5 Simple ways to achieve Financial Compatibility with your spouse.
Money matters play an important role in relationships than you may think. Sometimes money also causes disagreements between married couples. 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.
Each one has different personality on money, both see, spend & think about money differently. Most conflicts between couples arise when there is no communication from either side. Be candid about your priorities. 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.
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.
2. 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 separate one for other indulgences. This exercise would be your first step towards reaching an agreement and involvement.
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 and always to find a common ground.
Even your spouse is a home maker, they
Hence, sit down and discuss financial decisions that both of you is planning to make, whether it is investing money and 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, find a common ground.
4. Hidden Debt and Spending
Be candid and open about your financial positions, the risk of one partner may hiding debts and spending can turn into a trust problem. Be candid if you have spending problem and running into debt.
5. Take 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 an expert and ask them how they resolve financial issues with their partners. This will not only guide you but also motivate you to keep working on improving your money habits and your financial understanding.
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