As much as we hate to admit it, money is an important aspect of most relationships. Sometimes it can be difficult for couples to discuss their finances, especially when there’s a significant difference in income. However, the key is to set aside your worries and be open to having conversations about money with your partner. The more transparent you are with one another, the easier it is to embark on your financial journey together. If you’re unsure of how to have meaningful conversations about money with your partner, consider the following tips.
As a starting point, you’ll want to have more open conversations about money with your partner. It might be a little strange at first, but the more comfortable you become talking about finances, the better. It will help you gain a clear picture of your financial standing as a couple.
Over time, you’ll find that discussing money matters with your partner is a huge part of building trust. When you’re in a serious and committed relationship with someone, a large sum of your income is used for combined expenses. This means you have to trust each other to spend wisely and consider each other’s best interests.
Your lifestyle choices are greatly affected by your financial situation. As a couple, you need to discuss your lifestyle choices together and make sure they align with your financial budget. For example, you might be able to afford the latest BMW on the market. However, if you opt for a more affordable car, you’ll have extra money to travel with your partner or buy a house.
In a study done by Policy Genius, it was revealed that 1 in 5 people believe their partner has bad spending habits. Keeping that in mind, you should take time to think about the lifestyle you want to live with your partner and how your spending habits influence these possibilities.
There needs to be a feasible plan in place for managing your finances as a couple. It will help you to maintain a healthier relationship and get one step closer to upgrading your lifestyle. Say “hello” to more savings, more holidays, and more of what makes you happy.
A promising financial plan will take into account your joint income, debt and savings. More so, it will consider your budget and how much money you can put towards debt and savings each month. Once you have a decent overview of your financial situation you can start identifying areas where you can cut back expenses. There’s also room to start setting financial goals that will help you and your partner have a better future.
Healthy and functional relationships stem from a commitment to transparency. This includes being open about your finances and the steps you’re taking to manage your money. Although it might seem daunting, you’ll find that there’s huge relief in leaning on someone else and handling finances as a team. A team grows faster than an individual. Better yet, if you’re still finding it difficult to have these pertinent money conversations, enlist the help of a Lifestlye Financial Planner.