Ask The Money Coach

This is the second of 5 sets of “Valentine’s Day Tips for Love and Money.” Read the first set here and come back each week day this week for more tips to help you achieve financial harmony in your relationship.

3. Get to know each other’s money personalities. For the third year in a row, money is the leading reason American couples fight; notably, however, half of the time couples didn’t have their first fight about money until after they were engaged or married. While it’s always best to talk about your financial values as early as possible in a new relationship, remember that it’s never too late to get to know each other’s money personalities. If you’re saving for a vacation to Hawaii but he won’t take a day off until you have enough to retire there, don’t despair:  there is always a middle ground.  Identify each of your best spending habits and agree to meet halfway, each adopting what’s best about the other. (To discover your own money personality, as well as your partner’s, take my Money Personality Quiz, available under the “Free Info” section at www.TheMoneyCoach.net).

4. Make a plan for getting out of debt together. If the current recession has taught us anything, it’s that “debt” is a dirtier word than anyone had imagined, and yet over half of American couples enter relationships with debt. Now more than ever it’s time to get serious about money management and debt elimination. Sit down with your partner and make a realistic plan for getting out of debt together, then stick to it no matter what.