{"id":5793,"date":"2022-05-26T09:01:00","date_gmt":"2022-05-26T13:01:00","guid":{"rendered":"https:\/\/www.washingtonfamily.com\/2019\/02\/13\/talking-money-10-financial-tips-for-relationships-2\/"},"modified":"2022-06-01T12:00:44","modified_gmt":"2022-06-01T16:00:44","slug":"talking-money-10-financial-tips-for-relationships-2","status":"publish","type":"post","link":"https:\/\/www.washingtonfamily.com\/talking-money-10-financial-tips-for-relationships-2\/","title":{"rendered":"Talking money: 10 financial tips for relationships"},"content":{"rendered":"
(BPT) – In a recent survey<\/a>, one in five Americans reported they have never had a serious conversation about money with their significant other, and less than half said they\u2019re comfortable discussing finances with their partner.<\/p>\n It isn\u2019t always easy to talk about money, but it\u2019s essential since a clear majority of individuals surveyed say<\/a> they are likely to split from someone who isn\u2019t financially responsible. Whether you\u2019re just beginning a relationship, considering moving in together, getting married, or are working toward financial goals with your spouse, each step of a relationship calls for a different approach to money and handling potentially thorny issues.<\/p>\n What\u2019s your relationship status … and how do finances fit in?<\/strong><\/p>\n Dating<\/strong><\/p>\n You\u2019re in a new relationship, everything is exciting, and you look forward just to being together. Asking financial questions may be unnecessary, yet it still pays to make some observations.<\/p>\n Casual dating isn\u2019t the time to deal with complex financial questions, but it can be a time to explore how your partner feels about basic financial issues.<\/p>\n Moving in<\/strong><\/p>\n When moving in together, the money questions become more practical because cohabitation usually involves sharing expenses. This is the time to learn more about each other\u2019s finances and views on money as your finances become more entwined.<\/p>\n Cohabitation can have financial implications depending on where you live, and a financial professional can help you understand any potential benefits or costs. If neither partner has a trusted financial professional, it may be time to consider finding one.<\/p>\n Tying the knot<\/strong><\/p>\n When the conversation turns to marriage, talks about money must get serious. A strong link exists<\/a> between disagreements about finances in a marriage and divorce. And should tough times hit, such as a job loss, how will you handle it as a couple?<\/p>\n There are no \u201cright\u201d or \u201cwrong\u201d answers to these questions, and each couple can determine what is the best situation for them based on honest communication.<\/p>\n Planning your future together<\/strong><\/p>\n It pays to establish structure or guidelines for your financial lives that each of you agree on. These can include when to check with each other on big-ticket purchases or when to spend from one or the other\u2019s personal funds.<\/p>\n Even if you haven\u2019t done so earlier, any time is a good time to seek out a legal and financial advisory team. A lawyer can help with wills, and a financial and insurance agent and counselor can help decide on health, life, disability and property insurance coverage; discuss annuities<\/a>; and explore college funds\/529 plans.<\/p>\n Love may be blind, but it knows how to count<\/strong><\/p>\n \u201cTalking money\u201d and addressing issues related to finances are essential in every stage of your relationship. And arguments about money are all too common \u2014 in fact, 70 percent of married couples<\/a> fight about money. That\u2019s why it\u2019s vital to talk about investment strategy and risk-taking, and to reach decisions together about investment goals and time frames.<\/p>\n Couples often credit a third party for helping them with financial matters including insurance-, investment-, tax- and legal-related financial issues. One survey found that 40 percent of couples<\/a> who disagree about money said an adviser helped them make decisions about financial concerns that otherwise might have triggered tension in their relationship.<\/p>\n If you and your partner are interested in speaking with a financial professional, Midland National Life Insurance Company and its independent agents are ready to help, specifically with life insurance<\/a> and other related financial matters, including annuities and retirement planning. To find an agent, click here<\/a>.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" (BPT) – In a recent survey, one in five Americans reported they have never had a serious conversation about money with their significant other, and less than half said they\u2019re comfortable discussing finances with their partner. It isn\u2019t always easy to talk about money, but it\u2019s essential since a clear majority of individuals surveyed say […]<\/p>\n","protected":false},"author":5,"featured_media":5794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[],"yoast_head":"\n\n
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