10 Steps to Reduce Money Stress in Your Relationship

NEW YORK (LowCards.com) -- In the past few weeks, consumers have received their credit card bills revealing the financial damage from the Christmas season. Financial relief may be hard to find, since Valentine's Day is just around the corner.

The National Retail Foundation predicts U.S. shoppers will spend an average of $126 on gifts and treats for loved ones on Valentine's Day, an 8.5% increase from the $17.6 billion spent last year. While this spending may be good for retailers and romance, it can add add more debt to a budget that is already under stress.

As you think about spending your $126 on Valentine's Day, here's another idea for a way to celebrate with your partner: Defuse your money management and spending landmines now.

Money management and spending are landmines that can destroy a relationship. Making financial decisions together can be extremely difficult, but couples that create a workable financial plan can significantly lower their anxiety levels.

Talking about money may be awkward at first, but don't avoid it. Building a solid financial foundation is much easier than trying bitterly to re-build after a financial collapse.

Here are 10 tips for couples to help reduce financial stress:

1. Full disclosure of all debt and financial obligations
Get everything out in the open. Make a list of all student loans, car loans, credit cards, even loans to friends and parents. Get copies of individual credit reports to share the financial past and any accounts you may have forgotten.

2. Raise your credit score
Make it a goal for both partners to have a credit score over 720. This will this help you qualify for the best terms and interest rates on loans and save thousands of dollars over your lifetime. In addition, insurers, landlords and employers use credit reports to make decisions about your application. Raise your credit score by paying your bills on time, paying down your debt and limiting your credit applications.

3. Plan for spending
Both spouses spend money on things they think are necessary, but this is often subjective. Conflict occurs when spending leads to judgment or anger from the other spouse. Work out a plan together for daily spending and how to save for some of the bigger purchases -- and even an occasional splurge. This can help remove the temptation to hide purchases and keep secrets from your spouse about spending.