July 27, 2025 The Newspaper Serving LGBT Los Angeles

Financial Tips for LGBT Couples

Whether you are married or just combining finances with your significant other, starting your life together can be exciting and a bit of a transition at the same time. And when you are part of the LGBTQ community, things can be even more complicated since you may face additional barriers. Still, as long as you are ready to communicate with your significant other about your finances, you can make the transition smoothly.

Lowering Monthly Expenses

No matter what your relationship looks like, it’s important to begin saving for the future. This should include contributing to any retirement accounts and making sure you live below your means. One way of cutting down your monthly expenses is to refinance your existing student loans into a new loan with a private lender. This can give you more time to pay off the debt, and it may also give you a lower interest rate.

Determining Whether or Not to Combine Your Finances

In the past, traditional couples have combined their finances, with the husband often taking care of the money. However, as different relationships and gender roles have evolved, the way finances are managed has also evolved. It’s important to do whatever helps reduce money stresses and what works for you and your significant other, even if it’s not something many other people do. The important thing is to be transparent. If you decide to keep your finances separate, it’s still critical to avoid hiding your financial habits from them. Feeling the need to hide these things could indicate a deeper trust issue at play.

Talk About Credit Score

If you are going to buy a house or take out a car loan, it’s even more important to make sure you are on the same page about credit score because it will determine what you will qualify for. Depending on the state, you might even be responsible for a spouse’s debt, so make sure each person knows about the other person’s debt and that you trust the other person enough to share this information. Not having this kind of trust from the beginning can be disastrous for your relationship later on.

Consider Estate Planning

Being married to your partner gives you some legal protections, but it’s still a good idea to have some estate planning documents created by a lawyer who understands your unique challenges. This is even more important if you are not married to your partner. These documents should state where your assets will go and what will happen if you are disabled in any way. If you do not have family supportive of your lifestyle choices, or there are kids involved, it becomes even more important to have a good estate plan in place.

Finding the Right Financial Planner

If you and your partner are having problems getting and staying on the same page when it comes to finances, you might work with a financial planner who is known for being supportive of the LGBQ community. They will be knowledgeable about the unique needs and challenges of people in your situation, and they can help you get on track to meet your goals. There are plenty of online databases to find one in your area.

in NEWS
Related Posts

In Your Time of Need, Woodlawn Cemetery is Available

July 25, 2025

July 25, 2025

By Susan Payne  For over 125 years, Woodlawn Cemetery, Mausoleum & Mortuary, wholly owned and operated by the city of...

Going for the throat

July 25, 2025

July 25, 2025

Coach Bill Schuman expects protégé Golda Zahra to hold back nothing  By Linda Chase World famous competitors hire special coaches...

Unmasking ICE: Senators Push for Visible IDs After Secretive LA Immigration Raids

July 8, 2025

July 8, 2025

Bill Requires Federal Agents to Display Visible Identification During Raids U.S. Senators Alex Padilla (D-Calif.) and Cory Booker (D-N.J.) on...

Bacio di Latte’s Beverly Hills Gelateria Debut Blends Italian Tradition with California Cool

July 8, 2025

July 8, 2025

Gelateria Features In-House Gelato, Espresso Drinks, and Decadent Signature Flavors Bacio di Latte has officially opened its latest U.S. flagship...

Housing for Health Chief Appointed to Lead Unified Homeless Services Department

July 8, 2025

July 8, 2025

Veteran Housing Advocate to Oversee Streamlined LA County Services The Los Angeles County Board of Supervisors on Tuesday confirmed the...

Brentwood Feels Impact as Feds Slash Office Leases Across Los Angeles

July 8, 2025

July 8, 2025

New Tracker Reveals Over 70,000 Square Feet Cut in 2025 Alone Los Angeles County’s office market is experiencing a fresh...

Rainbow Crosswalk at Pulse Memorial Could Be Removed Under New Federal Rules

July 8, 2025

July 8, 2025

Trump Administration’s Program Urges States to Eliminate “Non-safety” Road Art, U.S. Transportation Secretary Sean Duffy issued a bizarre order for...

Interview: The Dinah Creator Mariah Hanson on Legacy, Change, and the Future of Queer Celebration

July 8, 2025

July 8, 2025

After 34 Groundbreaking Years, Hanson Reflects on Joy, Power, and Her Final Dinah  We spoke with Mariah Hanson, the creator...

Shore Hotel: A Local Destination for Summer Fun

July 8, 2025

July 8, 2025

Bring on all things summer. Walking or biking along Santa Monica Pier, you might find yourself taking a pause at...

One Last Bite: La Novia Bids Farewell with Final Pop-Up at Cardinale du Vin

July 8, 2025

July 8, 2025

Inventive Latin-Asian Pop-up Serves Seasonal Small Plates for One-Night-Only La Novia, the pop-up kitchen known for its inventive Latin-Asian flavors,...

Governor Newsom Unveils Fast-Track Rebuilding Plan on Six-Month Anniversary of Palisades Fire

July 7, 2025

July 7, 2025

State Clears Over 5.5 Billion Pounds of Debris From Fires Ahead of Schedule Marking six months since the devastating Eaton...

Soprano Golda Zahra Returns to BroadStage For a One-Night-Only Musical Celebration

July 7, 2025

July 7, 2025

Hailed as “the rising star of the opera world” by The Hollywood Times, internationally acclaimed soprano Golda Zahra makes her much-anticipated return to BroadStage in...

Transform Your Life: The Free Virtual ONENESS GLOBAL SUMMIT Debuts July 18-20, 2025

July 7, 2025

July 7, 2025

The ONENESS GLOBAL SUMMIT, a transformative three-day virtual event, is coming, July 18-20, 2025, offering participants worldwide a free opportunity...

July 4 ICE Raid on WeHo Car Wash Ends in Deportation of Local Resident

July 7, 2025

July 7, 2025

Longtime West Hollywood Worker with Family’s Rent Money Taken in Raid A group of masked men and women, without official...

Bel Air and Holmby Hills Estates Lead May’s List of America’s Top 10 Home Sales

July 7, 2025

July 7, 2025

LA Claims Two of the Top Three Luxury Home Sales Last Month expensive residential transaction in the U.S. for May,...