You’ll need to get on the same page quickly……

You save, your partner spends……. now what??

Honestly, this is the main reason you should….. before you become a couple….. check these things out.  But since you didn’t, there’s no time like the present.

Gather all of your bills, anything financial, savings, retirement accounts, checking accounts, credit/debit cards and bills….. ALL of the bills….. no hiding bills from purchases made unbeknownst to your partner.

Start adding up the bills… outstanding balances, and new bills not received (show the receipts for these).  Add them up….. really, all of them. Now, hide or cut up the credit/debit cards. Use cash only, and continue to use cash only until all the credit cards have a zero balance. Yes, how ever long it takes.

Once that is done, put the amount you’ve been paying those bills into your savings instead. You need an emergency fund of a few thousand dollars to cover only emergencies such as a dental emergency, a plumbing issue etc.

Then you’ll need to save at least 6 months of your income (eventually 9-12 months), should you lose your job or for a unexpected medical or family leave.  This way you will have ‘your income’ ready and waiting for that time.  But remember, this is money for living expenses only, no outside entertaining or eating out, just rent, utilities, food, insurance, car expenses. Nothing else!

By this time, you will both know what is going on financially in your relationship.  A must for all couples.  And should you need to dip into the emergency or 6-12 month reserve accounts, you’ll need to replenish whatever you took out.

If you’re in a relationship now, but not married yet, now is the time to do this, before you ‘tie the knot’.  In that way you won’t run into any financial surprises down the road.