I know what you're thinking: Who's talking about money on Valentine's Day? Is this serious?

There is a good reason to talk about financial matters, even on the feast of love.

The issue of money is one of the main reasons for break ups. This is an ongoing discussion that can keep romance alive.

But let's not blame one or the other. Both partners in a relationship are interested in financial well-being. This includes reasonable credit management and good cost planning, which are discussed until consensus is reached. Keep in mind that this is not a one-time act, but a process that takes time and requires joint efforts.

The topic of finances is in the minds of most couples. According to a study by the National Endowment for Financial Education (NEFE), more than two-thirds (69%) of adults in America set financial goals for the new year, which shows that people continue to focus not only on physical health but also on financial welfare.

For couples, this means sitting down, putting their phones aside and having a conversation. Here are some issues to discuss:

Do you have problems with loans?

This should not be a problem, especially if you are responsible for paying them regularly. Do one or both partners have student or consumer loans? What options do you have for rescheduling and refinancing with your current job and monthly income?

“Openly and honestly look at all your expenses and see what you really owe. Set a goal to reduce your debts by 5-10% for example. One of the easiest options for this is to reduce the so-called impulsive purchases. When you're tempted to walk into a store, consider whether it's a wise move which will fit your budget.”

Are you saving enough?

It is recommended to have enough funds set aside to cover your monthly expenses, as well as loan installments, insurance policies, if one of the two does not work. This is an important rule.

Emergency savings can cover unexpected expenses and help you return to a stable financial position. A good rule is to set aside enough money for a period of six to nine months. This may seem too complicated and inapplicable so start with a smaller goal and make a savings of about 1,000 BGN.

Do you regularly discuss your financial situation?

Many couples spend more time choosing restaurants, trips and shopping than discussing important financial issues. This approach can cause troubles for some couples in the long run. Problems are stacking, and their solution requires a lot of effort, resources and compromises with the way of life.

What is your financial plan?

If you are already a family, have you considered a financial plan?

Have you set up a regular savings fund for emergencies and long-term goals such as buying an apartment or securing retirement funds?

It is not possible to say exactly what keeps love alive in time, but by solving financial issues, you will definitely have the time and desire to strengthen your relationship.

One good option is to turn to a professional for advice on planning financial matters. The investment consultants of Compass Invest JSC will give you detailed information about the investments in mutual funds and opportunities for your savings.

Source: Forbes

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