What does love and money have in common? Well, both improve the quality of your life. If your relationship with your partner is fantastically wonderful, then your life is most likely going to be humming along in the same wonderful vein as well.
And then there’s the love connection with money. A happy ‘money marriage’ is a key ingredient to a happier marriage/relationship. We all want to live happily ever-after with the person of our dreams.
So, if you want a happy ‘money marriage’ and a happier marriage/relationship, you need to be able to talk about money and deal with money as a couple.
The reality is that a lot of us don’t find it easy to talk about money.
You see, even in the tightest relationship money can be hard to talk about. Circa 1910, Sigmund Freud noted that people find it easier to talk about sex than money! And here we are, 2019, nothing has changed.
If we don’t find it easy to talk about money with the one we love the most, the one that we have chosen to spend our life with and raise a family. How are you going to educate your children about money?
So, if you can’t communicate about money (by the way, yelling is not communicating), how on earth are you going to plan your finances together and make them work for the long term?
The ability to discuss money and your financial plans is an important skill in developing your relationship and your financial well being. Your joint money is the start of your hopes and dreams, the ability to build a future together.
There are all sorts of reason why couples find it difficult, but unless you find a way, you severely limit the chances of your relationship staying together.
Communicate about money.
If you’re not sure how to get started, our blog New relationships, The Money Conversation has some tips that you help you through.
Before you get married or even get too far down the relationship track, you need to have open and honest conversations about money and your personal financial position (including your debt).
If you can’t compromise and find common ground before you tie the knot or commit to a long term relationship, you are certainly going to struggle afterwards.
It can be very frustrating for you both when one of you wants to talk about money and the other one isn’t so keen. If that’s the case, our blog, Let’s Talk About Money Honey has some great tips that you help you both through this.
Have a shared vision for your relationship.
We don’t just mean financial, this is about your life together; what you want to do, where you want to go, what you want to achieve together.
If you don’t know what it is that you want from your relationship in the long term and what you are creating as a couple, it really doesn’t matter how you spend your money – or your relationship.
Have joint goals, both short and long term.
When you were in the early phase of your relationship, you probably talked about the dreams that you had for the future; the travel adventures, maybe own your home and even business ventures.
It is now time to get serious about turning those dreams into goals and working towards them together.
You don’t want to regret not making a decision now and finding yourself sometime in the future saying, “I wish we had done that… our dreams, they have all slipped through our fingers.”
It is quite possible you and your partner have completely different views on spending, saving and debt. If you do, don’t worry, these differences can become a strength rather than a weakness. Understand what it is like to be in each other’s shoes, how they see the world and by utilising open honest communication you can make it work.
If you’re not sure what your Money Personality is, take our Money Personality quiz, you might be surprised!
Joint or separate finances.
That is a whole blog topic by itself, see our blog on this here.
Don’t end up a statistic. Just like the any relationship, having a happy ‘money marriage’ takes work, but the results can be amazing.
If you do nothing else after reading this article, take the time to talk to each other and build a shared vision for your relationship. Make the choice to invest time in your relationship and your financial future.
This isn’t something that you do once and put in a drawer and forget about. Make sure you review it at least annually. It will be a constant reminder of why you came together in the first place and it is what will keep you together when life gets a little tough.
If you would like us to help you to explore your own relationship with love and money and that of your partner, drop us an email or click on this link to find a day and time that suits you to have a chat with us – it’s completely free!
While you’re here, take our free Money Personality quiz.