Happy with the love of your life, but can’t seem to get those money discussions out of the way without an argument?
Even if you’re not arguing about money, it might be that you’re not sharing your money story with your partner. According to the Commission for Financial Capability one in six New Zealanders admitted they did not even discuss how much they earned with their partner.
Whether there are a spender and a saver in the relationship, or even if you’re both spenders or savers but can’t agree on what to buy or save for, we’ve collected some expert tips on how to keep your relationship in harmony with your money goals.
It’s important to be honest. While you want to put your best foot forward in a new relationship, when things start getting serious (like moving in together), you really want to know what you’re getting into.
Have those honest conversations upfront, such as your level of debt, how much you can genuinely afford to contribute to the financial nuts and bolts of the relationship, and what your savings goals are. This can help you know where you stand and determine if some compromise may be needed.
It’s not just about you
While you may have your own financial goals and plans, when you are in a committed relationship with a partner, your money goals may need to become shared goals. Have the conversation about what’s important to your partner, and what their financial goals are.
Also, what if one of you has a major outside commitment (perhaps child support or a family member they are supporting), or one of you earns significantly more than the other? Make sure you establish what is fair and acceptable to each of you.
You don’t need to have joint accounts
While a joint account has traditionally signaled ‘togetherness’, if you choose to keep the accounts separate, it doesn’t mean that your relationship is doomed.
When it comes to financial solutions, there’s no one ‘right way’, so don’t feel forced into a joint account just because it seems to be the norm among your friends. In some cases, having separate bank accounts may just signify financial maturity and a desire to keep money arguments off the table.
However, if you decide to keep the finances completely separate, be sure to maintain open lines of communication. Having separate bank accounts doesn’t mean you cannot work together towards common financial goals.
Like to discuss your options?
Need a loan to achieve your financial goals, individually or as a couple? Get in touch with our team – we can help you find the right options for your needs.