When you’re heading for a serious relationship, it’s easy to blissfully overlook one of the biggest stressors on marriages and long-term relationships. And that stressor is money! Before you jump on in, take the time to make “cents” of your relationship by really communicating about money. Here are the money conversations every couple should have.
Money Conversations Every Couple Should Have
Being compatible where finances are concerned is a big plus in any marriage or other long-term relationship. Money does and will continue to influence a lot of the choices you and your significant other make together. Don’t let it become a wedge that could drive you apart!
Be Honest About Your Current Finances
This is the number one conversation new couples need to have. If neither of you knows where the other one stands financially, it will be a challenge to come together for a financial plan for your future. What you need to share is:
- Your salary
- Current debts, including student debt, consumer loans and credit cards
- Your current living expenses {pull out your budget book}
- How much you save/have saved
Student loan debt should be expected, but if your prospective partner has huge credit card debts, that may be a red flag for your relationship.
Another one of the money conversations every couple should have is to talk about your money goals. This is just as important as other goals you might have, such as how many kids you want or where you want to live. Your goals may include owning a home, paying off student debts, or saving for yearly travel.
Make sure your goals and your partner’s goals either match up or are acceptable to each other. Make a plan to help each other accomplish them!
Talk About When Or If You Want To Combine Your Individual Finances
If things get that far, you will need to have this conversation before marrying or cohabiting. There are two different schools of thought, and it really just depends on what works best for you and your significant other. Some people open joint checking and savings accounts as soon as they marry, while others choose to keep separate accounts.
If you keep separate accounts, be sure to decide together what expenses are to come out of which accounts. Even if you set up joint accounts, you will need to decide together how to handle those accounts.
Having the money conversations every couple should have helps ensure smoother sailing in your financial relationship. Don’t put it off. Here are some tips to help you manage your finances better than before.
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