How to Combine Finances When You Handle Money Differently

Sharing expenses requires communication and trust.

As a well-established adult, you undoubtedly have your own way of handling your finances that varies from other people in your life. This can cause some friction with your spouse, though, if you both want to share your finances. If you continue managing your finances in a way that contradicts the practices of your spouse, there will be trouble. For example, going shoe shopping until your account is negative will undoubtedly cause an argument. Compromise and financial sense are the keys to making the transition work.

Things You'll Need

• Computer
• Filing cabinet

Instructions

1. Create a file on your computer or make a special place in your filing cabinet for financial documents. Place all your financial documents in this location so you and your spouse have full disclosure of the shared expenses.

2. Ask your significant other to sit down and write about his idea of money. Include information on your spending habits, what's the minimum balance you want in the account and when you pay your bills. Get a full idea of what money means to you and then sit down with your husband to discuss it.

3. Allow your husband to read what you wrote. Discuss certain aspects of his financial preferences that you enjoy and others you think may need some improvement. For example, if he has a history of letting his balance go negative in his account, this is something you should change.

4. Map out a compromise to bring both of your financial habits together. This may take some time, but be patient and understand that finances are a touchy subject for many people. If you want to combine your finances, though, you will both have to bend on your viewpoints to come up with a financial plan that suits you both.

5. Write out your new financial plan once you and your spouse determine the new method of handling money. Keep the information in your files so you can refer to it when you have a money-related discrepancy.

6. Visit your bank and speak with a representative about opening a joint checking and savings account so you and your spouse have a safe place to pool your money.

7. Discuss the debts between you as well as how you want to tackle them. Don't put your name on any accounts that are currently in the red, but work with your spouse to get the negative debts resolved. If you feel comfortable, allow your spouse to put your name on his good credit accounts so you have access to the finances.

References

• The Independent; Money and Marriage: Don't Let Financial Affairs Ruin Your Relationship; July 2008
• Consumerism Commentary; How to Combine Finances for Couples; Luke Landes
• MSN; 5 Steps to Wedded Wallets; MP Dunleavey
• Money Crashers; Marriage and Money Issues and Problems: Compromise on Details, Not Principles; Erik Folgate
• Net Places; Finding Compromise in Different Approaches to Finances; Tere Stouffer
• CBS Miami; Compromise Key to a Couple's Finances; Lisa Petrillo; December 2010