Some say that opposites attract. That's not necessarily true when it comes to money management. Money can be a big source of stress in a relationship, especially if one person is a spender while the other is a saver. Conflicts can also arise when one person makes more money than the other or if one person feels the other is not paying a fair share of expenses.

Couples who plan to marry or live together should talk about finances—the sooner the better. Setting expectations early can help you work as a couple to achieve your life goals.

Sharing financial history

Share information about assets and debts as well as anything that may affect your future together. The worst time for your spouse to find out about your past bankruptcy is when your joint mortgage application has been denied. If everything is out in the open you can resolve problems and set goals together.

Setting goals

Have a conversation about life goals and what they cost. A house, retirement savings or starting a business will have a significant impact on your finances. Even smaller goals, such as a new car or a vacation, require some planning. Once you have your goals, set a budget to help you reach them.

Managing accounts

You each probably have your own bank accounts. Now that you live together how will you manage your accounts? Talk about whether separate or joint accounts (or a combination of both) will work best for you as a couple. When making this decision, you should also consider how these accounts will be handled as part of your estate.

Managing credit cards

It's a good idea for each person to establish their own credit history. A credit card is one way to do that. However, credit cards should be used wisely because it is very easy to spend too much—and now that affects you both. Managing your credit is an important part of accomplishing your goals.

Paying the bills

Paying bills won't be your favourite part of money management, but it must be done. As a couple, you'll need to decide how those bills get paid. Will you each contribute equal amounts? Will one person be responsible for ensuring they get paid on time?

Managing debt

Whether you come to the relationship with debt or you get into debt as a couple, paying it becomes an important part of your financial strategy. Some people are more comfortable with debt than others and this can cause friction in your relationship. When you develop your budget, ensure you agree on a plan for debt repayment.

Thinking about the unexpected

Nobody likes to think about disability or death, but changing your living arrangements is a cue for updating your estate plan. If you don't have a plan, now is a great time to create one. If you become seriously ill or pass away suddenly, know that your loved ones will be protected.