10 Crucial Money Rules Couples Should Follow

Being a new couple includes many "firsts," including managing money together or even buying a home. From deciding whether to open a joint bank account or knowing if you should cosign a mortgage, these critical life events can make or break your romance. This post will cover ten money rules every first-time couple should follow. 

10 money rules every first-time couple should follow

1. Manage money together only when your relationship is long-term.
2. Know your financial history. 
3. Create financial goals together.
4. Set a joint spending plan.
5. Communicate about money regularly.
6. Understand the risks of cosigning debt.
7. Be clear about the pros and cons of buying a home.
8. Use good financial tools.
9. Know the spousal IRA rules.
10. Get help from a financial professional when needed.

Following these tips will set you and your partner up for a successful financial future. 

1. Manage money together only when your relationship is long-term

In general, I recommend managing money as a couple. However, I don't recommend it unless you're 100% committed and plan on staying together forever. That's because if you break up, unraveling your financial lives can be complicated.

For example, having a joint bank account means that both parties own it and can access the funds. You and your partner can spend or withdraw any...

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