Things start out so rosy. You both like the same movies, sports teams and pistachio-flavoured gelato. Then one day you realise you manage your finances in completely different ways. Well, here’s how to get on the same page.
Relationships, you may have heard before, are all about the big three Cs: Communication, Compromise and Commitment.
Funnily enough, so too is any successful financial plan.
Here’s how to ensure both you and your partner start singing from the same hymn sheet when it comes to both your relationship and your finances.
Communication
So we’ve already established that you’ve likely got a lot in common with your partner.
But how often do you talk to your partner about your financial dreams, goals and priorities? Perhaps not as much as you could.
Get this though. Financial stress and communication difficulties are the two top reasons why partner relationships breakdown, according to Relationships Australia.
And number three on the list? Different expectations.
The point is: you’ve got to communicate early on in your relationship what you want to achieve financially, and how you intend to get there.
Don’t sugar coat it or tell your partner what you think they want to hear. If you do that, then chances are it will manifest itself as a “lie” later down the track.
Compromise
Ok, so you’ve sat down and listened to each other’s financial goals, risk profiles and savings intentions, to name but a few areas.
There’s a pretty good chance that they’re not all going to align 100%, which means there’s going to need to be a little bit of give-and-take.
List your priorities out in order of what’s most important to you, and have your partner do the same.
Your number one priority might be saving towards a deposit for your first home. Your partner’s number three financial priority might be saving towards a big overseas holiday.
If expanding your family is imminent, then the overseas trip might have to be put on ice for now so you can get a foothold in the property market while you can. But if kids are still a few years down the track, then it might make sense to get that big trip out of your system first.
It all depends on your personal circumstances.
Commitment
Now that you’ve compromised and prioritised a set of team goals, it’s time to stick to them.
It’s all well and good listing them down on paper, but if you don’t actually commit to them, then you’re going to run into some real relationship headwinds.
Remember that relationships study I cited earlier? Well, a ‘lack of trust’ and ‘lack of commitment’ were the fourth and fifth most common reasons for partner relationship breakdowns.
So not only do you need to commit to your partner, but you need to commit to the goals that you set together so that your trust in each other continues to grow.
How we can help
Sometimes it can really help to have a third party come in and give an unbiased perspective.
A lot of couples have no trouble listing their goals to one another. But creating a plan that compromises for both parties can be difficult.
If you’d like help finding that perfect balance – not to mention some tips on how to stick to that plan – then get in touch.
Nothing would make us happier than knowing both you and your partner are on the same page when it comes to your financial plans.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
