Love and Finances-Flickr-Pixbay
Finances are one of the top reasons for divorce. It can be a very touchy or sensitive subject for any relationship. However as tough as it is, it should not be avoided. Don’t worry! I have a few tips that may help you out.
5. Talk it out
The first step is to actually sit down and talk it out with your partner. It would surprise you just how many couples actually skip this step in their relationship. They could skip it for a multitude of reasons:
- Nervousness
- Indecisiveness
- Causes Anxiety
- Lack of Financial Knowledge
- History of Irresponsibility
Whatever the reason, talking about your money habits and what you want your finances to look like in the future is very important.
You may just want to start spitting out things you want in the future at first:
- House
- Kids
- College
- Owning a business
After that, you can discuss how to achieve these goals. People view spending and saving differently, some want to spend what they can, when they can, while others want to spend as frugally as possible, to save as much as they can.
Finding out which one you are as well as your partner is very important.
4. Stay Calm, Just breathe
Talking about money and finances can become so stressful and emotional. The way you deal with money and the emotions tied to it can come from your upbringing, feelings of security or even feeling that your way is just the right way. Your goal when discussing finances is to stay calm and objective. Discuss what you want and need rationally, and tell your partner how you are feeling and why.
3. Create a Plan
Make a set plan with your partner on how you both will reach your financial goals. Here are some key points to discuss:
- Savings account; how much will go here each month?
- How much you are allowed to spend on frivolous things a month?
- Who will cover what bills?
- How much is rent and what is an appropriate amount for each party to pay?
2. Create joint accounts for common goals
Do you both want to travel? How about own a boat? Get a dog? Setting up a joint account can be very beneficial for people who want to keep their finances separate, but still co-mingle. Many of the couples I know have a joint account for bills and then for travel. Each party gives a set amount of money to the bill fund, so all of the bills are covered and they are sharing this responsibility. Then some money is put in a travel fund, so the couple can travel to an agreed destination when they have saved up enough together. This type of set up stops the feelings of guilt for not contributing, as well as any arguments that you are not helping.
1. Administrator
Last, but definitely not least, make sure you delegate the task of financial administrator to one of you. Who will actually make sure the bills are correct and paid on time? Who will create a plan for how much should be spent on groceries? You both should be aware and in agreement on what is happening with the money, but someone needs to be in charge of the actual handling of the said money.
Extra Tips
- When entering a new relationship, don’t share bank account numbers or pin numbers
- Have an open dialogue about money insecurities and spending issues
- Never give a person with a gambling addiction access to your finances
- Write down confirmation numbers and amounts when bills are paid
- If you live together, have both names on all bills and contracts
- Sit down together with a banker to discuss finances if you can
- Treat yourself if you can to little things each month
I would love to hear some topics that you guys would want to read about, feel free to leave me a comment or email the page!
Julia Parsons is an Analyst for Couch Rider Report. Follow her on Facebook and Follow/Like us on Facebook or twitter.
