Should new to living together couples pool their income?
So it's a completely equal household, or just pool some money for food and bills?
It is fair to have only household expenses shared and each person should pay an equal percentage (not necessarily dollar amount) of their income towards household expenses. This prevents unnecessary and unequal burdens on either person whether they are the the higher or lower earner. Suze Orman preaches this same advice of each person paying equal percentages of their income towards household expenses.
Each individual should also be saving and investing for their future, if not they will likely run into financial troubles sooner or later. Also, if your mate is not forthcoming about their income, you should not be with them because if they cannot be trusted in a major way such as this, there are likely other things they are hiding from you.
It depends on what they earn and agree upon. Most newly "living together" couples operated financially the same way as roommates when it comes to paying the rent. They split it right down the middle. Some also do this with utilities as well. In other instances they agree to sort out the utilities. One person may take over the TV cable bill while the other takes on the electric or heating bill.
There is no hardcore rule as most couples try to find out what works best for them. The one thing I would avoid is establishing any joint financial bank accounts or requesting additional credit cards under each other's account. Don't risk your credit rating by adding others.
You can only control your spending habits. If someone bounces checks or runs up credit expenses on (your account) you are held responsible in the end. I've seen relationships end but the effects of bad financial dealings last several years after the breakup.
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