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Do you spend more when you’re in love?

May 11, 2015

What the experts say

According to a survey by the National Endowment for Financial Education (Nefe) and YourTango.com: “Seven in 10 (69%) Americans say they spend more money while in a relationship versus when they are single.”

In other words

Couples spend more money on entertainment, travel, gifts, and grooming/personal care. Almost 30% of respondents spent at least $100 a month on expenses related to the relationship compared to when they were not in a relationship. This might sound good, but it can lead to trouble in paradise. Do you love it that he spends extravagantly for special dates? Do you worry that he’s running up his credit card bill? Does it make you feel adored that she buys little gifts for you every week? Would you feel better if she used extra income to pay off student loans?

How this applies to you

Before you co-mingle finances, make sure you are on the same page with your money values. Are you a saver and your love interest is a spender? Does your partner value security and want to build a big nest egg while you are a financial risk taker? Differing values aren’t the kiss of death for a relationship, but you should become aware and take steps to create a money management plan that works for both of you. With compassion, compromise and smart money management skills you can build a solid financial plan together.

To find out more

Learn more and take the LifeValues quiz here: http://www.smartaboutmoney.org/Tools-Resources/LifeValues-Quiz.aspx

Whether a newlyweds or a long-established couple, the Financial Smart Start for Newlyweds fact sheet series can help you find ways to eliminate money stress.  The fact sheets are available at: http://www.uaex.edu/health-living/personal-finance/life-stages-events/couples.aspx

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