There is a famous quote that says "Love Won’t Butter Your Buns". Sure you are in love. When you are in love, you feel as if you can do anything, promise anything. However, when reality sets in, there is much more to a relationship than love. Your romantic relationship along with your finances are 2 distinct things that you need to balance.
Love is a bond between two people. They enter a commitment or what we term as a relationship. In relationships there are common worries. One example would be finances.
We do not want to admit it, but the financial problem is among the primary concerns that require attention in a romantic relationship. So just how can you keep the romantic relationship and your finances intact? Below are great tips to assist partners deal with financial matters:
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Decide who is in charge of dealing with the finances. Having one person manage the finances can help minimize buying and identify how your funds are being spent
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Don’t be a burden. Because money doesn’t fall from the sky, it is often times best if both individuals in the relationship get jobs. To love truly means helping earn money, not just spending it. Settle on how your contributions will be divided: 50-50, 60-40, or 70-30? Base your decision on how much each can afford.
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Plan for the future. Most people want to be together for life, so be prepared for it. Decide together how and where you want to invest your money for future use. Also decide how to save for an emergency, such as an illness, or how and when to get a car or a home. This way, you can ensure your future.
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For those who cannot get married or do not want to, write and sign a financial agreement before living together. This is highly recommended since you are not bound by the law of marriage.
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Prepare for hard times. While some prefer to have a joint account, others would rather have individual accounts. That is not a problem. In fact, it is advisable that those who have joint accounts get individual accounts as well. This is because having one of your own ensures you will be left with something if your partner decides to leave.
The above are just some ideas on how to manage your finances to help your relationship last. To make it work, however, open communication and compromises are necessary.