Megan Ford, a financial therapist and clinic director in the College of Family and Consumer Sciences, spoke with Vox about some things to consider before merging finances with your partner.
Ford recommended painting a clear financial picture with your partner. Part of this picture is discussing each of your “money baggage.” You should both share how past financial experiences shaped your relationship with money today. If there is debt or anxious feelings about making big purchases, try to understand the context of these situations.
It is also important to explore the upsides and potential downsides of combining finances, Ford said. For example, it may make more sense to open a joint checking account to draw from for certain payments. On the other hand, it could also help the individuals feel more secure in the relationship if they merged finances.
