#FinancialMistakes #ConsciousCoupling means that you and your partner are talking about everything and making the right decisions together. When you enter into a serious relationship with someone where you begin sharing financial responsibilities such as rent, credit card payments, and other types of bills, things can get messy. When you get to this level of the relationship with someone else it's easy to get confused when it comes to issues such as whether or not you should merge your personal bank accounts or open up a separate joint account together for household expenses. The latter is the right answer - merging your pre-existing personal bank accounts will cause problems because it is more likely than not that you and your partner will have different money values. This is the first and biggest financial mistake that couples make. Other financial mistakes may include not keeping spending in check, paying minimum balances with credit card debt, not properly planning for emergencies, and keeping money secrets. Keeping spending in check implies that either you or your partner are keeping tabs on the other and what placing blame on money spent. Instead, the proper approach is to compromise and decide to budget and determine how much money should be spent on recreational activities each month. A similar situation is dealing with debt. It is unlikely that two people will get together and neither will have debt that needs to be paid off. While your partner's pre-existing debt won't do much to you if you get a prenup or are not yet married, it can harm you if they have bad credit and you are trying to take out a loan together for something such as a house or a car. Together you must determine how to pay off the debt as quickly as possible and which debt should be paid off first, since some debt is worse than others. By doing this you are one step closer to being a perfect example of a pair who embodies #ConsciousCoupling. An important difference that can happen is that either you or your partner are very logical and plan for everything financially and the other is the complete opposite. This can hurt your finances in case an emergency happens, such as a sudden illness or injury that leads to expensive hospital bills or a freak accident such as your home burning down. This situation can be easier dealt with if you and your partner determine how much money to put away for things like this and what kind of insurance to take out, health, home. etc.. This relates back to the issue of debt and the issue of keeping money secrets. If you have thousands in debt that you have not told your partner about, it can hurt your financial planning. One of you may have a very high credit card debt payment that needs to be paid off, but it's been neglected and hasn't come up in conversation. This situation can hurt you if you are trying to take out loans or find insurance plans you now cannot afford because of interest rates. In #ConsciousCoupling, you must think about these things because they will create a strain on your relationship as the relationship progresses, especially if not talked about. So make sure you practice #ConsciousCoupling in every aspect of your life with your partner. |
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