The following is a guest post from Taylor Gordon at Trendy Cheapo.
It’s finally happened.
You’re dating the person of your dreams.
You’re on cloud nine with a silly grin plastered on your face 24/7 and nothing can stop your shine.
Except maybe the echo coming from your wallet.
Because let’s be real.
Relationships are not only rainbows and butterflies – they’re also expensive. If you don’t plan ahead and smart you may go broke while dating. A very unattractive position to your current love interest or any future prospects.
Could you be going broke for love?
Here are 5 warning signs that it’s happening right under your nose.
1. You Don’t Have a Budget.
There’s tons of misconception about budgets and let’s just clear one up.
Being on a budget does not mean you’re destitute.
It means you have a well thought out plan for your money. And guess what? All the millionaires are doing it. Living without a budget is just not smart money sense.
So get on it. The easiest way to start one is to make a list of your monthly expenses and your monthly income. Then reduce your expenses to ensure that you have a little extra income left over for a rainy day.
Without a budget you’re going to be spending every last red cent on your relationship – trust me I’ve been there. And neither one of you will benefit from being broke as the relationship matures.
2. You’re Playing Sugar Daddy or Momma.
Emphasis on playing – because you really don’t have it like that. And guess what?
No one does.
Those with self-made wealth don’t become or maintain wealth by spending frivolously. Don’t start off the relationship by buying extravagant gifts to impress. That’s a tough lifestyle to sustain and your partner will expect that you can maintain it. Ditch expensive gifts for thoughtful ones. Need help coming up with some ideas? My gift to you via Zen Habits.
3. You Only Go Out.
Eating out or partying for all dates is a surefire way to live paycheck to paycheck – very quickly.
Especially because you have no control over what your date eats or drinks without sounding tacky (there’s a fine line between responsibly frugal and plain old cheap).
Try cooking meals together and hosting parties at home to meet your budget limitations. If you must go out, research the price of the restaurant before you go. Ensure that all the entrees and drinks are in your price range to avoid the embarrassment of credit card decline.
4. You’re Falling for Peer Pressure.
Do you see all of your friends balling out of control on their significant other and feel pressured to compare yourself?
You shouldn’t be trying to keep up with what they do because everyone handles their financial situation differently. Be especially cautious of pressure stemming from your friend’s updates on social media. The best way to keep up with the Jones’ is happiness, something no amount of money can buy.
5. You Can’t Say No.
If your favorite word is yes, you’re likely spending more money than you should be. It’s okay to say no for your own financial health. And if you’ve found the right partner they will understand that the word no is also to their benefit.
Remember that being a financially stable partner is much more attractive than a big spender with no savings. Especially if it’s putting you on the way to the poor house.
Are You Going Broke?
Now that you’re aware of the common mistakes that can make you go broke in a relationship you have the opportunity to do something about it.
It takes less than 10 minutes to review your spending habits, start a budget and be more conscious about how you spend your money.
And saying no doesn’t make you’re selfish – it’s actually quite selfless.
After all, you’re taking steps to prepare yourself financially to build a secure life with the one you love.