It is said that love is blind. One thing that all people should keep their eyes on, though, is personal finances. This is especially true when discussing money with your better half, as a solid financial foundation is an important component of any serious relationship. In the spirit of Valentine’s Day, NVE Bank offers these “financial intimacy” tips to help couples avoid money-centric arguments, and prevent any fallout that could result from undesirable fiscal circumstances.
Make a joint decision
Decide together whether you and your partner will couple your finances or maintain financial independence. Consider mixing it up by having one joint savings account, as well as separate personal accounts that you can each use however you’d like. Making these economic decisions together will help you find a system that works for you.
Be invested together
Couples that tackle money matters as a team, and take mutual responsibility for them, will often find that their relationships are better for it. Calculate your monthly costs and discuss how bills will be paid in advance. Who will contribute to the bill payment? Who will physically write the checks or make online payments? Will you or your partner monitor any investments you may have? Whose responsibility will it be to take care of the taxes? These are important questions to ask and answer. Consider setting a date every month to review and discuss finances so you stay on the same path.
It’s important that spouses are aware of each others’ credit situation. Marrying a person with bad credit will not drag down your stellar record. However, your other half’s credit will be factored in when applying for joint financing, especially for big purchases such as a mortgage. Knowing each other’s credit scores in advance will help you to plan more strategically.
Down with debt
Did you know that the average New Jersey resident has a debt of $62,300? That is significantly higher than the national average of $47,500. So, if you live in North Jersey, it’s good to know that you have a partner to tackle finances with together. Couples should develop a plan to shrink down existing debt. Think twice before every purchase and ask yourself if it’s more prudent to put that money in your savings. This will allow you to eliminate frivolous spending while keeping your priorities top of mind. Learn about how to tackle different kinds of debt here.
The couple that saves together stays together
Saving as a couple fosters teamwork and is essential in times of financial hardship. Decide together how much you want to save and follow through by setting up direct deposits from your paychecks. NVE Bank knows our customers all have different plans and dreams, which is why we’ve created a variety of savings products to help you reach your goals. And NVE’s Online Banking products and services, including Mobile Banking, make keeping tabs on your accounts more convenient than ever, so you can save time, as well as money.
Once you and your partner have sorted your combined finances and you’re ready to take the step of purchasing a home together, NVE has you covered with a range of mortgage products to meet your lifestyle needs. Let our award-winning Mortgage Specialist help you determine which mortgage product makes sense for you, and walk you through the exciting and sometimes overwhelming process of becoming a homeowner!
For more information on NVE products and services, visit one of our NVE Bank neighborhood branches, conveniently located throughout Bergen County, and speak with one of our Branch Associates. Or call us at 1-866-NVE BANK (683-2265).