Create Open Communication
The first step to having good financial management between you and your partner or spouse is being able to openly communicate about money. If you feel that your life is better shared with this person, that can include sharing your feelings and ideas about finances. Danielle Maddox, a contributor to U.S. News and World Report, recommends first discussing your personal financial situation and any concerns you have about your own finances or the finances of your partner. This will do wonders for helping to get you both on the same page from the start of your financial future together.
Do What You Can To Stay Out Of Debt
Once you’ve addressed how you got to your individual financial situations, it’s time to begin your combined financial journey. And because money is one of the biggest tension points within a romantic relationship, it’s a good idea to do all you can to eliminate the source of these issues—debt.
Casey Slide, a contributor to MoneyCrashers.com, suggests doing all you can to pay off your debts and then stay out of debt whenever possible. While some debt is necessary, like if you’re going to school or buying a home, other debts will only serve as a point of contention. Always remember that healthy financial situations breed healthy relationships.
Set Financial Goals Together
Your joint financial situation will become less and less taboo the more you’re both involved in it. For this reason, Jean Chatzky, a contributor to Bankrate.com, advises couples to set attainable financial goals together and then work in conjunction with each other to achieve those goals. If money is tight now, your goals might include paying your monthly bills on time. Once you’ve gotten on stable financial footing, you may begin setting savings goals that you can contribute to each month.
If you and your partner are considering joining your financial forces in the near future, use the tips mentioned above to ensure you start off your combined financial situation on the right foot. By knowing and understanding what you both want and need out of your money, you should be able to avoid many of the financial problems other couples face.