If He Can’t Put a Ring on it, He Can’t Sign For it!

It’s spring time! It’s generally this time of year, when many people say “I do”. Finding someone to spend the rest of your life with is fantastic, and often times the subject of finances is seen as a “buzz kill” when it comes to love and relationships. Budgets are Sexy contributor and Financial Planner, Tahnya Kristina, put together some financial advice for couples:

Moving in together can be an exciting time. It can also be quite stressful if you don’t discuss beforehand how the money will be spent. Think about it. You are merging two separate budgets into one—household bills and groceries! This is an important time to sit down and discuss finances with your significant other, and draft a personal and couples budget. In the article, Ms. Kristina recommends:

Budget for Necessary Expenses
Only merging together the necessities to ensure an equal share in the participation of monthly expenses. For example, in a joint account you would each put money in for essentials like food, shelter and related expenses. When it comes to a budget, first, determine your total monthly bills as a couple. Then, add those bills as an expense to your personal budget. What you have left over, as Ms. Kristina states, is yours to keep individually.

Think Twice about Joint Credit
If one partner can’t commit to the other and sign on the dotted line for happily ever after, then don’t allow him/her to sign the back of your credit card!

Joint Savings Account
Start a joint savings account as part of your couple’s budget. Each of you should contribute an equal amount into a savings account in both names for other joint expenses such as a couple’s vacation, new furniture, or a weekly eating out budget. It helps to break down budgets into shorter amounts of time such as a weekly budget. Read the rest of the article here.