Love & Marriage: The Future of Relationships

Falling in love and getting married are goals couples share when considering their future. Discussing finances and financial goals is part of this. A healthy, balanced relationship works when checking in with each other about finances. This communication can build a life plan for a stable future each partner wants.

1. Discuss Spending Habits
When it comes to spending money, it is easy for people to do. When facing the prospect of marriage and a combined life, you both need to be on the same page for spending money. One person should not be responsible for all the decisions, and there should be a balance that makes sense for both parties.
Discussing paychecks and the amount of money each party can contribute to the relationship is tough, but it is necessary to make the relationship work in the long-term. Both parties need to break down their combined incomes to jointly pay bills, save, and plan for life's goals, such as buying a home in the future.

2. Communicate with Financial Representatives
Communicating with banking representatives or financial advisors to answer questions such as, "Is it Smart to File Taxes Jointly, or, "What is a registered agent," is a good first step for new couples to make the financial side of the relationship stable and each partner knows their responsibilities for the relationship. It keeps both couples on the same page and makes sure they are both aware of their individual goals and their joint life goals.
A financially-minded neutral party can make the discussion of money easier. They can provide sound insight into what the couple needs to do to balance finance and to meet their goals.

3. Break Up the Financial Responsibilities
A financial representative will help you understand how both of your paychecks can divide for the greatest benefit of both parties. Making sure each party knows how they are to hold their end of the relationship makes sure the bills get paid and debts do not linger.

4. Establish Joint Checking and Savings Accounts
Establishing joint accounts to pay bills and save money is a good way to start the process of merging finances. Not all couples need to merge finance, but it is an option for making sure the money is available for the bills, the savings, and the fun.
Joint checking and saving accounts are a good way to make sure life's goals are on track in the early part of the relationship. It is a way to reduce worries about paying the bills and saving while making sure the rest of the financial half of the relationship is going smoothly.

5. Investment Accounts
Investing should go beyond a savings account. Setting aside a portion of money into an investment account can be a good way to grow finances while planning for the big things in life. These big things can include buying your first house or having that first child.
The amount of money regularly taken out of the paychecks and invested depends on how fast you want it to grow. It also depends on the time-table you are working with for certain life goals. Together a couple can grow a small nest egg quickly.

6. Talk about Problems
Talking about your financial problems or concerns if they are becoming a problem is a good way to get you both on the same page. Communication is the strongest tool couples have for their future life and happiness. It is also necessary for your financial health before problems get out of control. These can involve spending beyond your means or running up credit card debt.

7. Make Joint Financial Decisions
You both are in this relationship together. You should be able to talk about your finance as those decisions change. There are new responsibilities that arise each day. Not everything runs right all the time and discussing big purchases together is a good way to continue to stay connected and work together.

Don't let investments cause problems. Each party has their investment strategies. If you work together through joint accounts that favor both parties, it reduces stress. Personal finances should work together and not let them divide the couple.

It also means allowing the more conservative investor to take some risks for the more aggressive partner. The more aggressive partner needs to understand the other partner's needs and make quieter investments that will still make money and do not carry the same risk.