Not Ready to Combine Finances
Adam wants to know if it's okay to combine finances with his fiancée and start working on the budget before they get married in a year. Dave warns that it isn't wise.
QUESTION: Adam on Facebook wants to know if it’s okay to combine finances with his fiancée and start working on the budget before they get married in a year. Dave warns that it isn’t wise.
ANSWER: No. It is not okay to combine finances with anyone you’re not married to. By okay, I mean wise. You can certainly do whatever you want to do, but you’re asking my opinion about what you ought to do. I think it would be very unwise to put your money together until you have rings on the fingers because all kinds of things happen, and then you’ve got something where you paid off her bill or she paid off your bill or that kind of stuff. You don’t want to go there.
No, I would not combine the finances. I would start working on budgets and goals and have full disclosure about what debt you have and what your income is. She has full disclosure about what debt she has, what income she has, that kind of thing. You guys really talk a lot about saving and about debt and about how you’re going to knock this off and that kind of thing. But don’t you pay any of her bills or she pays any of your bills until you’re married. Then you won’t have separate bills anymore, because the preacher is going to say, “And now you are one.”