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Hold onto the reigns of your own horse at all times
We think the 50% discount, enhanced lifestyle, and increase in household income will last forever because we have a partner. Well, sometimes it does last forever, but other times it doesn’t.
It’s prudent to stay financially prepared, no matter the outcome of your relationship.
7 Things To Do With Your Money In Relationships
Maintain a consistent source of income – even if your partner’s income covers all the bills and you don’t have to pay anything.
Maintain a consistent LIVABLE income. Your expenses might be dirt cheap, but would your expenses still be the same if you were to exit your relationship? Don’t only maintain a consistent income, but ensure your consistent income takes care of all of your expenses if you need to live without your partner’s income.
Keep your emergency fund fully stocked. I recommend you maintain an expense account with at least 12 months of expenses. This makes you full-proof from economic disaster, job losses, income loss (e.g., breakup), and many emergency situations.
Keep your own bank account. Have a shared bank account, but also have your own bank account that only you can access and manage.
Educate yourself on personal finance. If you don’t know anything about money, take the time to learn about it on your own dime and time.
Share financial responsibility. Never leave the management of the money entirely up to your partner. Stay actively involved so that you are always aware of what is happening and not happening with your money and your partner’s money.
Save for your own retirement. Don’t only create a shared retirement account that you and your partner can split down the middle, but also create your own retirement account in case you end up without your partner.
These tips are not fear-based or pessimistic, but they allow you to remain financially secure and independent whether in or out of a relationship.
No relationship is 100% perfect because perfect human beings don’t exist.
Even some healthy relationships end and don’t last forever.
Whether you decide to stay with your partner or exit the relationship with your partner, when you manage your money, you will be financially unaffected, which is a powerful position to be in.
Divorce
If anyone has been through a divorce or witnessed a divorce (e.g., maybe your parents got a divorce), you are aware that money is a key factor in the divorce.
Sometimes one person gets the short end of the stick – especially when everything was shared.
Change this dynamic by ensuring both parties are financially independent that way if things go a different direction, neither person is trying to suck the other person dry.
Stay At Home Parents
Even if you are a stay-at-home parent, I understand that your time is sensitive, but you still need to have some income independent from your partners.
Find a way to manage parenting and income; people do it all the time, and it will reinforce healthy financial behavior in your kids.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.