Wednesday, February 24, 2016

No Romance Without Finance. . . .Talk

It's said that half of marriages in the U.S fail, or at least that is the statistic they have been pushing for years. It's actually more like 30% as of the 90's, but of course 50% sounds way scarier. Regardless one of the main reasons that relationships fall apart is because money troubles. Whether you discuss it too much or don't discuss it enough, managing money can be the huge elephant in the room for a lot of couples navigating finances. It doesn't have to be all bad, having productive conversations (Not arguments!) about money can go a long way in establishing the long term financial health of your relationship. Here are some tips to get you started! 

1. Be Honest: One of the ways to make things a lot easier is to be upfront with your partner about where you are with your finances and one of the ways to do that is to make sure you know where you stand first. It is so incredibly important to know what your credit score is and have an idea of your Debt to Income ratio (How much you bring in vs how much debt you have). Whether your credit is good or bad, your debt may not be a deal breaker for your partner but laying it all out on the table makes things a lot simpler than finding out much later down the line. I mean would YOU want to find out about your partner's 60K in student loans after the wedding??

2. Figure out a Plan: What are your long term financial plans, Do you want to buy a home? Do you want to get out of debt? Take a dream vacation? Whatever your priorities are you and your need to sit down and discuss a way to reach them together. It may take some compromising but coming up with a plan that works for the both of you can go a long way towards your success as a couple.

3. Set a Budget: This is probably one of the biggest mistakes most people make about money. Setting a budget and sticking to it makes a huge difference in figuring out where the money goes, where you can cut back and what you are TRULY spending money on. If you create and agree on a joint budget it helps you and your partner have accountability for staying on track. 

Let's be honest, these conversations can be uncomfortable and nerve wracking to to talk about money but it is a necessary evil for the betterment of your relationship. After all the last thing you want is to have something like money be the demise of a potentially great partnership.

Have you and your partner used any of the tips above?? Let us know in the comment section below!!!

Electa is a self proclaimed foodie. She is a Wife, a domestic goddess, aspiring chef in training, and a Writer/Blogger from Brooklyn with serious Wanderlust. follow her on twitter: @emazing17, instagram @emazing17 and snapchat @Emazing1787 

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