[Ed note: Money Matters is a weekly column that dissects financial matters in a way that folks who aren't finance experts can understand. If have a money question you want answered by our resident expert, Shay Olivarria, please email Shay@squarerootz.net.]

Part One: Money Management in 1 Minute – Respecting Yourself Financially

Here is my one minute suggestion boiled down to one second – Don’t Trust It! This is in regards to anything that is mailed to your home offering you credit that you did not ask for. Why do you think the company is offering you credit? Because they want to see you happy? No, because they think that you have a  good chance of getting caught in their credit trap. That’s right, I said it, “trap”. Companies make money when you don’t pay your bill off every month. Would you trust someone you don’t know showing up at your doorstep offering cash for a loan? Of course not. Instead of looking at the new credit offer in the mail as a windfall, look at it for what it is – a financial trap to keep you in debt.

Don’t trust it.

Part Two: Reader Question

I am thinking about having my boyfriend move in with me and I have heard about different ways to pay the bills such as separate accounts and joint accounts. What do you think is the best way to approach paying bills?

The first question I’d like to ask is why he is moving in with you? Does he have his own apartment? Is he capable of paying his bills on time? What’s his credit score? Did he… wait, wait, I digress. The short answer is this: I suggest you both keep separate accounts and open a joint account to pay for the joint bills.

Ladies and gentlemen, listen up.

If things go well you’ll want a separate account to pay for the things that might be special to you and have nothing to do with the money needed for the bills. If things don’t go so well you’ll want to have some money in case he clears out the account and runs off. Seriously, when deciding how much to contribute to the joint account the usual advice is to go for equality of intention instead of equality of dollars. Put an equal percentage of your pay into the joint account to cover the bills. Keep the rest of your money in your account. If one of you makes more than the other, and you both contribute an equal amount in the joint account, one of you will have more spare money than the other which might cause problems.

The best way to respect the relationship is to respect yourself. Talk about money before it becomes and issue. You might be surprised to find out that he has been saving for retirement since he got his first job at the fast food spot or that he has spent every dollar that he ever earned, and some that he borrowed. Come up with a clear plan for paying bills for the home as well as personal bills. Think his personal credit cards are none of your business? If he has to choose paying his credit card bill or kicking in his half of the light bill, do you think he would have a problem with having you put his half up until he can get it together? Would you feel bothered by his asking you to chip in his part? Talk about these things early and often. The more the both of you can get on the same page about habits and expectations, the better.

Cohabitating is serious business.