Create a Financial Plan

• A set of financial goals as a couple helps guide your spending and saving habits. A discussion helps you determine if you are both on the same track regarding how you want to handle your money. Individually write down your priorities and how you feel about money. Include things like saving for your future, retirement planning, debt, budgeting and everyday spending. Once you each write down your own opinions, discuss them with one another to see where you are similar and where you differ. Write joint goals, compromising where necessary if you vary significantly in some of those goals.
  
  

Eliminate Debt

• Address debt early in the relationship to avoid financial struggles down the road. If only one person comes into the relationship with debt, both partners need to focus on paying it down. As a couple, debts are a problem for both of you. Once you establish a budget, decide how much extra money can go to debt so it's paid down quickly. Young couples may have a smaller income, making it tempting to charge for extras. Avoiding large credit card balances makes it easier to stay on track with paying bills. You also give yourself a better chance at qualifying for a mortgage or other loans.
  
  

Decide on Bank Accounts

• Going into the relationship, you had separate bank accounts. Once you get married or move in together, you face the decision of how to handle the finances. In most cases, you will share the financial responsibility of paying for your housing, utilities, food and other bills. Discuss the best bank account situation for you and your partner. Some couples choose to combine bank accounts right away. Others keep separate accounts and each pay for half of the expenses from their own accounts. Another option is to keep separate accounts and one joint account. Each partner deposits the set amount to cover joint expenses into that account. Any extra money remains in the individual accounts.
  
  

Save for the Future

• When you're young, future financial needs sometimes take a backseat. Planning for your future allows you to enjoy financial stability as you reach major life events. If you plan to have children, start saving now for the expenses associated with raising a child. Establish retirement funds for each of you to maximize your contributions. Starting your fund early allows your money to grow for longer, meaning you are better prepared financially when you reach retirement age.