Money and love, love and money. Let’s talk. Be sure to also watch Mrs. Fab & Frugal’s video advice blog “What Are My Financial Boundaries and How Do I Create Them?” after the jump.

In the beginning, relationships are full of pheromone-fueled emotions that both partners get swept up in. As the relationship progresses, reality sets in and things can get much more challenging. One of the biggest issues that affects even the happiest couples in love is money. No matter whether you’re well off or struggling to get by, finances can become a source of contention between you and your partner.

Sharing Finances

If you and your partner are married or in a long-term relationship, sharing finances seems like the logical thing to do. Having joint checking and savings accounts can make things more convenient, unless one of you isn’t as responsible as the other. If you carefully keep track of every transaction and check your account balance often, having a partner who just swipes their debit card without really checking the balance can be frustrating. It can also lead to problems if a bill payment doesn’t go through because your partner left the balance too low without you realizing it. Thankfully, you can easily solve this problem by having separate accounts. Forget what you might think is the “norm” – there is nothing unromantic about keeping some things unshared.

Spending vs. Saving

It’s important to set money aside for emergencies or to build a nest egg, but this can be hard to do if you have a partner who loves to spend any extra money you have. If this type of financial problem is causing issues in your relationship, you’ll need to have a talk with your partner and reach a compromise. For example, you could agree to deposit a certain amount of money in your savings account each month and leave a smaller amount available for splurging. That satisfies both of your financial priorities without jeopardizing your nest egg.

Falling on Hard Times

A job loss or unexpected medical or car repair bills can leave you and your partner struggling to get by. This can put an enormous amount of strain on your relationship, especially when you’re both worried about being able to put food on the table and make sure your lights stay on. You’ll need to work together to come up with a plan to stay afloat financially. Don’t give up and let the bills pile up, since this can lead to even greater amounts of stress in the form of bill collectors or losing your home. Sell what you can, take on odd jobs and ask friends or family for help if necessary. Although this kind of situation can test even the strongest of relationships, it can also bring you closer if you commit to getting out of it together.

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Today”s guest blogger Diana Oak is a relationship consultant and co-founder of LiveLoveLaw. You can tweet Diana for free advice: @MissLoveDoc.

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