While you’re planning the future with someone, it’s important to plan for your finances as well. While discussing finances can sometimes be a scary subject for couples, getting it all on the table can bring ease to some big decisions.
Who owns and owes what?
Don’t be one of those couples who years down the road has to deal with a big debt from the past that’s creeping up. Get it all out in the open right away. Make a list of everything you owe from small loans from friends to bank loans, car financing, etc. Then you’ll want to make another list naming all of the things you own outright.
Share your credit report
You can’t make any big joint financial decisions without knowing what the other person’s credit looks like. Share your credit reports with each other. If one person has poorer credit, the other can also help them make a plan to improve it. It’s like working together to solve that problem rather than going it alone.
Who earns what?
What is each person bringing into the relationship in terms of income? What is left for cash flow? Knowing this information will also help you to create a proper budget.
Splitting up the bills
Decide how you want to deal with bills, payments, etc. Ensure you know who has what role in the finances.
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