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<\/p>\nAt some point in your relationship, chances are you might end up talking about sharing money. Every couple is different, but here are some tips to make sure it’s right for both of you.<\/p>\n
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Even if you have a strong relationship, there are still some important details to consider before joining finances. Money Smart’s\u00a0guide to realationships and money<\/a>\u00a0makes some key points:<\/p>\n If your partner defaults on a joint loan, you may have to pay for the whole amount \u2013 even after your relationship ends.<\/p>\n<\/li>\n If a utility bill is solely in your name, it\u2019s your responsibility to pay it.<\/p>\n<\/li>\n You need to think realistically before becoming a guarantor on your partner\u2019s loan. If they can\u2019t repay it, you may have to.<\/p>\n<\/li>\n You\u2019re liable for any papers that you sign, so make sure you read through everything before you move forward.<\/p>\n<\/li>\n<\/ul>\n A\u00a0shared bank account\u00a0is a big step in your relationship, so it\u2019s important to discuss what type of account will suit you best and seek financial advice if need be.<\/p>\n You might decide that an\u00a0everyday account\u00a0with low fees works within your budget and savings plan. Or, you might find a\u00a0high-interest account\u00a0works best for you.<\/p>\n If you decide to close your individual bank accounts, you\u2019ll want to get in touch with all the companies you have automatic debits or deposits with, and give yourself enough time to move these over.<\/p>\n Another account to merge might be your health insurance. As always, it\u2019s a good idea to\u00a0seek financial advicebefore making these decisions. Please contact us on |PHONE| if you seek assistance .<\/p>\n A joint\u00a0credit card\u00a0can be a great idea if you both have similar financial goals. Before you rush into this, have a think about what you\u2019ll actually need it for.<\/p>\n Sharing finances often means making joint decisions about\u00a0managing your debts. It also means having honest discussions about current loans, as well as your spending and saving habits \u2013 good and bad.<\/p>\n If you have assets and investments you want to protect, it may be worth entering a binding financial agreement (BFA), also known as a prenup.<\/p>\n For many couples in Australia, getting married is one of the most exciting events in their lives. But as every celebration is different, your best approach is to think realistically.<\/p>\n This starts with\u00a0setting a budget\u00a0that\u2019s built around you. You don\u2019t want to drain your savings, go into debt or compromise any other financial goals, such as buying a home.<\/p>\n From the engagement ring to the reception, the costs of a wedding can stack up. But there are many ways to boost your funds too, such as financial contributions from parents and gift donations from friends.<\/p>\n To get a more detailed overview, it\u2019s worth reading our article on\u00a0budgeting for weddings. After considering everything, you might find that a\u00a0personal loan for your wedding\u00a0can help you check off your wedding planning list and achieve your dream day.<\/p>\n When it comes to\u00a0buying a home, a big consideration will be investing in a mortgage. How much you contribute to this will often depend on how much you\u2019re earning. Sitting down with a\u00a0financial adviser is a good way to come up with a plan. Please contact us on |PHONE| if we can be of assitance .<\/p>\n During the process, you might find it\u2019s something you\u2019re better off doing separately, or that renting is the better option until your finances are in better shape.<\/p>\n If you\u2019re already a homeowner, you might\u00a0consider renovations\u00a0as a way of starting your life together. With the right budget in place \u2013 or a loan to help you out \u2013 it could be more cost-effective than buying a new home.<\/p>\n According to recent estimates<\/a>, the minimum cost of raising a child in Australia starts from $140 a week1<\/sup>. However, it\u2019s also been estimated that the average, middle-class Australian family will spend more than $406,000 on each child, from birth through to finishing school1<\/sup><\/p>\n It\u2019s clear that having kids is a major financial consideration. From pre-natal costs and navigating parental leave, to upsizing your house and paying for childcare \u2013 there\u2019s a lot to consider.<\/p>\n\n
TO SHARE OR NOT TO SHARE?<\/h3>\n
MERGING ACCOUNTS<\/h3>\n
A WEDDING BUDGET THAT WORKS FOR YOU<\/h3>\n
BUYING, RENTING AND MERGING YOUR HOMES<\/h3>\n
HAVING KIDS TOGETHER<\/h3>\n
\u00a0<\/div>\n1\u00a0New estimates of the costs of raising children in Australia,\u00a0<\/em>Australian Institute of Family Studies<\/a>, 17 April 2018.<\/span><\/div>\n