Living Together as a Couple: The Financial Part of Relationships

As a professional, I can't emphasize enough knowing what assets and debt people are bringing to the table before you move in together. Discussing the money issue in your relationship when you start getting more serious is a must, because it WILL rear its head eventually and sometimes it will be in a crisis situation, which will add more stress to  strained relationships. You may also want to discuss issues such as will either set of parents, or other relatives, come to live with you as a couple? These things inevitably arise, its better to learn what each of you think before moving in, or marrying.

One of my most favourite shows is "'Til Debt Do Us Part" (it's on Slice) with Gail Vaz-Oxblade. She is as no-nonsense as it gets helping couples and families get out of debt and self-created financial crisis. Gail's website and blog also have tons of financial tips and tools for people who want to boost their financial savvy and be proactive to avoid problems.

The Financial Consumer Agency of Canada discusses the financial issues related to living as a couple, whether you are planning to get married or moving in together. The tips and tools will help you plan and manage your finances as a couple.

Planning your finances as a couple

• Tips on money conversations that every couple should have, how to define your financial goals together and planning for your wedding.   

Managing your finances as a couple

• Learn about making your household budget, how couples arrange their finances together, couples’ tax tips and what you need to know about insurance.

Couples’ finances and the law

• What you need to know about the financial implications of prenuptial and cohabitation agreements, and wills and estate planning for couples.