• Wednesday, May 22, 2024
businessday logo

BusinessDay

Understanding money matters in your relationship

businessday-icon

 Money and relationships are two aspects of life that many people will end up struggling with. Indeed, apart from our own self, these are the most vital aspects in just about anyone’s life. Therefore, it is important that you know how to manage both of them together. This write-up will gives you ideas that can help you manage them better.

The significance of Communication: When it comes to money, regular communication with your partner is one of the most important principles in a relationship. No two partners in a relationship have exactly the same goals, financially or life in general. Therefore, you need to talk about your goals and the means you want to achieve them. As long as you regularly talk about money with your partner, you won’t be blindsided by some debt owed by your partner that you did not know about, or some other financial obligation. Communication will help you remain prepared for the worst, and also help you to make financial plans together.

Sincerity will help you get there: Sincerity is a good policy in almost every sphere of personal and professional life, but it is even more important in a relationship. When in a relationship, you are a partner in more ways than one. You likely share same resources and expenses, and perhaps split the rent. Therefore, your finances are mutually tangled with each other. In such a situation, your partner expects and deserves total honesty about your finances. If you have some expenses or debts that you have not divulged to your partner, they will likely cause you a lot of trouble in the future. Therefore, plan for the future, and remain honest with your partner about your finances. At the same time, you too should expect the same kind of sincerity from your partner.

Monetary decisions have no need for emotions: When talking about a financial decision, what matters is how the numbers add up, not how you feel about them. Therefore, when talking about money with your partner, you should try to avoid emotional reaction to your partner or to any object under discussion. For instance, if your partner says that you need to cancel your cable subscription, or your gym membership, to help meet the monthly budget, you should not consider that as indicative of how much important your partner thinks these things are in your life. Emotions can also come into play in other ways – such as making you angry or jealous about some aspect of your partner’s finances. It is important to look at the situation objectively before making a decision about it.

Finally, plan in advance: This is perhaps the most significant principle here. Good relationships and better finances never happen automatically; you have to plan and work for them. When you talk about finances with your partner, talk about your future plans, and also make new plans. Come up with solutions to your problems by talking about them.

The above-mentioned ideas can help you in almost every aspect of your life, but they are especially useful when managing finance and relationships.

 

TIAMIYU ADIO ISMAIL