1.) Create a Savings Plan
Have a goal and start talking numbers. How much would we need to save for a down payment?
Together, create a savings plan that will help you reach your shared goal. Work out exactly how much money you’d need to put away each month, and how long it will take you to reach your goal.
2.) Build a Budget
Before you can start saving, you’ll both need to trim your spending. Without pointing fingers, discuss specific ways to cut back. Together, work out a monthly budget that accounts for all expenses and your new savings goal.
3.) Discuss Money Management
If you aren’t already sharing expenses, now’s the time to bring it up. There are no hard rules here; every couple has their own system. But, if you’re living together, it makes sense to split some basic costs. You may want to go 50/50 on this or make another arrangement that better suits your individual incomes.
At this time, consider linking one of your accounts or opening a shared account at River City Federal Credit Union. Be sure to keep at least one credit card open in your own name. It’s important to establish and maintain your own credit history independent of your partner’s.
4.) Recognize Your Partner’s Strength
When dividing financial responsibilities, assign appropriate tasks that play to each partner’s strengths. Is your partner a stickler for dates and deadlines? Have them assume responsibility for paying the bills on time. Are you a numbers freak? You might want to be in charge of managing your joint investments.