TomorrowMakers

It may seem like an impossible task but achieving financial compatibility with your partner is possible with these tips.

Do you and your partner disagree over money issues? Here's how you can achieve financial compatibility in your relationship

Money matters play a much larger role in relationships than you may think. How your partner spends, saves and invests his or her money could have a considerable impact on your finances too. So, if you and your partner disagree on money matters or don't often see eye-to-eye, here's what you can do to achieve financial compatibility in your relationship.

  1. Communicate

Most conflicts between couples arise when there is no communication from either side. For example, if your partner chooses to dine in an expensive restaurant frequently, while you would rather have a home-cooked dinner, don’t keep that thought to yourself. Brushing money matters under the carpet can only lead to more problems later.

Instead, set some time aside every week to discuss your finances together. Be open and transparent about your financial goals, debts, spending habits etc. This will help you acknowledge and recognise any problems, and act on them before they get out of hand. 

 

  1. Budgeting together

Your partner might be spendthrift while you believe in spending smart, or it could be the other way around. Differences like these, especially in money behaviours, make it even more important for you two to create a budget together.

Considering you will want to have some independence in financial matters, try to set a budget so that neither of you feels stifled. If you want, you can even have a joint budget for shared expenses and a separate one for other indulgences. This exercise would be your first step towards reaching an agreement.

3. Respect each other’s opinion

A lot of people confess to feeling hurt and angry when their partners invest or spend a huge amount of money without consulting them. This disrespect further leads to loss of trust. Consulting your partner is even more important when you share your finances with them.

Hence, sit down and discuss financial decisions that both of you is planning to make, whether it is investing money or spending it. This way, you will both be aware of where the other's money is. And if you disagree with your partner's decision, have a mature conversation about it, but only if it seems like an unreasonable one.

 

4. Build a common ground

While expressing disagreements is good, it won’t be of any use unless you two are able to reach a common ground. You may think – easier said than done. You are quite right. It is a process and it will take some time before it becomes a habit.

So, start making some compromises. For example, both of you can cook at home for five days a week and eat out on weekends. However, ensure that it isn’t just one person compromising all the time.

 

  1. Seek help 

Every couple has money issues at some point in their relationship. So, don’t be shy to ask for advice. You can talk to a close friend, colleague or even an expert and ask them how they resolve financial issues with their partners. This will not only guide you but also motivate you to keep working on improving your money habits and your financial standing.

 

Conclusion

Ask any financially compatible couple and they’ll tell you, making a relationship work requires just that — plenty of work. So, have some patience and find a balance through communication to grow together.

How I did it

Rahila Khan
Homemaker

I am a single mother of one. I lost my husband just 5 years into my marriage. Life has been a struggle for me, but I have managed it and today I have no complaints. 

I was a young widow with a 3 year old son when my husband passed away due to a heart attack. My parents were my rock… Read more

Piya Sharma
Chartered Accountant

I am a CA by profession. As my training has taught me, investing is a big part of my financial strategy. I am slightly risk-averse and invest heavily in mutual funds, FDs and ULIPs. I stay away from the stock market. 

As the household expenses are taken care of by my husband, I use most… Read more

Rajesh Singh
Corporate Executive

Growing up I did not have much other than the bare necessities. Though my mom tried her best, she could not fulfil our wishes. I always knew I had to study and improve my life. Today, I own a bike, a car and my own humble house. This has only been possible because of my prudent wife.

We… Read more

Suraj Chandwani
Gas Station Owner

I like to work hard and live a good life. I want to give the best to my wife and son, as well as my parents who live with us. I own a gas station in the suburbs of Mumbai. I had taken a loan to set up my business. So a major chunk of my earnings goes in repaying the loan. I also have a car loan… Read more

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