Fancy dinner dates, weekend hangouts, and out-of-town trips are good and all, but for couples who are thinking of settling down, it’s probably time to insert more serious financial discussions in between sweet talks and romance. Talking about savings and financial planning is definitely not sexy, and it’s not something that can be discussed in one go. But every couple has to start somewhere, especially those who are planning to spend more years together.
If your relationship is getting more serious, it’s about time to start the following:
1. Get to know each other’s financial habits.
It’s not just about stability. Money habits can say a lot about a person, and if your partner is spending beyond their means, it’s time to get talking. Do they have savings or do they at least budget their monthly salary? Do they spend faster than they earn? If the answer is yes to either any of these questions, then either nip it in the bud as early as now and at least help them fix their habits.
2. Sync your long-term financial goals.
If you’re spending the next couple of decades with someone, it’s ideal to see eye-to-eye financially. If your financial vision for the next ten years do not match, frustrations and weariness can arise in the long run. Discuss your goals, and together, come up with ways on how you can reach it.
3. Consider creating a joint account.
The idea is for the cash flow to go three ways—to your account, to your partner’s account, and to the joint funds. Creating a joint bank account is something to consider. Determine how much each of you will pool in every month for this account. The share of each person can be based on how much each one earns. This is where you’ll get the money for joint expenses such as house rent or deposit.
4. Don’t let just one person handle the money.
You’re in a partnership, and this means that money matters isn’t something that only one person has a say. When deciding about anything that involves money, make sure that you both decide on the issue and try to reach a conclusion that you both agree on. This doesn’t just strengthen communication and trust, it also helps you grow as a couple.
Discussions about money are far from romantic and can be awkward at first, but you need to deal with it head on. After all, financing has been the downfall of many couples. Do not let it be yours.