Love and Money
Money. It's that singular topic that makes spouses argue above all else, including household responsibility, intimacy, in-laws, and even what's for dinner. Regardless of which partner brings in more money, it's important to curb the friction before it becomes an unsolvable problem. How?Partners should be financially compatible for a happy and healthy marriage.
Considering a future with your partner? Figure out what money personality you each have. Many of us end up marrying our money opposites, but to make that work and plan a strong financial future with someone, remove emotion from the discussion. Look at hard numbers to determine each of your processes of earning, saving, and spending.
One of the first things to ask yourselves is whether or not to have separate or joint accounts. Some think joint accounts create a sense of unity that is vital to a relationship, and that having separate accounts takes away some of that closeness in a relationship. Others, however, feel that separate accounts allow each the ability to retain their independence, which can strengthen the relationship.
Have you been diligent in managing your finances, investing in your retirement before meeting your current partner? Chances are you won’t want to give up that control. Are you an avid spender and use credit liberally? Joint accounts may appeal more to you. These are just some of the examples on why financial personalities are so important in relationships. Even if you're in a relationship with your money personality opposite, having open and honest communication will go far.
Both parties should be accountable for their money. Bills should be paid together. Sharing this burden will help shift couples from adversaries to teammates. Talk about your financial situations and set your goals together and motivate each other. Consider your partner’s happiness. Being aware of their goals and motivations will give you an opportunity to have a real discussion when it comes to your finances.
Successful relationships are based on trust. Talk to each other, make it fun and lighthearted, and be open and mindful to the wants and needs you both have. You're in it together, after all!