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Combining finances with your partner

Tips for getting started

Individuals 05.29.2018 1 MIN READ

When combining your life with your partner, getting on the same financial page is critical.

Begin by discussing your attitudes toward money and spending

Review your income and current expenses in order to create a monthly spending plan.

Next, divvy up responsibilities

Some different approaches to try:

  • Designating a “family CFO” to handle all financial matters
  • Dividing accounts and responsibilities 50/50
  • Agreeing on a split based on personal preferences

Consider your employer-sponsored benefits

You may want to think about:  

  • Updating your benefits coverage through your employer
  • The impact any benefit changes may have on your take-home pay
  • Contributions to retirement and health savings vehicles

Tip: Getting married is a qualifying life event, which allows you to make changes to your benefits outside of annual enrollment.

Think beyond employer-sponsored benefits

You and your partner may want to discuss:

  • Creating joint accounts, keeping separate accounts or a combination of both
  • Insurance policies and consolidating coverage, if appropriate
  • Updating your tax withholdings and consulting with a tax professional, if necessary
  • Creating an estate plan, including updating your beneficiary designations

These discussions can help you create a shared vision for how you want to manage your family’s finances and find a balance between short- and long-term financial goals.

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