Feb 16, 2021 04:41 AM EST
Valentine's Day has come and went just like that. Money can go as fast lightning too, if you are not careful.
If you are in a relationship with someone, and both of you are earning, then how to make sure your finances are in order, must be a priority. Married or not, a lasting relationship is not likely to be only about love, but also about how well you plan the things that can affect your well-being the road, which include your finacial health.
Being in a relationship should not be sunshine and romance all the time, unless the two of you are born with silver spoons; (but even heirs and heiresses need to talk about their money!) it's a must to tackle topics like savings and returns too.
After all, the last thing you will want is to break up over money, just because its taboo to even talk about it. If you find it hard to plan your finances together, then these are three tips you can consider:
The thing with couples who eventually break up over financial issues that they did not stop and review their finances together. One of them is all too willing to let the other person handle it, or think money is too sensitive of an issue to bring up.
"Many couples don't talk openly about money, so when money issues do come up, it becomes a sensitive subject and leads to conflict," said Pamela Yellen, financial expert, New York Times best-selling author and founder of Bank On Yourself.
According to this financial guru, there is no way to go about this but to sit down with your partner regularly (monthly!) and go over how the two of you spend and save.
"Look at everything you bought during the past month and everything you're thinking of buying soon, and ask yourselves, 'Is this really a need or a want?"
Granted, you are earning your own money and can therefore use it however you see fit, but if you want to spend the rest of your lives together, then your financial health is always going to affect your partner. The least the both of you can do is think for the two of you, and not just your own needs and wants.
Prepare the wine and the cheese, then get your notebooks and calculators out. Prepare to get into some heated debates, but never lose your cool, because you are in a date.
Make the whole process fun, and keep reminding yourself that what the two of you are doing is one of the most intimate things a couple can do.
After all, you are not talking about money for money's sake, but making sure your relationship can go somewhere and not into some financial hole you will resent each other for.
"A great thing to do to make sure you and your partner stay on the same page financially is to have regular money dates (at least monthly)," advised Patricia Stallworth, MBA, CFP, Financial Consultant, PS Worth.
"Choose a time and space where you both can relax and then talk about money. The talks can focus on random topics or they can be focused on subjects like saving and spending. In either case, taking the time to talk about money makes for a stronger relationship," she added.
A house? A wedding? A trip? Children's tuition? Lifesavings? Money is uncomfortable to talk about but no one can deny money is the key to achieving goals.
If the two of you have a common goal that you need to fund, then it is highly likley that you will want to be in a similar page with regard to your finances all the time.
"It's important to find a common ground as a couple in financial goals," Syed Nishat, behavioral financial advisor and partner, Wall Street Alliance Group, says.
Following the pandemic, natural calamities, and major employment shifts, a startling new study on the online news site News Nation shows that 1 in 4 Americans don't have an emergency fund.
Generational wealth is a facet of wealth management that is often misunderstood. Labeled trust fund babies, rich kids, and lucky breaks, those who receive an inheritance from families are rare.
Social media has successfully made it to the mainstream consciousness of over half the global population. DataReportal's latest study shows that over 4.33 billion people worldwide are using some form of social networking site this year. That's why it's no wonder many tech companies are interested in investing or forming the next Facebook, Twitter, or YouTube to capture the hearts and minds of the general population.
Ease of access, freedom to choose in which to invest the money and lines of credit designed according to the needs of consumers, are some of the characteristics that have made consumer credit one of the most important financing products in the world’s market.
While researchers have suggested that individuals who base their self-worth on their financial success often feel lonely in everyday life, a newly published study by the University at Buffalo and Harvard Business School has taken initial steps to better understand why this link exists.
The younger generations are willing to put their money where their mouth is when it comes to sustainable living.
An international research team led by NUST MISIS has developed a new iron-cobalt-nickel nanocomposite with tunable magnetic properties. The nanocomposite could be used to protect money and securities from counterfeiting. The study was published in Nanomaterials.
Bank credit officers are more likely to approve loan applications earlier and later in the day, while 'decision fatigue' around midday is associated with defaulting to the safer option of saying no.
After graduating or leaving college, many students face a difficult choice: Try to pay off their student loans as fast as possible to save on interest, or enroll in an income-based repayment plan, which offers affordable payments based on their income and forgives any balance remaining after 20 or 25 years.