How To Keep Money from Ruining Your Relationship

Money. For many couples it is a five letter word that spells disaster. In a relationship each partner brings their previous experience with finances to the table and if they aren't careful money can be the issue that quickly sours a romance. So what can you do? You need money to live, to buy food, to pay your bills. It's not as if you can stop using it, right? Here are some tips on how to keep your financial and emotional bank account full:

1. Be upfront about your financial situation. I know a couple that were married before the bride was told that her new husband had $30,000 in credit card debt. This may not have been the best move to build trust in their relationship. If you let your partner know your financial status early on and encourage them to do the same this will build a sense of trust and companionship. This will also ensure that one member of the couple isn't encouraging fancy dinners and getaways that aren't within the other person's means.
2. Set goals and make them known. If you and your partner have financial goals write them down and encourage each other toward success! Each New Year my husband and I write down our financial goals and post them on the fridge. Each time we want to eat take-out or buy a new article of clothing we look at the goals and ask ourselves "Is it worth it?" Sometimes it is and sometimes it isn't. This activity allows us to work together to achieve a common task and brings us together as a couple.
3. Start an emergency fund. An emergency fund is essential for your financial safety. Financial experts suggest having 3-6 months of expenses in the account in case of illness or job loss. However, if you are trying to pay down debt you should keep it to a minimum of $1,000 for dire situations. Having an emergency fund ensures that you won't feel like disaster is around every corner and this in turn will relax the financial situation at home making a happier and healthier couple.
4. Get out of debt. In 2002 Cardweb.com, a service that tracks credit card trends, computed that the average American family owes almost $9,000 in credit card debt. Having debt is a high stress situation for any couple. Getting out of debt as soon as possible will free up money to build your savings and focus on future goals.
5. Make and stick to a budget. It is hard to fight about money when you plan for each and every situation. By working together to make a budget you are building your future as a team.