When it comes to love and money, there’s a lot to unpack. Although some couples handle their finances separately, it causes stress and tension if it’s intricacies are not addressed. Money should be discussed freely and realistically to avoid miscommunication and resentment.
In other words, love and money are two important things that can work together or against each other. It has to do with things like money habits, bills, gifts and even allowances in some situations. No matter how long or short a relationship has been, money is something that should be managed properly.
So if you’re hopeless romantic looking for financial advice, we’ve got you!
Check out 5 ways to manage love and money in a relationship…
1. Communicate regularly
If there’s one thing you should do when it comes to love and money, it’s communicate. Yes, it can be awkward sometimes but it’s necessary. You needs to be as honest as possible as to what you have, what you’re willing to contribute and what your expectations are. For example, you can setup money dates to discuss and track financial goals.
2. Set priorities
It’s very important to sit with your partner and determine what really matters and set priorities. Basically, identify the goals you both have individually, and the ones you’d like to achieve together. This way, you both know not to spend frivolously on certain things or can work towards investing and saving together.
3. Have an emergency fund
Unpredictable events always pop up in life. As such, you and your partner should have an emergency fund that is equally built. This way, whenever any of you need money ASAP for things like healthcare or other essential needs, you’re good to go.
4. Keep each other in check
Another way to handle love and money is to stay accountable for each other. Help each other live within your means and enjoy the best of what you can. It’s important not to make the mistake of coming off as authoritative, remember you’re doing it because you care for and love your partner.
5. Trust each other
Finally, love and money should have trust as a solid foundation. You need to trust that your partner will make wise money decisions for the benefit of you both. Don’t project your financial insecurities on your partner. Instead, talk to them about it and express any concerns you have.