With Valentine’s Day approaching, our hearts and energies are turned toward those we love. If you haven’t already found that perfect gift or event to celebrate your love, you are likely in the throes of searching. But, when the romance wears off, we’ll be back to our daily lives and grind.
Money is often one of the biggest problems in romantic relationships. So, this Valentine’s Day, my gift to you are a few tips to help you fight less, or not at all, about money in your own relationship and keep your love alive.
Honesty is the Best Policy
Talk to your partner, honestly, about any big purchases you have made or want to make and work together to plan those purchases. Speak openly and honestly about any debt you have a make a plan to pay those debts down.
Talk About Financially Supporting Others
One of the greatest financial strains you can take on is caring for another person financially. If your parent, child, or another family member are in a position where you want to help support them financially, discuss this decision with your partner. Together, you can find solutions without going bankrupt.
Discuss Income and Responsibilities
If two people are working in the family, they may have different incomes. Or one parent may be a stay-at-home parent who takes care of the children while the other works. Talk about your incomes and financial responsibilities with your partner so that you can reach an agreement and know who is responsible for what in the household.
Plan and Pay Bills Together
Sit down together at monthly meetings and pay your bills at those meetings. This will help you plan for changing circumstances and budgets. Also, these meetings help both of you know and understand the finances of your family. That way, if something happens to one of you, the other knows what bills you have, roughly how much they are, and when they are due and are not left out in the cold.
Write Down Educational Financing Plans
Do you or your partner want to go to school? Do you want to fund your children’s educations? If so, talk about it with your partner and make a plan. Educational expenses can be overwhelming. If you can start a plan now, you have more time to save and make your goals a reality.
Plan Your Estate
Do you know what would happen with your finances if your spouse died today? If you have no plan in place, the answer is the bank would freeze any assets he or she owns separately, you would have to go to Court to probate your account, and if you don’t have any planning done and have children, you will share property and assets with your children.
Does that sound like your goals? If so, great! You’re in good shape. But, if you’re like most of us, that’s not how you envision leaving your legacy for your family. If you don’t have a plan, meet with a trusted estate planning attorney this week to get your plan in place.
Set Your Foundation with Life Insurance
Have you thought about how losing one partner’s income might affect your family? If you haven’t, now is the time to start. Life insurance is part of a financial plan for your family if you or your partner dies. Life insurance helps you pay the bills and keep the lights on when something unexpected happens. Life insurance helps you mourn. If you don’t have life insurance, reach out to a trusted agent today.
Find a Financial Advisor You Trust
A Financial Advisor can help you budget, plan for your short-term financial goals, and save for retirement. If you don’t have a financial advisor in your family’s corner, now is a great time to find one. The sooner you start, the more security you have for your retirement.
If you follow these tips, you and your partner will have less financial stress and one less problem to fight about.
