Couples can work on creating financial compatibility by arriving at a common ground in financial matters such as spending, saving, and investing.
This Valentine’s Day, one must not forget that financial compatibility in couples can make or break a relationship. Having a common outlook on money matters helps in creating a safety net. When partners are financially compatible, heartaches arising out of money issues are less likely to creep in.
Couples can work on creating financial compatibility by arriving at a common ground in financial matter such as spending, saving, and investing. Here is a 5-point guide for creating financial compatibility among partners:
Communicate your thoughts: Discussing money should be a habit. It is a key to a good relationship. This should not be limited to how much the earnings or spending requirements, but also on how each of them view money. Both partners should be open not only to give their honest feedback but also to receive the other’s views without being judgemental about their saving and investing habits.
Track your accounts together: Couples in a relationship should track expenses together. It could be fun! Another advantage of maintaining accounts together is that the couple will understand the overall spending pattern and know others’ habits and decide on any corrections that need to be made.
Know how the other views money: Each person has a different take on money. Some are cautious, some misers, others like to spend freely, while some other’s like to budget for expenses at the start of the month. There are those who like to work on a budget while other don’t. Each partner should know the financial philosophies of the other and delve deeper to understand why each of them has that particular opinion on money and if they must alter it a little for the benefit of their love!
Try and build common ground: To develop financial compatibility, partners must arrive at a common ground on money matters. For this, there is need for understanding and acceptance of each other’s financial philosophies. If the view are totally divergent, there should be that much more effort and perseverance to arrive at a common ground.
Stick to the common plan: It is far easier to chalk out a middle ground, but difficult to stick to it for the long haul. If one partner strays from the agreed path, it is the duty of the other to gently, yet firmly pull their loved one back on track. This is more required in couples who have two diametrical perspectives on money. For example, if one is a compulsive shopper and the other does not like to spend, the two must stick to the middle ground which may be indulging on occasions but not in excess!
Anil Rego CEO & Founder, Right Horizons