Love might be the apex emotion that runs a relationship but there are some other factors as well that make a lot of difference in a marital relationship. Financial decision-making is one such factor that could make or break your bond with your better half. When we talk about finances to our significant other, we do not need to land on the same page.
Nevertheless, we believe that some uncomfortable conversations, in the beginning, can make your life smoother in the long run. Discussing some of the financial perspectives will help you ride in the same boat. Here is the list of some pointers that you can consider discussing so that the financial arguments could not hurt your marriage.
• Expenditure On Weddings
Now that you have planned to get married the first financial decision that you will have to make is about the wedding day and all the show-sha that comes along with the festivities of a wedding. There can be a difference of opinion when it comes to what kind of wedding ceremonies the both of you are eying. Keep forward your thoughts beforehand and discuss the budgets, destinations, and all the important things to save yourself from unnecessary quarrels.
• Debt – Past, Present, And Future
Imagine, someone someday hops up at your place and says that your significant partner had loaned a certain amount and has not returned? Surely, it will lead to a tussle between the two of you. To avoid such circumstances, you must always talk about the debts or loans that you had in the past, have in the present, or will take in the future.
• Tracking The Savings and Expenses
How much you save and spend is different from how much someone else will. However, when you must live with someone, you must be on the same page to avoid undue arguments and fights. We suggest you must sit as a couple and decide your expenditures, budgets, earnings, and savings. You can also open a digital bank account, as online banking is an easy option in the times today and earn interest on the same, which will help in your savings better.
• Is Your Partner’s Family Financially Dependent on You?
It is okay to spend money on your parents or siblings, what is not okay is to not tell your significant other about the same. Discussion is the key to many locks of quarrels. If your family is dependent on you, managing the expenses might not be everyone’s cup of tea but with the right support and discussion with your partner, you can solve such financial issues immediately.
• Divide Financial Responsibility
Burdening someone is not a great idea be it emotionally, mentally, or financially. In modern times where living, eating, and lodging are so costly it is less likely for a family to run smoothly on one hand income. The case might not be the same, but majorly for the middle and upper-middle class, the situation is like the above statement.
The answer to the above-mentioned disrupt is to divide the monetary responsibility and to be able to spend a certain amount on different expenditures. While you sit and discuss financial division keep in mind the amount the two of you earn and how much is it feasible for the other to contribute so there is no burden on the other.
• Openness And Transparency
Being open and transparent about your feelings in a marred relationship is important but what is also important is to remain the analogous way when it comes to financial decisions. Transparency and openness will make your bond stronger and there will always be two brains to think about the decisions that you will have to make. Also, to keep each other in the loop will be less mentally challenging for the both of you
• Set Investment Goals
When you are married to each other you are like an inseparable team for a lifetime. While you are a team the goals and aims that you set are for both of you and the kind of future you have imagined for you and your family.
To save yourself from the tussle of what and where to invest, sit with a relaxed mind and make plans, get goals, and aim for them together, so there is the fight on the same topic over and over again.
• Setting Boundaries
There is always a personal space in everything. Your married life is teamwork, but no one does not like to spend some things and sometimes on themselves. Money or financial boundaries are also healthy but finding the balance is a task. There are some cases in which you want to spend a certain amount of money on your needs and luxuries, which is not a bad idea.
Striking a balance between ‘this is personal’ and ‘this is a secret’ will help you both not argue on matters that are wholly and solely personal and matters that can be shared between the two of you. Having your time like going on a trip with friends, buying that beautiful bag you liked, etc. can be kept under personal expenses and you must sit and talk to a partner to understand the boundaries for no frustrating fights in the future.