![]() Develop a habit of talking about short-term and long-term goals, writing them down and then building a budget around their shared and individual goals.” “For example, if one person wants to create a work environment that allows her to train for a marathon every year while the other thinks they should be focusing exclusively on work to build savings before starting a family, that may present a conflict. Those then translate directly to financial priorities, will guide budgeting and make the process of doing the budgeting and keeping to the budget immensely easier,” Peterson said. “The key to success in budgeting is to start with regular discussion of life goals. All of these need to be worked into the budget and shouldn’t come as a surprise when you start to pay the bills together. ![]() ![]() Don’t forget to mention regular spending on what would be considered essential to you but maybe nonessential - golf lessons, a facial, donations to favorite charities - to your partner. By sharing information about your monthly income, savings and retirement goals, student loan balances, credit card debts, auto loans and insurance payments and more, you’ll be able to work together to develop a budget that the two of you can live by. In fact, long before you start to look for a new apartment to rent or a house to buy together, financial advisors urge the partners to sit down and plan a budget. Read: The Do’s and Don’ts of Combining Finances With Your Partner And that starts with a difficult but necessary conversation about money. But like all big decisions in life, it takes planning - planning that runs deeper than deciding whose couch makes it onto the moving van and whose gets put at the curb to await the trash truck. ![]() It’s a new beginning, the next chapter in your relationship. It’s an exciting time, without question, when you and your significant other decide to move in together. ![]()
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