Business View Magazine | February 2018

14 15 OPENING LINES TAKE CHARGE AMERICA SHARES TOP TIPS FOR FINANCIAL COMPATIBILITY IN A RELATIONSHIP I t’scommonknowledge thatmoneyisapointof contentionformanycouples,but the issue isnot necessarilya lackofmoney.Differences inspending habitsor attitudes towardmoneycanbe theculprit too,contributingto financial incompatibility. “Moneylessonsare learned inchildhoodandwill oftenguidedecision-making later in life,”saidMichael Sullivan,aPersonal FinancialConsultantwithTake ChargeAmerica,anational nonprofit credit counseling anddebtmanagement agency.“Whether theyemulate theirparentsordotheoppositeof,successful couples makecommunicationapriority,worktounderstand oneanother’shabits,andgetonthesamepageabout spendingandsaving.” Sullivanshareseighthabitsof coupleswhoenjoy financial bliss: MoneyDoesn’tTalk:T alkingaboutmoneyisoneof the tophabitsof financiallysuccessful couples.Sitdown eachmonthor everyquarter toset abudget,review incomeandexpenses,clearupanydisagreements,and ensureyou’realigned. ComeClean:Honestlyisessential.Fullydiscloseyour financial situation–even if it’sugly–especiallybefore youtie theknot.This includesoutstandingdebts,alimo- nyandchildsupport,incomesources,and investments. Thisalsomeansnosecret spendingandnosecret accounts. #RelationshipGoals: Worktogether toset financial goals that fireyouupandkeepyoumotivated.Whether it’sa tropicalvacation,anewhomeor ahefty401(k),set cleargoalsandmotivateeachother to fulfill them. What’sMineIsYours: Aneasyfixto financial tiffs is to divideandconquer sharedexpenses.Youmaypaythe rentormortgagewhileyourpartner covers thegrocer- ies,phonebill and loanpayments.Whetheryouhave individual or sharedbankaccounts,thiscanstrengthen your commitment togoodmoneymanagement. ForRicherorPoorer: Createaplantopaydowncredit cards,student loans,andotherdebt together.Thedebt issuecanwreakhavoconrelationships,socommit to combatdebt fromthestart. FunFund: Budgeting isallwell andgood,but couples musthavesome freedomintheir spending.Budget in some funmoneythat eachpartner canfreelyspend,in accordancewiththeir incomeandexpenses. TiesthatBind: Agree toconsultoneanotherbefore makingbigpurchases.For example,makeapact to discussanyspendingabove$100,$500,orwhatever isappropriate foryourbudget.It’saclear andsimple solutionthatwill bindyoucloserwhilesafeguarding your finances. BetterTogether: Gymmemberships,cell phoneplans, andevenauto insuranceare lessexpensivewhenyou signuptogether.Comparisonshopto findthebest dealsandearmarkanysavings foryour funfund,a joint purchase,or tobuildyournest egg.