How is your financial relationship?

We think of love on Valentine’s Day; should we also think of money?

Connecting with a partner on a financial level is as important as an emotional one. According to Divorce.com, financial problems are the number one reason that marriages fail. With that in mind, maybe financial goals are some of the most loving things you can discuss.

According to thebalance.com, planning ahead can build a strong financial foundation for your relationship. Here are the recommended steps to create that plan:
Step 1: Define Success – It is impossible to be successful if you have not defined what success means. Talk to your partner to determine exactly what you both want out of your financial relationship.

Do you want to be debt free? According to a TDAmeritrade survey, 39 percent of Americans say that is success.

How about having a financial reserve for education or retirement? In the same TD Ameritrade survey, 29 percent thought that was success.

Once you know the goal, it is easier to budget knowing how you want your future and current financial situation to look.

Step 2: Align your Priorities – If one person is concerned with having fun and living in-the-now then it might not match with a partner that wants to pay down debt and plan for the future.

But you might share some values, like saving for education or retirement. Find those values you both share and work together. No matter what your spending and saving habits are you can agree to save during the year for something you both want: a vacation or a car, for example.

Step 3: Agree on how to accomplish your goals.
Be flexible and be committed. You might try a separate bank account to accommodate your savings or target a credit card for a Zero balance.

Step 4: Make it fun.
Plan some milestones into your financial relationship and when you reach them, have a celebration.

You could plan a night out to dinner, a picnic, or a short jaunt to a local festival.