Romance and finance: 5 financial tips for couples | Payday Loans ...

By DAVE CARPENTER

AP Personal Finance Writer

This may sound like a heartless thought, but Valentine?s Day is
tough on the wallet.

Even if you skip buying bling for your beloved, the standard
flowers and romantic dinner out can be a blow to your budget just
when you?re recovering from end of the year holiday spending.

Consumers are expected to spend an average of $126 on gifts and
treats for loved ones, up from $116 a year ago, according to the
National Retail Federation.

As a couple, should you risk wrecking the mood by talking about
spending and money, on or just before a day dedicated to
lovers?

Short answer: Yes!

?Valentine?s Day is a wonderful opportunity to revisit what you
appreciate in the other person and it?s certainly a good time to
talk about money ? ideally before excessive spending derails your
dinner out,? says Suzanna de Baca, vice president of wealth
strategies at Ameriprise Financial.

Here are some financial tips for couples to help ensure that
there are many more Valentine?s Days in their future:

1. Have a talk.

If you are just beginning to commingle your money, have a
conversation about goals and dreams and how to finance them.
Revisit the topic regularly, and keep the discussion calm and
non-confrontational. Call them money dates, or open forums on your
finances. Don?t withhold any debts or accounts.

2. Make a plan.

Put your priorities in writing and agree on target spending and
saving amounts. Address monthly spending, big-ticket purchases,
vacations, ?fun stuff? and long-term savings. ?Couples that create
a workable and efficient financial plan significantly lower their
anxiety levels and have more time and money for long-term romance,?
says Bill Hardekopf, CEO of credit card comparison site
LowCards.com.

3. Commit to compromise.

Don?t let money disagreements with your partner fester. Go into
the plan knowing you will need to compromise occasionally.
Sometimes you have to sacrifice your position and let the other
person be ?right.? That?s OK ? you can take turns compromising.

4. Pay off debt.

Almost nothing adds to financial stress more than carrying
credit card and other debts. The sooner you pay it off, the sooner
you can build up your savings. Talk about the remaining balance
regularly with your spouse or partner, and make it a joint goal to
zero it out.

5. Prepare for emergencies.

Every couple should aim to build up an emergency fund of at
least six months? worth of living expenses. It will ease the burden
on that inevitable day when one partner is in a fender-bender, has
a laptop stolen or runs up an unexpected medical or dental
bill.

Source: http://paydayloans-uk.org/romance-and-finance-5-financial-tips-for-couples/

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