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 Money can mean power and control - volatile subjects. There are so many facets to a new relationship – so many ways you are getting to know each other. Talking about money may not seem like your top priority. But it can create a strong foundation for your relationship if you talk openly, honestly and generously. When you talk about money, be mindful that many people are sensitive about their finances. It can be a difficult and challenging transition to go from being a single person in total control of your money to being one partner in a couple. If your partner is resistant, allow some time and space. Whether you are moving in together or newly married, carve out time to come to grips with your financial life together. Talk honestly with each other about where you are financially. If you have serious debt, be sure let your parter know, so you can deal with it together. Many couples do not fully combine their finances in the beginning. But it is necessary to create a way of dealing with your common expenses. Be honest about your income and list your joint expenses. You can open a joint checking account to be used to pay the household bills. If you have direct deposit, you can contribute a proportional amount into the account each paycycle. For example, one partner makes $100,000/year and the other makes $50,000/year. The higher earner can put in twice as much. This ensures that the one who makes less money is still contributing a fair share. List your joint monthly expenses on a sheet of paper. You can each proportionately deposit a little more than what is needed, to cover your expenses. Designate a credit card for household expenses, with each of you on the card. This card will allow you to track your spending and see where you can cut back, if necessary. Be sure to account for groceries, gas, rent, utilities, clothes, tuition, vacation money, emergency money, potential medical expenses, contributions and gifts. You and your partner should each have you own credit card as well, to establish and maintain a good line of credit.It is wise to have twice your monthly salary in savings for emergencies. And if you dream of owning a home, opening a business, or having a baby, savings will be part of making your dream a reality. If you are open, honest and realistic about money, you will be on the way to realizing your hopes and dreams. Your process together will strenthen your relationship and pave the way for your future. |
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