Combining Finances / Recently Engaged

[Matt Parker]

Hello all! 

I finally strapped on my 'big boy boots' and proposed to my girlfriend. Any advice on how we approach discussions regarding combining finances? We already live together and are pretty open about all of our finances, but have not had a formal discussion on the topic. 

Links, blogs, podcasts, videos, and/or book suggestions around this would also be greatly appreciated :)

Matt

[Eric Proctor]

Clear expectations and communication are the key.  Figure out a strategy for your debts if you have any.  Talk about joint expenses and what is a fair share for each of you to contribute.  What's fair is not necessarily equal.  Depending on who has a larger income perhaps you scale the contributions.  My spouse and I do 60/40 because that is fair in our situation.  When we started having joint expenses (rent, utilities, etc) we set up a joint account and made automated deposits in it from our respective chequing accounts.  Other than joint items we both keep our finances separate.  She makes her car payments and I make mine.  We roughly split grocery orders but don't exactly keep track dollar for dollar.  We just focus on what is fair and working on things as a team.