Money is one of those topics that couples wish they could avoid. It sure isn't romantic, interesting nor fun, but the money issue is one discussion all couples must have as they get closer to the big day.
Whether both of you or just one of you work, you must make sure you cover these important pointers and avoid any conflicts about cash that might occur later on in the relationship.
1.Don’t get tempted into buying a house right away. Although you are starting a new life together, and building a home with each other, it doesn't mean you have to buy this home and be in debt for the next 25 years! Discuss it with your partner, and see your other options such as renting an apartment for a couple of years until you are more financially stable.
2.It’s never too soon to start saving. It might be difficult to figure out all your finances at the beginning of your life together, but you should always set aside some cash for a rainy day. Always plan for worst-case-scenarios by putting aside some cash in a separate savings account.
3.Budget, budget, budget. You don’t need to be a financial guru to be able to set a budget for yourself. The two of you should sit together at the beginning of each month, and write down what needs to be done. You will feel much better knowing where your money goes, and being more organized will definitely relieve you from unnecessary stress.
4.“What’s mine is yours.” Maybe that applies to you, maybe it doesn't. You need to discuss with your spouse if you’ll be keeping your bank accounts separate, or will be having one joint bank account. Take into consideration who will be paying for what each month. Whether buying groceries, paying off a loan, or paying the phone bills, you need to know which account that money is coming out from.
5.As with everything else, compromise is key. You must remember that you are two different individuals after all, with two different spending habits. You have lived separately all your lives, and now that you are moving in together, compromises must be made. Always remember that open communication is the basis of any successful relationship. So long as you discuss money matters openly and honestly, chances are this topic won’t cause any clashes in the household.