Why couples need to talk about money
Money appears to be the only remaining taboo at times. Couples who openly, even eagerly, discuss all aspects of their personal lives suddenly become silent when it comes to money.
So, are credit scores and student loan payments that much more difficult to discuss than your plans or embarrassing childhood memories? What is it about money that causes otherwise chatty men and women to become deafeningly silent?
If your financial discussions with your significant another end before they begin, you may conclude that the subject is not worth pursuing. Maybe you're just dating and marriage is still a long way off. However, if you believe your relationship is serious, discussing money is a must.
Here are some reasons why discussing finances to partner is important, as well as some pointers on how to do it correctly:
1: Relationships can be made or broken by financial compatibility
Money and financial disagreements are all too common, and they can be devastating to a relationship. Even partners who appear to agree on everything may be surprised to learn that they have very different attitudes toward money.
It's just as important to figure out how to manage your money early on. I recommend that every new couple who are going to get married must discuss money before entering into marriage so that the chances of getting a divorce for financial reasons later in life are not so high.
Do yourself and your soon-to-be spouse a favour if you want your marriage to start on the right foot. Sit down and have a difficult conversation about money and consult world famous astrologer.
2: You marry your partner's finances when you marry them.
You may be marrying for love, but money will always be a factor. When you marry, you are also tying yourself to the finances of your chosen partner.
That's why it's critical to know everything there is to know about each other's finances well in advance of the big day. Don't leave anything to chance, from the amount of debt you both have to the types of assets you own to any inheritances you might receive. Putting all of the financial cards on the table should be regarded as a necessary prenuptial ritual.
3: Financial betrayal can be disastrous.
Trust is an essential component of any relationship, and once broken, it can be difficult to repair. Financial infidelity manifests itself in a variety of ways, ranging from undisclosed debt to hidden credit cards and overdrawn bank accounts. Any of these could jeopardise your or your partner's financial future.
Even if your relationship survives a financial blunder, it may take years for your family's finances to recover. And, if the marriage ends in divorce, the smaller size of the joint-asset pie may leave both parties worse off than they would have been otherwise.
Here are some ways in which you can make your partner understand how to manage money.
- We'll go shopping together.
A simple trip to the grocery store can reveal a lot about what you and your partner value and how you make purchasing decisions. You may discover that you prefer products that provide the greatest savings.
- Discuss your long-term objectives. Discussions about the future, including financial matters, should be routine for partners in serious romantic relationships.
- Take a step back and look at financial issues from a different angle.
If you're uncomfortable discussing your finances, discussing the financial problems of friends or family members can be a good way to broach the subject.
- Check that you both have credit cards. This will allow you to build and maintain credit independently. If you decide to finance a car or take out a home loan together, having good credit will put you in a better financial position.
- Discuss your parents'
Financial management strategies. The way your parents handled money can reveal a lot about how you both view the subject.
- Talk about your professional objectives.
Partners should encourage one another's careers, and discussing jobs is also a financial discussion. Future earning potential will be critical in your financial life, and discussing career goals may be easier than discussing money directly.
- Be encouraging and a good listener
It can be difficult to discuss money and finances, especially if either of you has made mistakes in the past. The understanding of a partner can make all the difference, especially if one or both of you are in debt. So look each other in the eyes and take a deep breath.
Conversations about money and finances would be less awkward in an ideal world. However, in the real world, financial discussions can be a major source of contention, especially in the early stages of a new relationship.
It's perfectly acceptable not to discuss money on a first date. However, as a relationship progresses, financial, debt, and interest payments become more important.