While you’re waiting to see if your dearly beloved is going to do what it takes to salvage their finances, it’s crucial that you don’t become any more entangled than you already are. Things that you shouldn’t even begin to consider doing before you’re both on the right track include:
Opening a joint account: The thing about joint accounts is that they come with inherent risks. If your partner decides to make large purchases on your joint savings account, you can’t stop them. And, if they recklessly spend big with your joint credit card, you will be responsible for making the repayments at the end of the month.
Acting as guarantor: If your significant other can’t afford a new phone plan, personal loan, or credit card, you can’t afford to act as their guarantor. Why? Because if they don’t hold up their end of the bargain, as a guarantor, you are legally responsible for making all of the repayments (including interest, fees and charges). And, even if you pay out the entire amount of the loan or contract, in the end, you won’t legally own the item you paid for.
Continuing to enable them: Footing the bill now and then is a nice gesture, but if you are constantly paying for outings, groceries and utilities, you are ultimately doing your partner a disservice.
First, the money you spend on your partner could be saved or invested in your future together.
Second, when you keep the cash flowing you teach your significant other that their poor choices have no consequences. If you’re not used to setting boundaries - something every flourishing relationship has - your finances are a great place to start.