5 Tips for the Perfect Financial Harmony with Your Partner
Money is the root of all the evils in the world, and I am saying it not because I am emotional right now but because it has now become the root cause of disputes between couples. Fidelity Investments did a financial analysis of over 1600 couples who are either happily married or in a long-term relationship with their respective partners, and they say that finances play a major role in their smooth relationship.
It is quite challenging to attain marital bliss if you are not in financial harmony with your partner.
Here are the five tips that can work wonders for you and your better half to manage your money today and down the road.
Always be open about money missteps
As per Citi Double Cash Survey, approximately one in four US citizens in a long-term relationship have admitted having a private account in which their partner is not a party. To have an everlasting relationship based on trust and compassion, it’s crucial for you to come clean with your partner and share any undisclosed account or debt you might have which your significant isn’t aware of.
2. Curb your emotions
As per the same survey, almost seven of 10 people admitted they have avoided the subject of money to prevent themselves from getting into an argument. When you procrastinate on the topic of money and go along with your life. This behavior of miscommunication may lead to even bigger fights about money. The best way to discuss this sensitive topic is first to keep your emotions under control and discuss it like any other friendly meeting.
3. Always know your debts
You and your significant other should have the know-how about the in-flow of money every month. Where the money comes from, as well as the assets whether it may be in the form of savings, retirement accounts, and property that you might hold individually and together. You also need to clarify how much debt you both owe, including credit cards, student loans, and vehicle loans, and together, such as the mortgage on your house.
4. Deal with the matters of money together
Most partners may divide their priorities when dealing with money. One person may take care of paying the utility bills and doing grocery shopping, while the other makes decisions on investments. However, the ideal way to deal with money is by doing it together as a team in some capacity to find out whether your money aligns with the big picture that you and your significant other have made for your financial lives.
5. Have Money talk on a regular basis
It may be challenging to arrange a weekly talk about the money with your partner. Nonetheless, it’s still crucial to have “the talk” about the money for the better of your financial lives. Never have the money talk on an impulse, not when you’re upset or frustrated whether at work or home.
Pick an appropriate time when you are calm and have already thought everything through what you have in mind for discussion. Even though it’s a serious conversation but try to make a little fun to make your significant other comfortable in having the talk.