6 Smart Dinero Moves For LGBTQ+ Couples
Talking about finances with your spouse or significant other can start to sound like Charlie Brown’s teacher talking, and historically, for LGBTQ+ couples, finding help wasn’t always welcoming. With Marriage Equality now on the books, financial planning for the LGBTQ+ community is now joining the mainstream, making tax planning and financial planning easier to tackle. Speaking the same language financially, with your spouse, is another challenge in and of itself. Read on for six ways to avoid fighting about money and saving the relationship from financial woes and if you don’t heed our advice–don’t say we didn’t warn you! ⚠️
Planning is everything!
Talking about what you want out of life and your future together will avoid confusion. Develop your financial plan so you can communicate your goals for the next 10, 30, 50+ years. That way, financial surprises like unemployment, illness, retirement and caring for elderly parents won’t be that detrimental to what you’ve built. 🆘
Do you want to travel? Buy a home? Remodel your current home? Do you need a new car? How much you can spend on each of these things needs to be prioritized so it can all be handled with ease. The new car can maybe wait if you are long overdue for a vacation. Treasure the experience and work down your list in order of priority together. ⛱️
Newsflash: married gay and lesbian couples earn more than the average heterosexual couple! But how you decide to split expenses – be it a 50/50 split or contributing based on your incomes (or disposable income) is up to you. Avoiding this conversation can lead to resentment and fights over future spending so talk it out so you won’t have to walk it out later! 💸
After you set up your financial plan, set some money aside for plain old fun! If debt is cramping your style, you can set aside money for date night. If debt is not an issue, splurge for a gay cruise or a tropical getaway. Saving for retirement may not sound like a blast, so making sure to have fun on the way makes it an easier journey to financial independence. 👯
Expect the unexpected.
No one expects to get sick, laid off from work or develop an illness. Keeping an emergency fund will help you avoid having to cancel the fun part out of your financial journey while keeping financial stress at bay. 😱
Protect each other.
Get your house in order because engaged or married, Money is the number one thing ALL couples fight about. Make sure you have the right homeowners and auto insurance and don’t neglect life insurance. Make sure all your beneficiaries are up to date. 🚘 🏠
Whether you are newlyweds or nearing retirement, get your butt off the sofa and plan for your fabulous financial future now. You don’t have to be gay to know good advice, but that advice is now more readily available to everyone, so use it! Put your financial plan on auto so you can enjoy the fruits of all your hard work now. 🌴
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