Hey readers! Today, we’re talking money and relationships!
There is always a stigma around talking about finances in relationships and people think it’s taboo but it’s 100% necessary. Love don’t cost a thing, but a house, car payment, and bills do. Seriously though, it’s important to discuss finances with your partner before getting too serious so you can be sure that you both are on the same page BEFORE disaster strikes.
When you are someone’s partner, you take on their debt, liabilities, and future bills. If you know your partner values working two hours a day and nothing more, you need to be honest with yourself and realize that you might be the breadwinner. And that’s important to realize early on, because maybe you had hopes of being a stay at home parent, or retiring early. But now, your plans have to change.
So how can you open up this conversation?
Start by being honest
Let your partner know what your financial expectations are. If you want a huge home, a summer house and a cabin in the woods but they’re okay with renting, you may have a problem. If you’re both willing to compromise, that’s one thing, but if you are dead set on what you want, you need to financially think if it is feasible with your current partner.
Review your individual debt
Go over your student loans, car loans, medical bills, etc. to ensure that you aren’t bringing more of a financial burden into the relationship than your partner. If you want your partner to be debt free but you are racking up 100K in student loans, that’s not necessarily fair. If you and your partner are fine with that, then that is another story, but you have to be sure you don’t java a double standard.
Start Planning Early
If you and your partner set certain financial goals, and you know you’re far from reaching them currently, set up a game plan. If you both want to have a combined savings of 20k in the next two years, figure out how you’re going to get there and how much you’re individually contributing. This will help you reach your goals and keep you accountable!