If you’ve finally met “the one” and are excited at the idea of building a future together, make sure those plans include having many conversations about money.
Yes, we know, money is by no means an easy topic to discuss openly, but if you’re going to really get to know someone on the deepest of levels, it is important to make sure you’re both on the same page when it comes to this topic.
So, don’t delay. Schedule a little money date with your significant other and try to incorporate these “money topics” in over coffee, drinks, or even while you’re just enjoying one another’s company:
Your relationship with money
Every one of us has our own relationship with money. Typically, our relationship with money is a result of our personal experiences with this subject throughout our lives. Encourage your partner to share more about their money background and how they were raised. What role did money play for each of you growing up? How has this impacted how you see the world today and what choices you have made over the years? What money relationship will the two of you build together?
Your credit history
If you’re going to be sharing a life with someone and potentially making larger purchases together (such as a house or car), you’ll want to be aware of their potential credit score hurdles. While you may not need to get into every little detail, it can be incredibly helpful to clear the air and discuss where each of you currently are with your credit scores. Keep in mind, your current credit score can usually be improved by making small changes and implementing a series of improvements. For more on building your credit, visit this post here!
Current financial hurdles
A recent study done by Northwestern Mutual showed that on average, most Americans have around $38,000 in personal debt. If you have student loans and/or other financial obligations, be sure to share them with your partner. These realities are unfortunately, facts of life, and are not to be ignored if you are going to have an honest relationship with your partner. Other potential financial obstacles to discuss could be past bankruptcies, other debt issues, familial pressures or obligations, career aspirations, etc.
Discuss current expectations
Despite wherever the two of you came from financially, you’ll want to chart your own financial course together to move forward. Be sure to discuss how you plan to incorporate money usage in your relationship both now and in the future. How will you plan to manage the finances? Who is going to be responsible for paying the bills? How would you like to organize your statements and accounts? Will one of you be in charge of the budget or will you both be holding one another accountable? There truly is no one method that is most optimal for couples looking to manage their finances together. The key is in finding a method you both feel is reasonable and fair and going through it together. Our suggestion? Make talking about money a continuous and open dialogue, just as you would discuss other personal issues openly. Honesty is the best policy when it comes to managing your money and your relationship with it.
Create a path forward, together
Just as you likely had your own personal financial goals, it is important for the two of you to have your own financial goals as a couple. For instance, what type of lifestyle would you like to live? If and when you choose to start a family, consider how you’d like to raise your children. What will your “vacations” or time away look like as a family? What types of activities rank high on your priority list? Which ones don’t seem as necessary? What type of retirement lifestyle are you hoping to enjoy? These things may all seem overwhelming, but they are each issues you may find yourself facing at some point in the future. Take advantage of your time now to establish your own financial goals as a couple in order to ensure you remain on the same page and give yourself every chance to turn those dreams and desires into realities.
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