Financial goals

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Michael:

So how do I talk to my fiancée who I just moved in with about household expenses needing to be split more evenly? So now they've moved all their things together, so they're sharing furniture, food. Part of this, it sounds like is a fairness thing, right?

Miriam:

Correct.

Michael:

And fair isn't always equal.

Miriam:

That's right.

Michael:

Would you agree with that?

Miriam:

I agree with that. The household is one expense, often a very big one. But there's also other expenses that they're going to need to discuss splitting.

Michael:

Maybe there's some simple things to do here, which is the first one, to set up maybe a joint account of some sort.

Miriam:

Yes. A joint checking account.

Michael:

Okay. Joint checking account. So something that you can pay bills from.

Miriam:

Exactly.

Michael:

And you really track it.

Miriam:

Pay the rent. Yeah.

Michael:

Okay. Would you suggest then setting aside money in this joint account to pay for the unexpected things?

Miriam:

I think they need an emergency fund. Maybe in this instance, their stove breaks or their dishwasher, or-

Michael:

There's a leak.

Miriam:

... there's a leak. Right. A tree falls on the fence in the backyard, something. They're also going to be paying for this wedding. People are thinking about weddings in a different way now, which I think is great because weddings are so expensive. There's just going to be a lot of factors. And so I think if they're having this conversation about the house, it's a good place to start, but then they need to have the additional conversations. Acknowledge it might be uncomfortable. Most of us have this love-hate relationship with money, but ultimately, before you get married, you should have this money conversation.

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