“Ask Brianna” is a Q&A column from NerdWallet for 20-somethings or anyone else starting out. I’m here to help you manage your money, find a job and pay off student loans – all the real-world stuff no one taught us how to do in college. Send your questions about postgrad life to askbrianna@nerdwallet.com.
Q: I live with my boyfriend, and we’re considering combining our finances. Is that a good idea?
A: I know it’s annoying for an advice columnist to say, “it depends,” but, it depends. If you’re 23 and you’ve been dating for three months, I’d put on my mom hat and say that you should wait until you and your partner have been together longer before you combine finances. If you’re 28 and you’ve been together three years, I’d be less inclined to run over and grab the shared debit card out of your hand.
Combining finances involves setting up joint checking and savings accounts, applying for a shared credit card, and potentially helping each other pay off student loan or existing credit card debt.
But deciding to merge your money isn’t just moving cash around. It also means choosing to trust your partner completely with your finances. You need to know that there won’t be any impulse motorcycle purchases or secret wine club memberships. You must have a clear understanding of each other’s current financial circumstances, future goals and spending habits, which doesn’t happen overnight.