Johannesburg – A recent survey by Policygenius has showed that couples are 10 times more likely to break up if they think their partner has poor money habits.
In fact, money issues are a driving force in 55.6% of divorces.
To keep your relationship ship-shape, it’s crucial to play open cards with your partner.
Even if your finances are totally separate, it is best to be on the same page and have shared goals you are working towards, together.
Money can’t buy happiness.
But being open about it can “earn” you a healthier partnership.
As finances are a very sensitive topic, it is important to consider the emotional side and address how to have these important conversations with your partner, explains Farzana Botha, a product specialist at Sanlam Savings.
She notes that “it’s not just about coming up with a set of guidelines for the partnership, but rather more about having a good money management foundation as a couple and figuring out how to talk about the tough subjects”.
Life and relationships coach Leah Sefor says if couples want to create a successful and sustainable future together, there must be transparency when it comes to their finances.
Below, Sefor provides tips on what should be discussed during these intimate conversations where couples can unpack their financial priorities, goals, expenses and spending.
Healthy relationships are about supporting your partner with their life visions.
Prioritise making clear financial plans and a budget together so both your goals can be met.
Discuss income and expenses and come up with a plan you are both comfortable with for how you will manage finances together.
Come clean about debt
You have to let your partner know what your debt situation looks like early into a long-term relationship. Understand that there is often embarrassment and shame around debt, explains Sefor, so getting angry with the person who has the debt is not conducive to creating a safe space for honest conversations to happen.
Appoint a family CFO
Whoever is better at handling money should be the CFO of your relationship, explains Sefor.
There is a difference between controlling the money and managing the money.
The CFO’s job is to manage the money, not control it by excluding their partner from decisions.
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