Nothing is quite as enjoyable as developing a meaningful connection with a new person. Indeed, in the throes of a new romance, it can be easy to forget about everything else in the world. However, the reality is that new couples face trouble eventually, just like everyone else. And, more often than not, the cause of that unrest has to do with money. With that in mind, today we’re going to share five savvy financial tips for new couples. Follow this advice and you’ll be sure to avoid some common, but serious, relationship issues down the line.
All solid relationships are built on trust. In order to trust one another, though, couples have to communicate effectively and be transparent. Trying to hide serious debts or money issues from your significant other will only lead to greater conflict down the line. As such, it’s important for new couples to understand each other’s financial standing. If you’re committed to building a real relationship with someone, you must first understand personal information like this.
When your car breaks down, you take it to a mechanic. When you feel sick, you visit a doctor. In the same vein, it makes sense for young couples to speak to a financial advisor if they’re experiencing money problems. What’s more, hiring an advisor before you encounter financial unrest can help you avoid it in the first place! So don’t hesitate to contact a professional for assistance in this matter.
Prioritize Your Expenses
Everyone spends money on services and goods. Some –– like groceries, bills, and clothing –– are essential. Other costs are less obvious, but crucial all the same. For instance, medical costs –– such as those incurred from a visit to a local STD testing clinic–– are certainly justified. However, a good many expenses are not critical to well-being or happiness. When budgeting as a couple, it’s wise to prioritize your expenses in order to ensure that you’re spending your money appropriately.
Create an Emergency Fund
Few people actively plan for problems that they can’t foresee. Yet, the reality is that calamity can strike at any time in a number of ways. Regardless of the issue you’re facing, young couples should have an emergency fund set aside for moments of crisis. Trust us, having some funds available during a worrying period can provide a huge relief.
Take it Slow
New couples shouldn’t rush into binding financial agreements without first doing their homework. Loving relationships take time to flourish, and it’s perfectly acceptable to wait until you’re engaged to begin to share financial plans or to form joint accounts, for example. Just make sure to discuss your financial goals with your partner early on. Doing so will save you lots of stress (and money) in the long run!