February 13, 2024
For The Love Of Money It is the month of love so there is no better time to talk about love and money. Many of the financial questions that I am asked center around relationships. Relationships with significant others or spouses. Money can be a hot topic in relationships so I want to give some […]
FOR THE LOVE OF MONEY
For The Love Of Money
It is the month of love so there is no better time to talk about love and money. Many of the financial questions that I am asked center around relationships. Relationships with significant others or spouses. Money can be a hot topic in relationships so I want to give some guidance around when to mix love with money.
Talk About It
Many couples get in trouble because they don’t talk about money. You can even discuss finances in the early stages of dating. Not how much money you make, but discussing financial topics like investing or retirement. You could even discuss the importance of saving money. If you are on a date talking about the importance of an emergency fund and your date is talking about YOLO (you only live once) that person may not be a good fit for you.
No Contract No Combining
You may be over heels in love, but if you are not married or don’t have some kind of contract in place then don’t combine your money. So many people get in financial trouble because they have cosigned for a car or moved into an apartment together. The relationship goes bad and all of a sudden the person you used to love more than life itself has moved out and you have to pay the total rent payment each month. Keep your money separate to avoid this heartbreak.
You Are One
Once you get married you are now a team especially when it comes to your finances. It is no longer their debt, it is our debt so we pay it off together as a team. Financial goals are planned together so that there is no confusion where our money will be focused going forward. There is no more me, it is only we and if we want to buy a home then we will be cutting back our expenses and saving for that home.
You can’t have love without finances. Eventually they will collide so make sure you are open to talking about money early and often.
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