Love and Money: 3 Financial Tips for Couples
When Valentine’s Day comes around the corner, most couples think about romantic activities and what gifts they would give each other.
Apart from basking in hearts and flowers, Valentine’s Day is also a good time to talk with your partner about things that matter today and in the long run.
One of which is your finances.
Here are three tips that can help you manage your money better as a couple.
1. Talk Openly about Money
Each of your should be transparent about your finances. It’s important that you disclose everything in order to avoid unpleasant surprises later on.
Let your partner know about your financial habits and how you’re faring right now in terms of money management. Do you have the tendency to overspend when payday comes? Are you the penny-pinching type who will find ways to do things on a budget? Do you have existing debts?
Discussing these things, though a bit uncomfortable, is essential if you want to understand each other’s financial behaviors. This may unearth some financial habits that need to improve, but that’s alright. What matters is that everything is out in the open and you can work together on how to manage your money better.
2. Practice Teamwork
If you want financial harmony in your relationship, you and your partner should be on the same page when it comes to money. Work together on creating a budget, building your savings, paying off your debts, and planning for your future.
As a couple, you will have goals such as buying a house or having children. As you work towards them, make sure that you factor in your finances every step of the way. Keep in mind that major life changes affect your finances, and you have to be ready for these changes in order to keep your nest-egg stable as new expenses come in.
3. Discuss your Finances Regularly
As a couple, talking about money management is not just a one-time sit-down. It should be done on a regular basis. Aside from tracking your financial progress, it also helps nip money problems in the bud.
Set a time and day for you and your partner to talk about your finances. Though money management a serious topic, you don’t have to discuss it in a very formal setting. You can talk about it during a nice dinner or over a nice cup of tea and dessert. Keep it relaxed and just be open to what your partner has to say.
According to a study, 82 percent of Americans have changed their financial habits since they became a couple, and most of these adjustments are positive. So this Valentine’s Day, make this one of the topics as you wine and dine with your beau.