Love And Money: Valentine's Day Tips From SoCal Financial Adviser

REDLANDS, CA — Building a happy relationship without breaking the bank can be one of the best ways for spouses to celebrate Valentine's Day, says Erin Green, a Redlands wife, mom and financial adviser at UBS Wealth Management USA. Green shared tips for hardworking couples to ensure happier relationships.

"Love isn't tangible, nor is it quantifiable," she said. "This makes gifting difficult on Valentine's Day when we purchase gifts and perform romantic gestures in hopes of signaling to our loved ones how much they mean to us."

Research shows that partners who share financial decisions feel more positive about the future and less anxious about money, she said.

Whether you're celebrating this Valentine's Day solo, in the company of a significant other, don't forgo the usual gifts (flowers, chocolates, and cards), but do complement your Valentine's Day with some financial acts of love.

Green's shares this advice for having Valentine's Day financial heart-to-heart with the one you love:

• Take care of "future you:" Our time is valuable. The time we spend caring for ourselves can be representative of how we value ourselves now and in the years to come.
  1. Show yourself some love by checking in on your finances and make some money moves.
  2. Building a budget or identifying your financial goals is a form of self-care that can produce positive ripples across your whole life, giving you confidence today and more flexibility in the future.
• Break the "money talk" ice with your significant other: Couples often focus on dividing responsibilities rather than sharing them.
  1. For the most part, this can be an effective way to coordinate household tasks. However, according to Green there are downsides to this approach when it comes to managing finances. That's because assigning financial decisions to one part of a couple can lead the other to feel less confident.
  2. Not only can lack of financial participation result in increased marital stress—money troubles are a major source of friction in relationships—but it also has consequences for spouses that outlive their partners or marriages that end in divorce.
• Set up a financial "no judgment" zone: One powerful strategy for minimizing financial stress in your relationship is to make sure that the "big ticket" decisions are automatic, and reduce the required number of money discussions.
  1. Direct deposits and automatic investing strategies can be highly useful here.
  2. Make sure your paychecks automatically flow into your savings and investing accounts first, and then automatically fund your "must spend" items (rent, food, etc.) in a joint account.
  3. The remaining funds can be earmarked for discretionary spending accounts for "nice to have" expenses—either into a joint account for things like "date night" or into individual accounts (what I like to call the "No judgment" zone) that allows you both to spend freely with your money without guilt and without overriding your overall savings strategy.

"When partners who share financial decisions feel more positive about the future and less anxious about money," Green said. Regardless of your relationship status, there is a tremendous benefit to communicating openly about money."

If you're looking for inspiration, check out these UBS Investor money talk guides. According to Green, these can help you organize your thoughts and break the ice when it comes to these commonly avoided conversations.

Don't have a significant other on Valentine's Day this year? Have a Galantine's Day or Palentine's Day, instead.Yes, you can discuss finances with your friends. Whether you're killing it or struggling to make ends meet, a picnic at the park or drinks at a winery can be an idea backdrop to help each other through challenging hurdles.

"Have a Galantine's Day!" Green suggests. "78% of single millennial women believe it's helpful to discuss finances with their friends, but 65% wish the topic were easier to bring up, found a UBS Investor Watch survey. Start the dialogue over dinner with your galantine—it's likely that she'll be glad you did."