If money can be seen as a source of stress when you are single, imagine the struggle it can be as a couple. Questions such as: should you get a joint account, who pays for what or should your partner even know how much you make may be at the forefront of your mind. Flair curated these five tips which might make navigating the ‘money talk’ a little easier between you and your partner.
- Split Up Financial Responsibilities
One way to ensure the finances between the two of you do not end up in a disaster is to split up the responsibilities. Have an honest discussion about who pays the rent, utilities, food, etc. This allows each person to remain accountable for some aspects of the household. Also, this can help minimise late payments (and their associated fees!), surprise expenses and, of course, fighting.
- Create a joint budget
Deciding how you both spend on a daily basis can help the both of you stay on track with savings. Pride needs to take a back seat during this conversation, and it needs to be open and honest. You need to be able to understand your partner’s approach to spending and saving in order to be able to establish financial goals together.
- Be Open about debt and current financial status
Letting your partner know about your debts, loans, credit history and money goals can keep an honest stream of communication, and ensure that there are no unwanted surprises in the future. Be clear with each other on how you feel that money should be handled, what you hope to invest in, and what your financial goals (like owning a house or car) look like.
- Set Financial Goals Together
After you have determined your baseline financial status, discussing your long-term financial goals in-depth is necessary. For example, do you plan to retire at a certain age? Are you planning to invest in the stock market?
- You May Have To Face Tough Times
No matter how much you talk or plan about money, no matter how much you save, no matter how frugal the two of you are, there still could be tough times and unemployment in your financial future. Remember to be compassionate, open-minded, and work together as a team to get over this hurdle.
Story by: Latara Boodie