Megan Ford, a financial counselor and clinic head in the College of Family and Consumer Sciences, conversed with Vox regarding aspects to contemplate prior to uniting finances with your significant other.

Ford advised establishing a transparent financial overview with your partner. A part of this overview involves discussing each of your “financial baggage.” It’s essential to convey how previous financial encounters have influenced your current relationship with money. If there is debt or apprehensive feelings about making significant purchases, strive to comprehend the backdrop of these circumstances.

Moreover, it is crucial to examine the advantages and possible disadvantages of combining finances, Ford noted. For instance, it might be more logical to set up a joint checking account for specific expenses. Conversely, merging finances could also enhance feelings of security within the relationship.

The article Clinic director recommends couples take these steps before merging finances first appeared on UGA Today.