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Love and romance are thrilling aspects of life, and money can be a tricky subject when thrown into the mix. According to research, money can make or unmake relationships regardless of happiness level. So it is prudent to proceed with caution and consciousness when combining money and relationship. With this in mind, here are four things to consider when combining your finances with your significant other. 

1. Put your financial data together

There are many reasons why you should know your financial standings. Your current financial status can help you learn the best ways to combine your money with your partner. However, chances are that you both have separate accounts with different institutions. So reach out to your respective institutions to know your financial standings. There are a few areas to focus on, including your retirement accounts, student loans, checking, and savings accounts. You can also find out how much you earn annually from your regular jobs and any side businesses to learn the best way to combine your finances. 

2. Discuss your financial values 

When discussing money, you are simply expressing what it means to you. It is easy to assume that you are discussing financial freedom, independence, or security. However, when you dig deeper, you will be surprised to discover that you may share different financial values. Money can mean different things to different people. So as you discuss your future together and what it means for your finances, it would be best if you learned how to support your goals with your partner’s values in mind. Even when you share different financial values, it is possible to work things out, although it will take some work. 

3. Assess your financial commitment

It is also advisable to assess your commitment level to support each other if either of you loses their earnings. For instance, marriage is a long-term commitment, and a lot can happen during the journey. Discussing the worst-case scenarios would be best if you will join your finances. What happens when your partner loses their source of income? How ready are you to support them until they find a new job or get back on their feet? Although you may like the idea of staying together or combining your finances, you can easily get stressed out when you are exclusively responsible for bills. It can be useful for each partner to consider getting expert insurance advice to lessen financial risks. 

4. Talk to a financial expert

As mentioned earlier, finances can be a touchy subject in a relationship. Money can be contentious, particularly when you share conflicting habits on savings and spending. In such cases, it is advisable to get an expert to help you through accounts you can consolidate or maintain separately. For instance, you can talk to a financial planner to help design a unified financial strategy that satisfies your requirements. 

If you're worried about pooling funds with your spouse, keep an eye out for some financial warning signs. Decisions like moving in together may motivate you to radically reorganize your finances and improve your entire financial outlook.