Ready to take your relationship to the next level? Deciding to move in with a partner or once a marriage has been decided in a relationship will bring to light many questions regarding how financial aspects will be taken care of. Should there be a joint, separate, or a mix of all three accounts? How often should you discuss finances? How and who will pay certain bills? There are different things to determine and discuss with your partner and we are here to help figure out what tips can help with the financial aspects of relationships.
Here are some financial tips that every couple should take advantage of:
- Be open about debts: It is best to discuss and be open about debts and your current financial situation with your partner as this may help get an understanding of how much of a financial hold you can have over shared bills or other financial obligations.
- Set an emergency fund: You never know when an emergency will take place and not having the necessary funds to take care of the issue will add more pressure on you and possibly the relationship.
- Set short-term and long-term financial goals: Understanding where each partner wants to be within two to three years will help determine what can be done quickly for the relationship; having clear goals for five-plus years also helps determine what kind of savings plan should be implemented. Setting milestones and realistic goals will also help keep you and your partner on track to reaching the goals set in place.
- Try to set a budget: Knowing where your funds are allocated to on a monthly or bi-monthly basis can help determine other goals or savings plans you and your partner can plan. Budgeting also helps with planning future vacations, holidays, and gift-giving.
- Discuss purchases and transactions: Alerting your partner to purchases made on the joint account (if one is created) will help from having any mysterious or unknown charges that may confuse your partner or you. It is also best to be open about what and why certain items are being purchased especially if it alludes to a bigger problem.