- Date : 13/02/2018
- Read: 3 mins
It may seem like an impossible task but achieving financial compatibility with your partner is possible with these tips.
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.
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.
- 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.
- 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
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.