In a Relationship & Combining Finances

You're in it for life, and we love that for you. Combining finances is a huge step, so we'll want to make sure both of you are set up for success.

Your 7 Personalized Action Steps

• Establish a joint financial plan: Sit down with your partner and create a comprehensive financial plan that incorporates both of your incomes, expenses, and goals. Use my Money Book — it will make things so much easier.
• Create a joint budget: List all your income sources and categorize your expenses, including bills, groceries, transportation, and discretionary spending. And remember, just because you're sharing finances doesn't mean you should give up on personal spending — just make you're communicating about what you're buying so neither of you feels taken advantage of
• Set a Monthly Money Date: This will be a set monthly time (mine is on the last day of each month) where you two sit down to talk money. At the beginning of this process, I recommend using it to set your roles. Who is more adept at budgeting? Who is better at investing? Handling day to day finances? Play to each other’s strengths and divide your financial responsibilities accordingly.
• Set financial goals together: Identify short-term and long-term financial goals that you both want to achieve. Establish clear milestones and develop strategies to accomplish them.
• Establish an emergency fund: Prioritize building an emergency fund that can cover at least three to six months' worth of living expenses. This fund will provide a safety net in case of unexpected financial challenges and help protect your shared financial stability.
• Invest, Invest, Invest: Consider investing together in retirement accounts, stocks, mutual funds, or other investment vehicles.
• Review and update legal documents: Ensure that legal documents such as wills, trusts, and beneficiary designations reflect your joint financial plans.