Love and Money

As we celebrate love and relationships this February, don’t be afraid to let money enter the conversation. Budgets and finances may not be the most romantic subject, but it’s essential for couples to talk about money to create a shared plan for reaching their financial goals. The topic can feel taboo, but Origin Bank is here to share tips to get a dialogue going.

To merge or not to merge. Banking is usually the first financial decision couples face, and their choice is most often a single, joint account. But is that the best idea? Could it be better to keep separate accounts as well as creating a third, combined account? Couples should choose an option based on their specific needs, and one shared account is not the best option in every case. Luckily, Origin Bank makes it easy to open new and joint accounts. Experts recommend couples keep an open mind and work out a system that allows each partner a degree of independence as they learn to spend money together

Starting out in the red. Taking each other for better and for worse applies to money as well – especially when it comes to debt, arguably the single biggest source of stress in a relationship. What happens when one or both partners have a heavy credit card balance or student loan? Who’s responsible for paying off which amount? Experts say it’s often best for couples to approach combined debt as a joint responsibility, regardless of who owes what. Paying it off requires cooperation, communication, and compromise. Need help figuring out what kind of debt to tackle first? Explore our debt guide for more insight.

Pennies saved and earned. While it’s never too early for couples to start planning for the future, saving and investing can be stressful as well. Generally, men are willing to take on more financial risk than women, so the issue is often learning how to balance opportunities for big gains against playing it safe. Experts recommend taking your timeline into account when weighing risk. If you’re newly married and have the advantage of time, you can probably afford high-risk investments for your retirement savings. But the money you’re saving for tomorrow and next year should be kept secure.

Romantic rainy day funds. Of course it’s important to save for retirement and pad out your emergency fund. But savings should be fun too, especially in a romantic relationship. Even if you can only afford to set aside a few dollars a month, creating a savings account specifically for a dream vacation or big-ticket purchase can give you and your partner something exciting to work toward. By contributing to this goal together, you get the satisfaction of accomplishing something meaningful and collaborating with your partner.

Things are great… until they’re not. There’s a reason we call them emergencies. Even if you’re financially comfortable ‒ stable income, living within your means, no concern over debt ‒ life has a way of suddenly tipping the scales. Car accidents, medical emergencies, unexpected repairs, and other crises are inevitable at some point. Worse, the magnitude of those problems often leads to the wrong kinds of financial decisions. Ideally, couples should have enough in emergency savings to cover at least six months of their standard of living expenses. Experts note that simply knowing the money is there can lower couples’ stress: surprises can be painful, but when there’s a cushion in place, you have less to worry about. For more quick tips, read our emergency preparedness blog.

Your partner will always be one of the most important people in your life. Origin Bank is here to help you and your family identify your financial goals and map the path to security. Contact the Origin team to learn more about the many ways we can lend a hand.