First off, happy Valentines day. (Or maybe it’s not so happy and instead you dread it because you’re single). Whatever the case may be, relationships are important. Money is also important. Then when you mix money along with your relationships you have even more importance. Sometimes this area can be a very difficult subject for couples to deal with (and individuals too!).
What are we talking about here? It’s important to have a good balance in life. That includes your relationship with money. You can have a love for money, but you shouldn’t be hoarding and saving it all the time without ever taking the time to enjoy some things in life. What’s the point of all that money if you never get to use it? Yes, you should save for retirement, and yes, you should save for big things like a house down payment, but if don’t take the time to enjoy today and right now then you’re really missing out on a lot.
Anytime I think about this stuff things get a bit out of whack topic wise and I end up talking about how you’re exchanging your time for money, and that you’re then using that money to hopefully enjoy your time. But you should also be smart and save for that rainy day when you might have a dental emergency that costs you a couple grand. It’s no fun, but you have to be able to take care of your health. You can’t do that well if you don’t plan ahead and keep your relationship with money in check.
Does your Valentine approve of your finances?
If you’ve got a significant other, then it’s up to the two of you to decide how you want to deal with your finances together. Maybe you’re each supposed to contribute your fair share to the bills. Maybe you keep all your finances separate. Maybe you don’t keep any of your finances separate. It really doesn’t matter what you choose to do. There is no wrong way to do it. What is wrong though, is not talking about your finances with one another.
Now don’t go bringing up your finances this Valentine’s day though. Obviously there are better days for that. However, do understand that it’s important. If you want to your Valentine to be happy then don’t let them be surprised one day that the electric bill hasn’t been paid when they go to turn on the lights. Communicate and get your things in order.
Communication is key to a great Valentine
The better you communicate with your Valentine the better it will be for the both of you. And I mean better both financially and emotionally.
So what can you do?
One thing to do is to setup a time for the both of you to go over your finances together. It’s tax season now, so what better way to bring it up than now? There really isn’t a better time. Even if you’re not married and you’re filing separately you can use this time to broach the subject without worrying that you may be rejected. I know rejection is a fear for many when it comes to bringing up finances. So what happens? You should avoid it and do nothing.
Quit that!
Instead, use this tax season as a time to bring it up and go over some things. The key is to be prepared. You can say something like, “I’d like to go over my finances with you, would you mind if we set up a time for us to go over things together?” Depending on where you are in your relationship you just alter this a bit, but the point is that the two of you need to set a time to talk about your finances.
Then it’s up to you to be ready for that meeting. Come equipped with everything you need for your taxes, and with a bunch of questions you want answered either about your own stuff or about the things that you share. Money can be complicated for some so be sure you give yourself enough time to figure things before the tax deadline. Don’t make your meeting for April 10th for example. Anytime after Valentine’s day should be a good starting point.
Once you get the ball rolling you’ll hopefully have lots of questions for each other and you’ll earn a lot. This will also make it easier to do next year too. Maybe you have to make some changes this year to better your money relationship for next years taxes. Right now would be a great time to see where you can improve.
If you can get yourself into the habit of checking on your finances every year then you’re going to be way ahead of the game. People that pay attention to their finances will almost always do better than people that aren’t paying any attention at all.
And I’m not saying you need to be some math expert or tax whiz to make this work. If you’re the type that just doesn’t do well with these things, that’s fine. But talk about it so you both know where you stand. Ask questions and make sure the both of you are on the same page. If something needs fixing it’s much easier to get things in order now when you have time on your side instead of trying to fix something years from now when your options may be limited.