Couples should take financial decisions that affect them together. Leaving or allowing one partner to take and make all the financial decisions can be financially suicidal and it is imperative that couples should take several steps to make sure both sides have a say in big financial decisions. Some of the tips listed below can help in reaching a mutually beneficial ground.
To begin, money conversations do not have to be lengthy. They can be as short as five or 10 minutes. Start with discussing your thoughts and beliefs around money. Be sure to keep one ground rule in mind: No one is wrong. Ensuring that you are both on the same page when taking financial decisions will go a long way to ensure that you achieve your set goals.
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It may be tempting for one partner to take a backseat and let the other half take care of everything, but this is very wrong. Both sides of the couple should know what is happening at all times when it comes to financial decisions that affect both parties. It is okay to divide and conquer, but you still need to be informed and aware. That does not necessarily mean you have to do everything together when it comes to money. But, be sure to schedule a monthly check-in so that you both can assess where you are financially.
Be willing to compromise
Couples often reach a stalemate when they have limited resources and different goals. You may want a new car while the other half wants to save towards building a house. Having that same curiosity that you would have on a first date would be helpful. Instead of arguing, try to come up with a plan for which goals to tackle in which order together.
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Talk about your values
It is never too early or too late to start discussing the expectations you have around money and why. You do not have to lord your decision over your better half, rather have a heart-to-heart discussion on what your values and opinion of money are. Ask your partner what they prefer and how money factors into that decision. That way, you can get to know his/her thoughts and beliefs around money along the way.
Think long term
Changing how well you and your partner communicate about money likely will not happen overnight. So, if things get heated or someone starts to feel blamed, don’t hesitate to take time out to sort things out. If you’re going to be together until death do you part, you have a little bit of time; it doesn’t have to happen all in one conversation.”