We consider so many things before choosing a partner. However, one thing we often fail to consider is the financial standing and beliefs of our partners.
Even after being in a long relationship, money is a topic which couples don’t discuss openly before marriage. The common belief that underlies this practice is that your financial situation is your own and your partner has nothing to do with it. Moreover, it is difficult to manage finances alone and including your partner in the picture can be really troublesome.
A study conducted in the University of Arizona shows that a young adult’s financial conditions are influenced by their partners. This is the second most influential factor, the first being their own financial conditions. The study also revealed that the individual’s perception of their partner’s financial conditions was linked to their well being and satisfaction.
Building a life together involves discussing finances
There are many good reasons why you should discuss finances with your partner once the relationship takes a serious turn. It can help you align your plans – from the next vacation to the first housing arrangement you consider together. Or maybe your partner is in debt and you are the one who needs to share their burden.
If your partner doesn’t pay his/her bill on time, frequently borrows from friends, doesn’t tell you about debt, and is a spendthrift then you would want to know to tackle the problem. In the long term, your partner’s financial habits and situation affect your productivity and standard of living. Not to mention the arguments and fights that you may have with your partner and hence, a rocky relationship. Getting a headstart on financial discussions leads to a healthy relationship, avoiding serious long term problems and frustrations.
Planning your investments together leads to a more satisfied life
Regardless of how much in order or disorder your partner’s finances are, understanding the situation can lead to better harmony and planned management of resources. It is imperative that both the partners plan their spending and savings accordingly.
If you can discuss your future plans with each other, why wouldn’t you discuss how plan to achieve those goals? Discussing your investments and strategies not only allows you to learn from each other, but also helps in ensuring that you’re both working towards the same goals.
Even if you aren’t living together and sharing your finances yet, a good way to start sharing your finances with each other is to join a saving and borrowing group with KyePot’s digital chits. You can easily save towards a common goal from the app itself, earn monthly dividends, and borrow the amount whenever you’re ready to accomplish the goal.
Gone are the days when the man of the family earned income and managed it. Today most couples prefer to work together and bring in more income. This can only be done with proper planning. Hence, one must consider the financial situation of their partner and create a management system accordingly.