Alison’s Rule #1: SHARE YOUR CREDIT SECRETS
Sharing your credit report with your partner is just about as intimate as it gets in a relationship especially if you have financial missteps. But it is important because your individual credit report and score has an impact on what you do financially as a couple such as applying for a mortgage or line of credit. And by sharing your credit report you will learn something about the other person and likely about yourself as well.
Alison’s Rule #2: AVOID THE BLAME GAME
If your relationship has gone wrong financially because one or both partners have poor money management skills, playing the blame game could end up in separation. No matter who is at fault attack the problem jointly. You’ll draw strength from each other and by solving it together you are far less likely to run into trouble again.
Alison’s Rule #3: GO JOINT IN STAGES
Handling your finances jointly in a relationship offers the benefit of simplicity. Do it gradually. First open a joint chequing account for joint expenses. Then move to a joint savings account for your goals as a couple. Finally, consider merging your debt to put the “US” into your financial lives together. Taking your time will ensure you are both comfortable with the process of getting cozy with your finances.