My wife and I got married about 5 and a half years ago when I was only 24 and my wife was only 22. Traditionally (I’m thinking about my parents generation) that is quite late to get married, however these days many people don’t get married until they are closer to 30 and so it is now considered to be quite early.
Obviously getting married costs money and our wedding was no different, in fact, when my wife and I got married we were also building a house and so money was super tight. In hindsight planning a wedding at the same time as building a house was probably not the smartest move, but it all worked out fairly well.
Anyway, financially speaking, getting married was one of the best things my wife and I ever did. You see, by being able to combine our finances at such an early age, we were able to live off my wife’s income and pump my entire wage into our mortgage as additional repayments. This has meant that we have saved hundreds of thousands of dollars in interest repayments over the life of our mortgage.
At first it is a little different combining your finances with someone else, in fact, on the weekend I was reminded of this when we were at a wedding and the night before the wedding the bride to be told her groom to be that she would pay him back for dinner and transfer the money later. Obviously I wasn’t the only one to find this amusing, as the maid of honour pulled her up and said that after tomorrow everything would be essentially shared anyway, and so it doesn’t really matter if she paid him back or not.
For some people sharing finances doesn’t always work out to be the best decision, particularly if you are not able to trust your partner with money or if you don’t share the same financial goals, however I feel that if you are able to come to an agreement on where you would like to head financially then combining finances can be really beneficial.
What are your experiences with combining finances?