Money conversations between a couple are probably the most understated of all activities that scream togetherness. Money is not the root of all evil, but it can sure have disastrous consequences for a couple that fail to see eye-to-eye on income and expenditure.
Sure, money cannot buy you love, but it could easily be true that the secret to a loving relationship lies in your financial compatibility. Talking about money is as important as spending it.
Here are the important money conversations between a couple that can set their buzz going.
#1 Where Did The Money Go?
Sitting with your partner and sorting out your bank accounts can be invaluable. Heck, it could even impact the intimacy you share as a couple. Delving into your bank accounts to see patterns of income and expenditure could be a solid foundation for a love that lasts. Check out unused online magazine subscriptions or gym memberships. The picture changes as one makes payments and increases the principal on what is owned. Remember that it’s all relative.
As a couple, you need to track spending habits, for these can make or break your financial planning. From penny pinchers to credit-card ninjas, you need to find out the financial spending habits of your guy as well.
#2 What a Girl Wants and What The Guy Wants!
If men are from Mars and women are from Venus, it’s likely that there will be different ideas and goals. You need to be clear about what your wants are and what really works. Find the middle ground, when it comes to monthly or yearly goals. Check out how to move towards financial goals. Expenses you control and those you don’t need to be factored in. So work on a pooled account and tap an ocean of infinite opportunities.
For couples with separate accounts, honesty is important here, as much as other aspects of a relationship. When you’re in a relationship for life, you need a joint spreadsheet for budgeting, even if you have separate accounts.
#3 Understanding the Risks
Money management is all about reducing risks. You need to have the conversation about how to tackle problem areas. For example, if you or your man loses a job, are there reserve funds to tackle contingency expenses? Are you prepared as a couple for possible disabilities, premature death or diseases? Do lawsuits pose a challenge? Where do you stand to lose and where are you protected?
Money talks, but money management wins over your guy, especially when you’re saving up for mutual goals like a vacation or a dream retirement home.
#4 Why Future Money Beliefs and Values Matter Right Now!
No, money does not grow on trees. But high risk does not always equal high rewards either. Check if your appetite for risk equals your partner’s proclivity for the same. For example, a major savings goal is retirement. You need to be on the same page as your partner, when it comes to planning. How you spend post retirement is impacted by your spending habits today. Whether you’re downsizing or looking for a second home, always revisit the conversations regularly, so you are in sync with your man.
Plan on coverage for health care, disability, death or accidents. Your couple goals should not just focus on surviving, but financially thriving.
#5 Money Matters Beyond the Grave
This is perhaps the toughest subject to broach with your partner, but a most important one. If something happens to one of you right now, would the other be aware of how to handle the finances? Know all about the important financial documents, names and locations of investment accounts and what’s on anvil when it comes to the will are crucial.
Check with your partner about final wishes and ensure you avoid unnecessary stress.
Effective money management can make or break a relationship. A couple that plans together stays together. So make sure you are not penny wise and pound foolish while managing your cash as a couple. There’s no price tag on how invaluable your man is to you, even if diamonds are your best friends!