The Top 10 Money Tips for Latinas in Love


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Image courtesy of  Stuart Miles / FreeDigitalPhotos
Image courtesy of Stuart Miles / FreeDigitalPhotos

by Ramona Ortega

Originally published at Mi Dinero Mi Futuro

Straight, gay, man, woman, rich or poor, we have all wasted money on love.  I know, I suck for being a Debbie Downer on Valentines Day, but honestly it is one of those Hallmark Holidays that simply lines the pockets of restaurants, chocolate makers, and florists. If you want to cherish your love, but also respect your finances, here are some mistakes to avoid:

  1. Don’t spend a lot of money on a first date. Seriously, I can’t tell you how much I hate wasting money, and good perfume, on a bad time. Look, if the date works, then splurge the second time around!
  2. Do not give expensive gifts that will not be returned upon departure. Valuable assets shouldn’t be given away at the fluster of your heart. As you might already know; jewelry, Gems, high-end electronics, are all assets, meaning they have cash value and are an important part of your net worth. Sure, we love to impress our significant others, and prove to them that our love has no limits, but believe me, there are limits. You should not purchase high-end gifts unless you really have your financial house in order. In case you’ve never watched Judge Judy–once you have given someone possession of a gift, it is theirs to keep (there are some exceptions for engagement rings, but that is another story)
  3. Very early into your relationship, you should have real and pragmatic conversations about money. These conversations should include, your budget, who will pay for what, and your savings goals. We all have different priorities around money, so make sure you are both on the same page. This is especially true for Latinas, who often have familial financial obligations.
  4. On that note, no joint accounts! Its 2015, don’t let someone else manage your money. I suggest having a home account that each partner contributes to, which can be used to cover joint expenses. The contribution doesn’t have to be equal depending on each individual’s financial position but it should create joint accountability.
  5. Don’t ever co-sign a loan or credit card for your significant other unless you are married. There is no worse situation than being in court with your A-hole ex because he/she failed to make good on a financial promise.
  6. Be transparent about your debt. There is nothing like a financial secret to ruin the mood. If you are having financial troubles, make sure your honey knows about it, so you can feel supported and get the help you need to take care of your business.
  7. Wedding’s ….ok, you are going to hate me, but someone has to say it, we Latinas love over the top weddings. The key is to make sure your wedding does not screw up your financial future. I know way too many couples that go in debt for a wedding and end up facing financial woes as newlyweds. Your priority upon marriage should be investing in a home, not worrying about the savings you blew on your caterer.
  8. If you are living together and sharing finances, big money decisions should be made together. We all love to feel spoiled, but if your partner is buying you a brand new car for Christmas, he/she is not doing you a favor. Generally your credit score is on the line, directly or indirectly. It doesn’t matter that they are making the payments, if something happens, and that expense becomes a burden, you will end up paying the price.
  9. Don’t go on fancy vacations to fix your relationship. I know you are smiling because it’s true! Vacations are expensive, and they are meant to be relaxing, not full of drama. If you and your boo are not feeling it, reschedule the vacation when you can actually enjoy it.
  10. And finally, make Valentine’s about love, not money. Believe me, your Amor will remember what you did, not what you spent.

Ramona Ortega is the founder and CEO of Mi Dinero Mi Futuro (MDMF) is a website and daily newsletter dedicated to empowering Latinas to manage their money with confidence and build wealth in the Latino community. MDMF’s culturally unique approach makes financial matters personal, accessible, and applicable for millions of Latinas.