4 Tips Before Merging Your Finances

If you are planning on moving in with your loved one, it is important to make sure your finances are ready. Follow these 4 tips to merge your finances before moving in together.

  1. Communication is key. Make sure you and your partner share the same attitudes about how to spend and save money and that you have the same long-term financial goals. Discuss any significant debts that you both may have.
  2. Divvy up expenses. Decided on how much you can both contribute to joint expenses and savings. If one partner has a significantly larger income, it may not be an equal proportion.
  3. Sign an agreement. Put all agreements about how to spend and save your money into writing. This can provide some legal protection in case of a split.
  4. Maintain independence. Do not put all of your finances into joint bank accounts or credit cards. This will help if you want to make personal purchases without being questioned, or to protect your assets if the relationship ends.

When it comes time to buy a home together, contact Avis Lending in Irving, California.

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