If your relationship is getting serious and you are planning to live together, don’t let money problems get in the way. These are the steps you need to take to enjoy a successful life as a couple.
Couples often talk about money. In fact, studies show that over 70% of them talk about money on a weekly basis, and that money is the number one reason why couples fight. It can be a big factor in relationships ending.
To make sure that you and your partner don’t end up a statistic, take these steps now to ensure you share the financial load, understand and respect each other’s views on money, agree on important financial goals and have planned enough to enjoy a long life together.
Get a shared lease
When you live together, make sure both you and your partner’s names are on the lease—you can even draft a cohabitation agreement that states how much you both pay toward rent and bills, or it could state that one person supports the other financially.
This protects both of you if your relationship ends. It may sound pessimistic but it can avoid a lot of trouble if the worst thing happens.
Share the bills
It is important that both partners understand and take part in the household economy. This way you can discuss things together and will be equally responsible for the (good or bad) decisions you take. Having access to this information means one can make the payments if the other is unable to, and it will help both of you feel more financially included. You should also sit down once a month to go over bills together so that both partners are informed.
Talk money before you talk marriage
It isn’t very romantic to talk about finances before getting married, but it’s absolutely essential. Having a financial conversation means you’ll find out how your partner prioritizes money. This means you can both make compromises so that you’re both happy with the situation, and avoid finding out later on that you both have very different ideas about how to manage your incomes.
Money may not be a very amusing topic to talk about, but it is necessary. The only way you can keep your couple free from money fights is to get things clear from the start.