Let’s dive into a topic that’s not always as glamorous as the latest fashion trends but is crucial for a successful relationship – managing finances. Whether you’re a couple navigating the bustling streets of London or chilling in the comfort of your own cosy space in the country side, discussing money can be a tricky dance, especially if you’ve passed that exciting honeymoon phase and now you’re only chat consists of who’s picked up the dog poo in the garden, yikes, not sexy. But fear not, we’ve got your back with some tips and tricks to make the discussion of finances a breeze. Check out our top finance tips below and blossom in to that hot power couple you’ve always truly wanted to be.
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1. Start with Open Communication
Communication is key when it comes to money matters. Sit down with your partner, go for a coffee, and have an open, honest chat about your financial situations, goals, and any concerns you might have. This sets the stage for a transparent and supportive approach to managing money together.
2. Create a Couples Budget
Picture this: creating a budget is like curating the perfect outfit for a night out. Take some time to outline your income, expenses, and shared financial goals. Allocate funds for essentials, leisure activities, and those occasional splurges. Remember, it’s all about finding a balance that works for both of you. And don’t forget, this is a “together” thing, you are on the same financial team, it doesn’t neccessarily matter who earns the most, if you’re serious about each other than it’s the same pot. Some couples like to have the same bank account, or some couples like to keep their finances seperate, do what works for you but it’s always good to remember you are a team at the end of the day. Plus, if you’re hoping to have a family one day then one of you will be taking maternity leave (or both of you if you’re lucky) so even better to practice your “same pot” principles now.
3. Designate Financial Roles
Just as you’d assign roles for organising a house party, designate financial responsibilities in your relationship. Who’s in charge of paying bills? Who’s the budgeting guru? Establishing clear roles helps avoid any financial faux pas and ensures both partners are on the same page.
4. Build a Safety Net
Life can be as unpredictable as the ever-changing trends in the queer scene. Create an emergency fund together to cover unexpected expenses. It’s like having a safety pin for your finances – a small yet powerful tool to keep things secure when life throws a curveball. Especially if you a) have kids, or b) are planning on having kids together- we all know about the huge fertility cost that we sadly have on us as lesbian couples when it comes to making a family, so getting your financial ducks in a row early is always key.
5. Your Partners Extended Family Financial Needs
Taking of families, (pre-warning, this part is a bit heavy so feel free to skip to the next point) financial disucssions also fall outside of your relationship too. There might come a time when your girlfriend or wife has to bail out their sister financially, or perhaps their family member becomes sick and they have to support them financially for a while. This is all unexpected expenses and at a time when perhaps your partner needs you the most for moral support. Another unseen financial circumstance that might arise is inheritance or family wills. There are so many circumstances that you and your partner may go through together as you start to marture in to your relationship, for example your partner at some stage might inherit some money from a loss of a family member, or they might need support in contesting a will, and in that case you might want to check out the grounds for contesting a will to support her through it. Either way, be prepared to act as a team again in these circumstances and you’ll only grow stronger as a couple.
On that note, if you do have children we highly reccomend you consider writing a will. It’s never too early to consider this and use a designate executor you trust to carry out your intentions and consider setting up trusts where appropriate to manage assets for beneficiaries. Make sure to communicate your plans to your family to prepare them for their roles and
6. Celebrate Financial Victories
Okay we’ve disucssed the intense stuff above, now back to the fun! Just like slaying a new look, be sure to celebrate your financial wins together! Whether it’s paying off a credit card or reaching a savings goal, acknowledge and reward yourselves. It’s a fantastic way to stay motivated and strengthen your financial partnership.
7. Invest in Your Future
Planning for the future is as crucial as stopping yourself from doom scrolling at midnight. Explore investment options that align with your long-term goals together – how hot. Whether it’s saving for a dream lesbian holiday, saving for IVF, or securing your retirement, investing together can be both financially savvy and relationship-building. You will come out of it feeling like that power couple you’ve always wanted to be.
We recommend you check out the Girls That Invest podcast to get you started.
8. Stay True to Your Values
Like staying true to your fashion sense, stay true to your financial values. Discuss your priorities, whether it’s supporting queer-owned businesses or contributing to social causes. Aligning your spending with your values can make the financial journey more meaningful and enjoyable.
Remember, dealing with finances in a relationship is a journey, not a destination. Approach it with love, patience, and a sprinkle of queer magic, and you’ll be on your way to financial bliss. Here’s to slaying both your relationship and your bank accounts.
Happy cash chatting,
Team Nonchalant xx
Last Updated on 14th January 2024 by Nonchalant Magazine