The combination of love and money in a relationship can be tricky at best, but it can also be the most satisfying part of sharing your life with another person. Figuring out how to balance the two can make or break your future together, and even though you shouldn’t rush into anything, there are some things you should consider before entering into that committed relationship.

How does your partner handle money? Is he/she good with budgeting? What are his/her financial goals? Learn a tip or two below.

Is it Possible to Share Finances With Someone You Love

Money can be an emotional topic, but it’s important to have conversations about money with the person you love. It’s not always easy to navigate who does what when it comes to finances, so here are some guidelines for figuring out who pays for what.

You may need to compromise on certain items, especially if one partner makes more than the other. Here are three things couples should keep in mind when deciding how much of each bill will get paid by each individual

1) Who is bringing in the most income?

2) How much does each partner spend or save every month?

3) What expenses is one partner taking care of that might not be their responsibility?

Managing Finances As Newlyweds

Since you’re now sharing your life with someone, it’s important to establish boundaries for spending. The most common way to do this is by creating a budget together. Sit down with your partner and make some goals for what you want the future of your finances to look like. After that, take a look at where you are now financially.

What are your monthly expenses? How much money is going toward student loans or car payments?

Strengthen the relationship through a good approach to money.

What To Do When Finances Get Messy

It’s never easy when your partner wants to spend more than you can afford. So try to solve it before things get out of hand. Talk about it — Communication is vital, so make sure you’re on the same page before any money gets spent. If you’re not on the same page, talk about how you want to spend your money moving forward.

Consider what you need financially now, and what you’ll need in the future, and try to balance those needs.

Sit down with your partner to discuss how much they would like to spend each month or every week, then put that amount into perspective by looking at how much they’re spending now compared to what they’ll be spending if they increase their budget by that amount.

The idea is not necessarily to cut spending altogether but to find a balance between both parties needs.

How To Deal with Spending

In the event that you and your partner have different spending habits, it’s best to find a system that works for both of you. If one person is more financially conservative, they may want to handle their own budget while the other person handles theirs.

Or, if one person has access to better resources than the other, they might be able to cover expenses like rent or groceries while the less fortunate partner pays off student loans or credit card debt.

Redefine Your Relationship With Money

Love is the most important thing when it comes to relationships, but money is also very important. We have to be able to support each other financially in order for our relationship to work. It doesn’t matter how much we love each other, if we can’t get on the same financial level then there will be issues.

The Importance of Budgeting

The most important thing to remember is that you have to talk about it. You can’t just assume that your partner wants the same lifestyle as you do, or that they will be willing to make the same concessions you are.

You need to work together on deciding how much income goes towards paying off debt, how much goes towards savings, what percentage of the monthly budget will go towards living expenses vs. fun money, etc.

Picking a Financial Partner

Money can be the source of many disagreements, but it doesn’t have to be. The key is to find a partner who can share your values about money. For example, if you’re someone who wants to live within their means, then finding someone who also wants that might make sense for you. Or if you want to save for retirement, then find someone who wants to do the same.

In conclusion, we see that love and money can co-exist. It just boils down to one important thing, communicating with your partner and then coming up with a plan for your finances.

Strengthen the relationship through a good approach to money.