EP - 05 Relationships and Money
Money is such a strange topic and for the most of us it is still a taboo subject and when you throw in another complex layer like a relationship, shit gets even more confusing and has the potential to cause serious.. serious issues in a relationship.
I see this when I talk to clients, one person has a goal of starting a business and the other partner wants to buy a house which means there is a conflict. Some couples share bank accounts others do not, there is no right or wrong answer. It comes down to how comfortable you are in your relationship and what works for you and your partner. But here are my tips and things you need to consider when dealing with money in a relationship.
Relationship goals: Work out your relationship goals with your partner. Consider what goals you share: is marriage, buying a home or having a baby on the horizon?
Current financial situation: Take stock of your income and expenses, assets and debts and your credit rating. Start thinking about ways you may be able to reduce spending so you can save for your goals, and how you can reduce any debts faster.
Attitudes to spending and saving: Are you a spender or saver? What about your partner? Your background and experiences will influence how you think about money. Understanding how your partner approaches financial matters will make it easier to create a money plan that suits you both. Try to find common ground so that you are working together.
The financial controller: Who will handle the finances? Will one person look after household expenses, mortgage and savings, or will you share the responsibility? Make sure you’re both happy with the decision.
