3. Long-Term Goals
Dating: Knowing one another’s values is key when deciding to pursue a long-term relationship. In this stage of the game, it’s imperative you don’t put your financial goals by the wayside just to afford a few extravagant excursions. Instead, engaging in open communication about your short and long-term goals (e.g. paying off your student loans by the end of the year, or saving money to buy a new car) should be relayed. The savings strategy here is to avoid sacrificing your steady financial path if you’re still uncertain where the relationship is going.
Committed: Anton Ivanov of San Diego revealed the savings strategies that helped his relationship grow financially: “My girlfriend and I have been together for over two years and combined our finances about a year ago,” Ivanov said. “The key to our success and conflict mitigation has been constant communication about our financial goals. We are on the same page regarding our budget, our major upcoming purchases and our long-term financial plans, such as retirement.”
The couple, however, decided to keep their own individual deposit accounts separate. “This has allowed us to maintain a level of privacy with our day-to-day purchases,” Ivanov said. “We don’t feel the need to check each other’s financial activity so long as we meet common goals, like contributions to our savings and investment accounts.