Committing to a long-term relationship is an exciting chapter. It's also an important time to establish how you will approach your finances as a couple.
Research shows that almost one-third of partnered adults say money is a major source of conflict in their relationships. With Valentine's Day right around the corner, OnPoint Community Credit Union has tips for couples on building a solid financial foundation.
"While love may bring you together, financial compatibility can keep you together," said Kristen Gillis, Mill Plain branch manager at OnPoint Community Credit Union. "By aligning your financial goals and working as a team, you can create a future that's secure and fulfilling for both of you."
OnPoint recommends top five tips to strengthen a couple's financial future:
1. Plan regular financial date nights
Make financial check-ins fun by combining them with dinner or activities to discuss your financial picture. Have a standing agenda to review including income, debt and spending habits, to build trust and align goals.
2. Create a joint budget
Develop a shared budget that outlines income and expenses, ensuring both partners have input and clarity.
3. Set mutual financial goals
Identify and prioritize shared financial objectives, such as purchasing a home or planning vacations, to work toward together. Set up a joint savings account for shared goals and automate contributions for effortless progress.
4. Start a couple's emergency fund
Build a safety net specifically for unexpected expenses that might arise. OnPoint recommends having three to six months in savings that will cover at least basic needs.
5. Seek professional advice
Consult financial advisors to gain personalized guidance tailored to your joint financial situation and goals.
Read more at PRNewswire
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