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When it comes to compatibility, how you manage your money can be important. But it doesn’t mean you need to have the exact same habits—actually, having different strengths and weaknesses can be a good thing.
It’s this shift of “me versus you” to “we.” To our values, to what we want to do together, us versus the world. —Bright Dickson, co-host of “Money and Mindset with Bright and Brian”
Do you remember how the two of you handled the check on the first date? It’s OK if money doesn’t come up all the time—but it’s something worth talking about as things get serious. Is your partner a super saver? A big spender? Or somewhere in between? Get to know and understand your S.O.’s attitudes and habits when it comes to money, and you’ll be a match made in heaven. (Or more likely to get along, at least.)
Maybe you’re really into comic books or going to football games. And maybe your partner loves nights at the theater. It’s natural to have different interests that affect how you spend your money—but that doesn’t mean you can’t be financially compatible! Your budget should be based on what you value, and understanding what matters most can help you make room in your budget for what you both love.
When ignored, small money issues can turn into big relationship problems. While you should pick your battles, don’t completely brush off something that’s bothering you. (They spent how much on coffee last month?) Instead, talk about it and look for opportunities to compromise or get on the same page.
No, not “divorce”—we mean debt. When you commit to another person and everything that comes with them, that means their debt, too. Be open and upfront with each another about any outstanding debt you have so your partner isn’t caught off guard. This is also an opportunity to check in on each other’s feelings about debt. Together, you can come up with a payoff strategy and better handle the stress. (As you pay down your debt together, be sure to celebrate the wins, too!)
When we argue about money, we’re not arguing about these little pieces of paper in our pockets—we’re disagreeing on how to spend it. And that’s an argument about what we value. —Brian Ford, head of financial wellness at Truist
Combining finances typically means more than a one-and-done conversation. Schedule regular check-ins with one another (maybe once a month or once a quarter) to make sure you’re both on track for your goals—as individuals and as a couple.
Relationships are partnerships, no matter if you’ve just gotten serious or have been married for years. Your compatibility with money comes down to how well you communicate and your willingness to tackle obstacles together. So sit down, set some goals, and go crush them together.
This content does not constitute legal, tax, accounting, financial, or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial, or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. Truist Financial Corporation ("Truist") and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.
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Go old school when you need to with the option to write checks.