Do you know how much your love earns? Does she or he know the PIN of your debit/payroll card? This is not an exam, they are just questions so you know how much you know about your other half’s finances.
“The strongest relationships are the ones filled with trust. The first step is to know that they share the same vision of finances”, says OctaFX, a broker dedicated to offering trading services.
Profeco, Condusef and BBVA share some recommendations to have a better financial relationship as a couple.
1. Create a budget together: Include everything you earn each month and any and all expenses you incur. Don’t skip any. Don’t be financial cheaters. Stop thinking that the couple should not know how much you earn.
2. Honesty: Be completely honest about your debts, credit history, spending habits, and financial goals.
3. Divide expenses: Once you know what expenses need to be covered, determine what each will cover. They can choose to divide everything equally, however, the ideal is to establish percentages based on their income.
4. Planning: Determine what expenses you will make during a certain time -monthly, quarterly, semi-annually or annually-, as well as the way in which you are going to pay it (cash, credit, months without interest, etc.). Also plan vacations.
5. Think before acquiring a debt: If one of the two is going to make a medium- or long-term financial commitment, talk about it.
6. Savings: Start saving to have an emergency fund, as well as to have resources for special occasions -Christmas or New Year’s Eve, birthdays-.
7. Establish long-term goals: A good project can be to invest your money to buy a house, a car or start your own business after a few years.
8. Financial individuality: Although it is important that there be communication and a financial project, it is also important that each one have financial freedom, as long as the financial stability of the couple is not compromised.