While every couple would love to talk about how they would spend all that money if they won the lottery, or how their lives would change if they won that jackpot, it all comes down to the hardships of getting that dollar and cent on the table. Especially if you have plans on getting installment loans from creditors: Lendgreen. This is no easy feat as most couples know by now. Here are six steps that can help to define who you financially as an individual, and also help you lay the groundwork for any short, medium, or long-term planning that you may have.
- Who are you?
You can decide to have your own little confession time with your partner to get to know each other better. How does each of you behave around money? What worries you? What are your strengths and weaknesses? When you explore the money topic as a couple, you may realize the many financial personality issues you had that you may have ignored or just failed to realize by yourselves and help each other deal with these issues.
- Your assets and liabilities (loans)
Most of the times, you will find couples meet, fall in love, and get married without taking time to learn about their partner’s financial situations, their assets, and even their liabilities. Trust me; it never ends well if your partner is only finding out about an old student loan you took some decades back, or that you find out that your partner is so deep in arrears only during the time you are negotiating a mortgage for the home you want to have together.
You can make things easier by listing down every debt you’ve ever owned and also all the assets that you own, including all your bank and investment accounts. Keep your partner on the loop about everything so they don’t get shocked hearing all these when nothing can be done about them.
- Share credit reports
As couples, it would be a good idea to share your credit reports. So, each partner knows the other’s credit history. You may have a poor credit history, but through some agreements with your partner, the other person can help you to improve it possible in the future.
- The cash flow
Another factor that will amaze you is to realize that most couples don’t usually know their partner’s gross income, leave aside their disposable income at the end of the month. As couples, you can always decide to lay out one another’s monthly after-tax income and also list all your monthly obligations as well. Do not forget to include your semi-annual or annual payments as well as insurance. This will help both of you, as couples, to create a couple’s budget which is a much better way you can handle your finances.
- Establish your roles
Another one of the difficult aspects to deal with as couples is establishing each other’s roles in your relationship. This is usually difficult to those partners who have been single for a long period. These partners have problems deciding on how they can manage joint finances. The most important thing is that you have a discussion about it together, and work on how the two of you can come to an understanding, then stick to the agreement until both of you agree on a change.
Everybody dreams of having that flashy and luxurious lifestyle one day. Of course, all these dreams cost a lot of money. A lot of beautiful things can come from dreams, especially when you realize that your partner shares in these dreams as well. You should always let your dreams be the driving factor towards creating that financial plan together.