While money management is not a specifically queer issue, there are some special concerns that can impact GLBTQ individuals. These can range from poor spending and saving habits to issues connected with taxation, retirement savings, and social security. Moreover, much of the financial advice available online and in print is geared toward couples with the protections of marriage as opposed to a community without those financial benefits. You may also find that you need specialty investment advice when planning for retirement.

Many of the financial problems in the queer community are much like those elsewhere. Overspending and lack of savings are both relevant issues within the community as a whole. Preventing overspending is easier than you might think. In the simplest, terms spend less than you make. Making a budget with categories for your housing costs, transportation, food and entertainment will help you avoid falling into an overspending trap. Entertainment can be a big expense, particularly if you are still single. Make sure that you budget for meals out, drinks at the bar and other costs in order to keep your budget in check. Be especially careful with credit cards. You should also set reasonable savings goals and take advantage of any retirement savings plans your employer may offer. An emergency savings account is also a smart financial move for anyone, and should, ideally, be enough for you to live on for several months.

One of the biggest issues for many GLBT individuals is handling financial issues within a relationship. Unfortunately, same-sex couples often bear higher financial burdens than heterosexual couples. You may not be able to take advantage of a partner’s employer provided health insurance, will pay higher taxes, and have to be certain that wills and powers of attorney are in order.

Some couples choose to maintain individual finances; however, a long term relationship typically comes with some joint responsibilities. Joint checking accounts and shared investment accounts are both options when managing your money. Shared property ownership is legally viable and easier than you might think. Consider making sure that all real property, including your home and vehicles is in both your names.

You will need to have your will and other legal paperwork in order. Also, do keep in mind that your partner and even your children depending upon legalities may not have survivors’ rights to your social security. Additional life insurance may be a smart financial move to protect your family. Check with local queer support resources for a recommendation for a financial advisor or attorney experienced in helping couples with retirement and estate planning if needed.