In a society where 59% of marriages end in divorce you have to wonder how many of these marriages could have been saved with a little financial counseling? Here are a few things to think about when it comes to coupling your finances and making a financially sound relationship.
It is important to understand who you and your partner are financially. Some people are frugal to a fault while others spend money haphazardly. Even if you live in two completely different financial worlds, there are ways to tolerate, accept, and compromise on money issues. Couples who talk about their money issues are twice as likely to survive them. So next time she informs you she is going on her weekly spending spree, make sure to sit her down first.
You must be financially responsible yourself before you can be financially responsible in a relationship. Every couple, no matter how well off you are, should have a budget. You must live within your means, even if this means changing the way you live. Always pay yourself first; having an untouchable savings account is vital to any financially sound union and speaks to your future as a couple. If you're still in the process of working out the kinks in your combined budget then keep separate banking accounts for your allowance and miscellaneous activities.
Compromise, compromise, compromise! It is a rule you must adopt when dealing with any relationship, whether the issues be about money or not. Put yourself in your partner's shoes. Did they grow up with wealth or were they born into financial scarcity? Understanding their early education on money will help you understand why they feel a certain way.
Communicate about how you are spending your money. Decide what your monthly budget is, allowing for personal cash and savings. If you decide allowances are necessary than you should both have an equal amount. When you have a mutually-agreed upon amount for personal expenses you are both free to spend this money the way you like. Give each other permission to ask questions about how money was spent, but be careful not to scrutinize. You have a right to know where your money goes, but your partner has a right to spend it too.
Don't make money a point of contention. Discuss how you feel about money before you pool your incomes and make sure you are both in agreement with the budget and rules. If money matters are handled intelligently then money becomes the tool it was always supposed to be.
RECENT ARTICLES
2009
2008
2007
2006
2005
For Love and Money
September 24, 2007


RSS Feeds