Working on a budget might not sound like a romantic way to spend a weekend night with your significant other. However, it can do wonders for your relationship! A good partnership means working together on all aspects of life. When it comes to finances, working together as a couple can open lines of communication, strengthen trust, and build a happy life together.
Talk about what is essential to you both
We all have different spending habits. Inevitably, you and your partner will want to splurge on things. Have a conversation about what’s important to both of you. Topics can range from dining out, vacations, buying a home, having a big wedding, or raising a family. With this out in the open, you will better understand what each other wants. You will be able to set goals and work together to achieve them.
Tackle debt together
Take a serious look at debt. It’s often that one person in a relationship has more financial obligations than the other. Factor this in and decide on a fair way to pay joint bills and expenses. If the debt is a concern, a supportive partner can be a reassuring presence that encourages the other to pay it off. One way to do this is through a debt consolidation loan. This type of loan groups bills and loan payments together, so they are paid off at a lower percentage rate. It can save money and help predict when you’ll be making that final debt payment.
Take the time to make a monthly budget
Set a time every month to work on the monthly budget. An excellent online tool can help you do this through the Financial Wellness Widget on eBanking. With this tool, you can stay on top of monthly bills and understand your spending habits. In addition, budgeting allows you to set savings goals for your future together. You’ll want to plan for some fun, too!
Plan for your golden years
Living happily ever after takes planning. It may seem far away, but you will reach retirement age one day. Start your nest egg early with an Individual Retirement Account. Your IRA contributions may be fully or partially tax-deductible, depending on your financial situation and your type of account. Talk to your partner about how the two of you envision life in the later stages of your relationship. It’s exciting to plan with your partner as you build your life together.