Money can't buy you love, but fighting about it can buy you a whole lot of marital strife. In fact, money issues are the primary reason many couples untie the knot. Though it may not sound romantic, tending to your finances is a key part of nurturing your relationship. Here are five ways you and your partner can achieve a more perfect union.
- Have a Common Vision. You can't plan for the future if you can't decide on what the future will hold. Talk with your partner about your goals and expectations. Explore questions such as: Will either of you be furthering your education? Do you plan to have children? Examine your views on spending, saving and what retirement looks like. Do you have different money personalities, such as one partner who is frugal while the other likes to spend? Are there any unique issues, such as extraordinary amount of debt from one or both partners? Once you've answered these questions, set priorities and develop a plan to help you realize your dreams.
Review Your Progress. It's important that both of you know where you stand financially. Consider engaging the services of a registered investment advisor or other financial professional, to help you objectively review your financial situation regularly, including your net worth, debt, budget and upcoming expenditures. This approach will take the emotion out of the process and the professional will help you evaluate how you're doing and map out any additional steps you need to take to stay on track to meeting your life goals and achieving marital bliss.
The information in this article is general in nature and may not apply to your own financial situation. Please consult your own professional tax, and/or financial advisor regarding this information and your own personal financial needs. Please see my full bio for a full disclosure statement.