Managing Money In A Relationship

If you’re married or co-habiting, the chances are you’ve had a fight about money. It’s one of the biggest causes of arguments and it can even lead to divorce. The truth is however, it is something you and your partner need to talk about, and you need to be able to do so amicably. The following advice will help you both fight fair about money and ensure that this tricky subject need not become that always gets skirted around or leaves you feeling tense.

Be Honest Upfront

Tell your partner what you bring to the table, what you earn, what you owe on your credit cards or what debt you have, and what your savings are like. This way, you’ll both always have a clear idea of what the other’s financial position is, and there won’t be anything to hide. Don’t lie about what something costs, and don’t lie about debt! Transparency is key for both parties.

Determine a Fair Split

If you and your partner have joint living expenses then you need to work out a fair split. Some couples agree to a 50/50 split regardless of whether or not one is a higher earner, while others work out what each contributes based on their current financial position. Expecting one person to carry a heavier load is not fair, unless it has been agreed to.

Save Jointly and Apart

As a couple it is a great idea to save for things that you want to do together, together. But it is also a good idea to save money on an individual basis, as you never know what could happen in the future. Having your own nest egg is good security and it also means that you have access to emergency funds quickly and easy, should the other person be incapacitated.

Decide What To Do With Windfalls

If one of you wins big playing at mobile casinos Canada, inherits money, or is given a large bonus at work it’s a great idea to discuss what you’ll use it for together. Even though it may be awarded to you, your partner will appreciate being included in discussions. You could use any extra cash to settle debt or reduce a mortgage, or you could splash out on something for yourself, or for you both. Whatever you do, talk about it, as otherwise it may become an issue.

Work Towards A Common Goal

There is nothing more frustrating than seeing your partner fritter money away when you are desperately saving for home improvements or a holiday. If you’re going to save for something in particular, set up a goal and work towards it. You’ll both need to communicate clearly and lay out your expectations to avoid any arguments and unpleasantness. Remember, what may not be a necessity or a luxury item for you may very much be seen as one by your partner.

At the end of the day communication is the key to a successful relationship with money, and each other!