Couples should keep in mind that, despite the romantic atmosphere created by Valentine’s Day and the approaching season of love, there is another, less talked about but no less significant side of relationships that goes hand in hand with money.
Talking money is not only wise in these hard economic times but also necessary to create a strong and enduring connection.
Old Mutual, an insurance and investment firm, has highlighted the value of having financial conversations in partnerships, recognising that “money can be a controversial topic, and it is often more so for those in committed relationships”.
Even though it could be easier to ignore the subject, particularly in the beginning of a relationship, Old Mutual emphasised that open and honest conversation about money matters is essential to a strong and fulfilling relationship.
Money talks are essential for emergency planning as well as for handling holiday spending and romantic evenings. These talks reveal the communication abilities, values, and compatibility of a pair.
Couples can ensure good financial planning as a team by preventing future conflicts and surprises by being aware of each other’s financial goals, spending patterns, and attitudes towards money.
The following advice is provided by Old Mutual to help couples manage their finances together:
Make a financial strategy that includes budgeting, setting attainable goals, and, if necessary, consulting a financial adviser.
Select the bank account arrangement that best meets your needs and interests. You can have separate accounts, joint accounts or a combination of both.
Creating an emergency fund involves putting money aside in a readily accessible, well-interested savings account for unforeseen costs.
Future-focused investing: To secure your financial future, diversifying your portfolio is essential, especially long-term investments and retirement assets.
Track expenditure and adhere to the budget: Make use of digital tools to keep an eye on costs, spot places for savings, and maintain financial restraint.
Using credit wisely means only using it for emergencies and being selective when applying for personal loans.
Plan for a family: talk about family planning, reorder your financial priorities, and set aside money for the costs associated with raising kids.
Frequent communication: Have frank conversations about financial matters and schedule frequent budget meetings to discuss problems and establish new objectives.
While discussing money may not be romantic, it is a sign of responsibility and care.
“Enjoy exploring your financial personalities and those of your companion.”