Financial woes are one of the leading causes of conflict among couples in North America. But you can beat the statistics and ensure that money is a constructive part of your relationship. Talking about financial matters early and often is an investment in your future. Your partnership can result in a strong economic unit. Here are seven important guidelines to get you working toward that.

1. CONSOLIDATE
If you decide on joint responsibility for debt, then it makes sense to seek out a joint, low-interest consolidation loan or line of credit to pay off higher-interest credit cards or consumer debt.

2. GET RID OF BAD DEBT
Many young people are in debt to the Bank of Mom and Dad or to other family members. Clear off that ugly debt as soon as possible. You’ll gain parental respect and self-respect, improve relations among family members and start developing the kind of financial independence that is a cornerstone of strong relationships.

3. DECIDE WHO PAYS
Partners rarely earn equal amounts, so you need to decide if you intend to share expenses fifty-fifty or get a bit Marxian about it—each according to his or her ability to pay. Nail this one down because it has enormous potential for disagreement as careers develop.

4. DECIDE HOW YOU’LL PAY
Credit can be a relationship killer. Talk about how you are going to pay for major expenses such as furniture and cars. The big-store come-ons, offering no interest and no payments, often end up as debt at 26 percent interest or more if you can’t produce the full purchase price when the payment/interest freeze is over. It’s far better to develop your own savings plan. That bedroom set will take longer to acquire, but you’ll avoid paying hundreds of extra dollars in interest.

5. KEEP IT SIMPLE, SMARTY
Reduce the potential for discord by adding up your shared bills. Then open a joint account and set up a monthly automatic withdrawal from each partner’s personal account for the agreed share. Simple and automatic wins every time. Each of you can then carry a debit card for that account for purchases like food. Follow the same approach with savings for major purchases.

6. BROACH THE B WORD
All of the above discussion and planning will be for naught if you don’t create and follow a budget. It is the single most powerful tool in developing a strong financial relationship. Budgets don’t happen overnight. You have to spend time tracking your expenditures by going through your bank accounts and debit and credit card statements, then slotting them into a budget format. This exercise is an eye-opener and usually leads couples to some cost-cutting when they realize how much they are actually spending on non-essentials. There is a free budget template at wnetwork.com (look under “Expert Tips, Your Money, Financial Tools”) provided by Maxed Out, a TV show I host.

7. DREAM ON
What are your dreams and priorities? A couple’s goals might not be the same or cost the same, so communication and compromise are vital. He wants golf clubs, she wants a trip around the world. She wants to return to school one day, he wants a six-month sabbatical to write a thriller. Make sure dreams and goals are part of your plan together. A wish list creates purpose in a financial plan for the present.