips to keep your merged finances clean and your relationship intact as told by the wise writers of Mashable.

1. Communication

The foundation of every great relationship is an open dialogue about anything and everything. When it come to finances you’ll have to engage your partner in a franker tone so they know you mean business. It’s good to clear the air of any outstanding gambling debts and stock investments that might be a hinderance later on in your relationship.

2. Add financial planning to the ‘years-plan’

Every couple, engaged or otherwise, have some sort of three or five or ten year plan. Why not add some financial milestones to the plan? For example – year two, get a dog and reach X amount of savings. Super simple methods of keeping finance in the background of the relationship.

3. Divide costs logically 

Splitting costs is always tricky because you and your partner will most likely make different amounts of money. Don’t be tempted to split costs down the middle out of politeness because it’ll hit one of your bank accounts harder than the other. It’s simpler addressing things like gas bills but when it comes to larger personal debt, please be logical with your money.

4. Maintain some independence

It should go without saying that unless you’re married you should never totally merge your finances. As with social circles, work friends and holidays – it’s great to acknowledge independence in a relationship. The same goes for finances. Have your own nest-egg tucked away and listen to the advice of point number five below.

5. Protect yourself

Protection is one of the most commonly uses phrases when it comes to discussing relationships – in a myriad of contexts. In this particular one, as much as you don’t want to admit it, your relationship may end and, when it does, you better be ready. If you’re not married (which we’re hoping you’re not since you’re reading this article for advice) it’s a lot easier because it’s a matter of knowing exactly where your money is and where your ex’s is.

The easiest thing to do is cut all ties with your partners as quickly and cleanly as possible. The last thing you want to do with a broken-heart is meet up to discuss misplaced money.

What now?