Couple Talk – Combining Your Finances

July 11, 2019

“Is mixing finances with love a smart idea? Am I asking for trouble?”

Alright, so you and your other half are taking that big step. You have made the decision to combine your finances. Striking a harmonious balance between practicality and the nitty gritty of money can easily give anyone the sweats.

The list starts from personal spending, the essentials, bills, living expenses, debt repayments and saving towards your goals. Depending on your situation, the list can keep going! Money management is already so very multi-faceted, this goes up several pegs when we consider finance within a relationship. Suddenly, it isn’t just about you and your goals.

Combining finances can often be a daunting time for couples, this new chapter is certainly a leap. Here are some things to consider when combining finances with your other half:

1. Your money, my money and our money

The most common way couples choose to combine finances is to create a new account designated for household spending. This allows for each partner to retain their own bank accounts whilst regularly putting money away into the combined bank account. This can be an awesome way to budget whilst still retaining your individual freedom!

2. Have a plan you can both get excited over

You both know what you want and what you need. Now let us put it all together into a constructive and achievable plan. Achievable being the KEY word here, you want this plan to be something you can get excited about. This handy-dandy plan is a steppingstone to getting closer to your goals. Consider all the aspects that make your household run and make a list. Of course, ensure you leave a little leg room for those rainy days.

3. The devil is in the details

The old nitty gritty. If you decide that it is time to merge finances, you’ll have to work out the finer details, the logistics – if you will. Sit down and work out which systems you will use to manage your money, how you might divvy up the responsibilities, how often you’ll check in on your finances, and how often you’ll communicate about money. Remember it is completely fine to go at your own pace and do what feels comfortable for you both.


Yep! Something that is applicable in all aspects of life. You’ve heard it before and it probably sounds a bit cliché at this point, but hey it’s true. Talk about it and if you have to – schedule finance related ‘communication time’ in. There might be a month where one person is overpaying the bills and that is fine, just make sure you both know how you are doing financially and how your financial life is tracking. This is your golden chance to ensure both parties are comfortable with the pace you have set, and if not – you can always reassess.

We get it, it is a lot. That is exactly why you should be navigating this new territory with a trusted financial adviser. With a proper plan and process in place, you can keep both your relationship and finances happy and healthy.

We here at Visia Financial Services are pros at helping you smoothly settle into this transitional period. We create a full-proof plan and make sure that both parties are accountable. We are realistic and tailor our services to suit your goals as a couple. So, what are you waiting for? Contact us today!

Kora Drage is an Authorised Representative of Financial Wisdom Limited ABN 70 006 646 108, AFSL 231138. The information contained in this article may contain general advice. It does not take into account your financial circumstances and objectives. You should consider talking to a financial adviser and read the relevant Product Disclosure Statement (PDS) before making a financial decision. Any views and opinions provided in this article may not reflect the views and opinions of Financial Wisdom Limited.

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