Being in a relationship requires a lot of effort. You have to have several values that should jive with your partner’s values so your relationship could last. It is like an investment that you should be a hundred percent sure, and a hundred percent committed in making it grow. However, that being said, it seemed like love is not enough. Pragmatically speaking, couples need funds to sustain what they have; and usually settling issues regarding this is the most common reason why couples split up. According to statistics, 7 out of 10 couple broke up because of money or financial issues. To avoid or prevent those issues, here are some tips from couple finance experts.
- Talk about your Money Personalities. As a couple, you should be able to fully know who are you as a whole individual – your core values, your dreams, your aspirations and even your goals for the future. As you talk about who you are, you’ll discover your money personality. By knowing each personality, decide on how you are going yoo handle each other. If at first, you don’t like his or her’s money image, settle everything then get out of that relationship.
- Share your goals and dreams with each other. Build dreams together and plan for it hand in hand. You are not only having that bonding moment, but you also are connecting deeply with your partner by talking about what you want to become in the future.
- Save together. Upon knowing your dreams, set plans on how you both should work to achieve it. But don’t push one another just to save. Let him or her do his or her approach on saving. Don’t be a nagger.
- Monitor each other’s spending plans and spending habits. Transparency and accountability are some of the things that should be present in whatever type of relationship. You have to be transparent so you be trusted completed. In the same light, you should be accountable for what you have done so you can be credible. You should inform your partner about your expenses and income so he or she would not be suspicious about your financial status. Proper disclosure is really a key to a lasting and healthy relationship.
- Learn how to adjust to your partner’s habits. In the same way that you adjust to his or her food, movie, clothing preference, you also have to adjust to his or her money personality. Really, it is a two way street. You have to understand him or her the same way you want him or her to understand you.
These five tips are just some of the money tips that an expert can give you. If you are to ask about what is better, shared or individual budget, the answer is it depends on your personalities as a couple. If both of you are not comfortable with having your partner sneak into your bank accounts, then have individual budgets. Pushing to have a shared budget might just cause your break-up. But, as experts would commonly prefer, it is really optimal to have a shared budget because it is one way to build trust and a stronger foundation for the relationship.
*Note: We do not own any media (unless otherwise stated) and no copyright infringement is intended. This summary is only to provide a textual version of the video and an easier medium to understand how couple should finance together. The original video is from ANC’s On the Money: Couple Finance. To view full episode, go to http://www.youtube.com/watch?v=1yg6D7LQyLM