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Money is seen in many different ways, and when it comes to money, each one of them has different priorities and values. Some people see money as a power while some see money to enhance the relationship and experience. There will be conflicts and unbalanced handling of money if not discussed properly between couples. So it is important to discuss the money topics and have common and effective communication. It is better to be open and honest with your partner to build trust so that the bond will be stronger. 

Money topics

But money topics can be difficult to speak about as it might make you uncomfortable to discuss. But talking about money management is a necessity. Discuss the views openly and come to terms to find out the values and priorities you both have 

When considering finances as a couple, the first thing we should understand is that the couple comes from two different backgrounds, with different goals, experiences, and values. Here are a few things you need to discuss to understand some fundamental things. 

Money topics you should discuss

What type of account should you keep? 

Normally couples will join their bank accounts as a gesture of becoming one. They will find it easier to manage their paychecks, refunds, and other incoming funds. You can easily pay the rent, bills, and utilities you share from the one account you share.  

But when you merge your accounts there can be some disadvantages. It can be an issue when one of you starts overspending and similar other issues can arise. Therefore in order to lead a stable bank account, you need to set boundaries and discuss the expenses you have in advance. 

How to manage debt?

Debt is one of the money topics that you should talk to make you work hard just to pay off them and not be able to benefit from the opportunities you get in the present or you won’t be able to save for the future. This can put a strain on you and your partner causing issues. 

money topics to discuss

To avoid this, you need to discuss your current debts and be on the same page. You both need to be transparent about the auto loans and tp credit card debts. Even though this is a hard thing to talk about, you can avoid future problems that can be more harmful in the long run. 

When you discuss this money topic, on how much each of you both owes and discusses the planning of paying off the debts together, then you can tackle your debt. 

What about paying bills? 

It is an unavoidable task for many people. If you decide to combine the monthly bills it will be overwhelming at first. Try to go through each bill to find that all the bills are accounted for and the due date is known. 

On the other hand, if one person plans to pay the bills, still both of you should discuss who’s income is paying each bill so that both of them can be clear on where their money is spent and so you can take care of your household finances. 

How can you budget? 

Budget

When couples have a bad money habit, it can ruin the relationship. But if one of the partners has a style in organizing and working according to budgets, it could work well between them. 

Before you start it, it is better to talk about how much each partner makes. Some will find income as a sensitive issue, but this conversation should not be skipped because, way to figure out the amount you have to live, you need to know about the combined monthly income. 

How to build wealth? 

Most of the people work with the exchange of their time and skills for money. At a point, they will feel like stopping it and seek to have financial resources by having independent control over the use of time and talent. To do this you need to plan to save, and invest. You and your partner should discuss being on the same page in terms to know how much you need and how long it will take. 

What about the credit scores and credit history? 

credit scores

This is an important thing to talk about with your fiance. Both of you should get a copy of your credit report and share it with each other. The credit score of your partner will not have any direct impact on yours but when you are trying to make big purchases like a home, land, or a car the lenders will consider both your scores into account. 

A bad score can make an issue of qualifying you for the first property you are planning to have. Therefore it is better to share them with each other to avoid such issues, and have a good credit score to achieve dreams together. 

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