April 20, 2024 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

Coming to Venice for 4/20? Visit your original cannabis locals! Specials! Live entertainment @4:20pm  Doors open at 10am!!

April 19, 2024

April 19, 2024

Coming to Venice for 4/20? Visit your original cannabis locals! Specials! Live entertainment @4:20pm Doors open at 10am!! Free goodies!!...

Venice Kush Hosts “The Real Deal” Cannabis Celebration at the Beach

April 19, 2024

April 19, 2024

A Day of Education, Innovation, and Community at Venice Beach Venice Kush is gearing up to host its much-anticipated “The...

Get Jokerfied with The People’s Joker Director Vera Drew Interview; Now Playing at the Nuart Theatre

April 19, 2024

April 19, 2024

Vera Drew on Crafting a Trans Supervillain and Creating Comedy Chaos By Dolores Quintana The People’s Joker is an explosive...

Nicolas Cage Stars in Arcadian: A Bewitching Apocalypse

April 18, 2024

April 18, 2024

New Horror Film Delivers Solid Monster Movie Experience Arcadian is a new horror film starring Nicolas Cage (Dream Scenario, Mandy),...

Trans-Latin@ Coalition Expresses Gratitude, Calls For Trans Acceptance

April 18, 2024

April 18, 2024

Major Crimes Division Successfully Nabs Perpetrator After Investigation The Los Angeles Police Department’s Major Crimes Division has announced the arrest...

Hairstylist Brutally Attacked in West Hollywood; Family Seeks Justice

April 18, 2024

April 18, 2024

Alberto Vasquez Found with Cracked Skull, Family Pushes for Arrest Alberto Vasquez, a hairstylist, was viciously attacked in West Hollywood...

“Linda Perry: Let It Die Here” Documentary Premieres at Tribeca Festival 2024

April 18, 2024

April 18, 2024

Filmmaker Don Hardy Offers Intimate Look at Renowned Musician Linda Perry Today, Mercury Studios and Utopia Originals revealed the eagerly...

Tito’s Tacos to Introduce New Chicken Burrito for Cinco De Mayo

April 18, 2024

April 18, 2024

Beloved Westside Eatery Unveils Fresh Addition to Timeless Menu Tito’s Tacos, a cherished Los Angeles establishment renowned for its timeless...

Michael’s Santa Monica Celebrates 45 Years with Culinary Extravaganza With Famous Chefs

April 17, 2024

April 17, 2024

Iconic Restaurant Hosts “Great Party!!” Benefitting No Kid Hungry Campaign  Michael’s Santa Monica is set to commemorate its 45th anniversary...

Los Angeles Times Presents Star-Studded Lineup for 29th Festival of Books This Weekend

April 17, 2024

April 17, 2024

Over 550 Writers and Celebrities to Grace USC Campus for Weekend Extravaganza The Los Angeles Times has a stellar lineup...

(Video) Westwood Premiere of Zendaya’s New Film Challengers, Directed By Luca Guadagnino

April 17, 2024

April 17, 2024

Luca Guadagnino, stars Zendaya, Josh O’Connor, Mike Faist, composers Trent Reznor, Atticus Ross, and producers Rachel O’Connor and Amy Pascal...

Marine Corps Member Sentenced to Federal Prison for Firebombing Clinic and Domestic Terrorism Plots

April 16, 2024

April 16, 2024

Man Receives 9-Year Sentence for Neo-Nazi Plots Including Hollywood Hills Home Invasion Plans  A man from Orange County, convicted of...

Los Angeles County District Attorney Announces Charges In Brutal Venice Sexual Assaults

April 16, 2024

April 16, 2024

Charges Filed Against Suspect in Venice Canals Case by LADA George Gascon Los Angeles County District Attorney George Gascón has...

Los Angeles Mayor Karen Bass Delivers 2024 State of the City Address Monday Evening

April 15, 2024

April 15, 2024

Mayor Highlights Achievements and Outlines Future Plans in Annual Speech Mayor Karen Bass delivered the annual State of the City...

Study Reveals Alarming Rise in Mental Health Distress Among TGNC Individuals

April 15, 2024

April 15, 2024

Research Highlights Urgent Need for Improved Access to Support Services On April 10, the American Journal of Public Health (AJPH)...