Couples Who Budget Together, Stay Together

13 February 2012, Milwaukee, US – With Valentine’s Day just around the corner, M&I, a part of BMO Financial Group, is advising couples to opt for a gift of love (instead of the usual cards, candy or flowers)  that could leave a lasting, positive effect on their relationship.

Many couples often fight about finances.   In a study conducted by Money Magazine, 13% of couples say they fight about money several times a month.

“Worrying about individual finances is a strain by itself, and throwing another person’s financial habits into the mix can sometimes be overwhelming,” says Kara Kaiser, Regional President, M&I, a part of BMO Financial Group.  “Agreeing on certain points financially can establish guidelines, direct actions and hopefully prevent future disagreements.”

Kaiser suggests four financial topics that every couple should discuss:

• Budget:  There should be a regular “budget night” at least once a month where couples can establish a budget for the monthly recurring items such as dining out, entertainment purchases or groceries.  You can review spending and savings activities, and then make financial adjustments and decisions together.
• Prior Debt:  Before entering into a relationship,  you and your partner may have existing loans or overdraft lines of credit.   This means that future cash flow may be greatly affected by previous debt.  Both of you have to handle your debt obligations to improve your financial health and knowing your partner’s credit history can offer a glimpse into the future such as the impact on your ability to get a joint loan.  Developing a plan to improve upon past mistakes can remove a lot of strain from your relationship.
• Savings Goals: Whether you want to save for a trip around the world or want to put money aside for your retirement, financial goals need to be established up front.  For most, the top three financial goals include buying a home, saving for retirement and building up an education savings account. Making your wishes known to your partner can help the two of you establish a financial plan that incorporates what is important to both of you.
• Major Purchases: Be open and honest about major purchases. Simply discussing a purchase beforehand can save you from a potential fight.

Financials do not have to become a stress point within a relationship, so this Valentine’s Day say “I love you” with a thoughtful conversation about finances.  By discussing financial topics and handling resources as a team, managing money as a couple can be a little easier.

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