money matters

Money causes stress. Stress causes unhappy couples. We’re here to help.

› By Laurel Gillum

Avoid co-signing for your partner.

Everyone knows that money is a contributing factor in stressrelated conflicts between couples. How then are newly committed couples to deal with this bump in the road? The experts have weighed in, and here is their advice

Be honest. If you are in any type of debt, be sure to make your significant other aware of it as soon as you realize that your relationship is getting serious. As the relationship continues to grow, the harder it will be to reveal financial issues that you have kept secret.

Talk about your saving and spending habits to establish an open line of communication early on. You know what they say—communication is key.

The minute you co-sign for a loan, you are responsible for paying back money to the bank. If an unforeseen circumstance presents itself and the relationship ends, the bank will still hold you responsible for any debt incurred while you were in the committed relationship.

Keep

your checking accounts separate.

Until you’re married, it’s best for new couples to keep their money separated. A joint banking account gives anyone whose name is attached to the account permission to withdraw money. If you have not yet discussed a budget with your partner, this can cause undue strain on a fresh relationship if one partner is spending more than the other is comfortable spending.

Baby steps. As your relationship progresses, it will probably be easiest to divide your bills evenly. Whether it be a phone bill or grocery expenses, by dividing responsibilities early in the relationship, you will learn how well your partner is equipped to handle fi nances. Chances are, if they cannot manage small bills such as these, they will not be able to manage large expenses such as a house or a car payment either.

Compromise. People grow up under di erent circumstances. This may mean that your partner is used to taking a pricy vacation once a year. You may be used to eating in rather than eating out constantly. Both scenarios a ect how each person saves and spends their money. Conversations revolving around these topics are important. Perhaps you can agree on a smaller vacation or to eat out only twice weekly.

Do

Not Share Credit

cards. Avoid joint purchases on a credit card. If you were to break up, it’s rare for the other debtor to continue with his or her portion of payments toward the bill.