Money is one of the major causes for relationship problems and divorces. There is no right or wrong way for handling money in a relationship but there are some things you can do to make it a little easier. Lets look at some Tips For Handling Money In A Relationship.
Realise That Everyone Has Different Beliefs About Money
We each have individual experiences with money throughout our lives. How our parents, family and friends handle money has a impact on those beliefs. A different financial upbringing will affect how your partner treats money or values different spending habits. The best way you can develop an understanding of your partners beliefs is to talk about them.
Talk about money with your partner.
Even though it can be uncomfortable to discuss the topic of money it is important to be transparent with each other. Discuss important financial decisions with your partner before making them. Many financially successful couples meet as often as once per week to discuss their finances. Discuss your financial goals and how you are progressing with them. It is important to be working together as a team on your common financial goals. On the flip side if you have debt or a bad credit history or have made a poor financial decision let your partner know about it.
Keep things fair.
When you go out on a date or purchase a shared item do you go halves? This would be fair if both partners earnt a similar income. What do you do if one earns significantly more than the other. This will require a discussion and an agreement. Maybe the higher earner can contribute more or you can pool your money and split up the discretionary spending money 50/50.
Build a budget together
You can not manage what you can not track. Sit down and put together a budget that works for you both. You can not make sound financial decisions if you don’t know how much money you have coming in and going out.
Maintain Individual Accounts
Even if you decide to combine your incomes into one account it is a good idea to maintain individual accounts as well. This allows the discretionary spending money to be put towards individual savings goals.
Don’t be afraid to enlist some help
If you are having trouble resolving conflicts get an outside third party involved. A trusted financial advisor may be able to shed some light on the problems you are experiencing.
Do you have any tips for handling money in a relationship? Does one partner handle all the finances? Do you have a shared bank account or combine your incomes? Comment below or send me an email