Keep money far aside from love, because it can ruin your relationship!
Someone has said absolutely right that money can not buy you, love. It’s better to keep money and love separate from each other. According to research conducted at the Institute for Divorce Financial Analysts in the US, money is the third most common cause of separations around the world.
There are a lot of other researchers too that clearly states that love and money cannot survive together. Experts recommend the following strategies to keep you and your partner on the same side of this battle.
1. Build Trust: Honesty goes a long way in any relationship, and money matters are no exception to the rule. There is no room for secrets here. If you have any bad debts, loans or financial obligations, you should always let your spouse know before you tie the knot. Make him or her aware of everything. Hiding things from the other person leads to broke trust. It’s better to discuss your financial status with your partner so that your bond grows stronger.
2. Check attitudes: It is essential to understand your spouse’s mindset towards money. You need to find out how he views money and if his parents were frugal or big spenders. If he is a penny-counting saver, he may get upset if you spend on entertainment or shopping. The answers will help you understand his personality better and help you to handle his doubts.
3. Make a common budget: You need to analyze your future goals and create a common household budget, one with a clear picture and really, not aspirational, numbers. Make a budget as per your real needs.This way, when the two of you get into an argument, it is easier to come to a consensus because you are referring to the same source. Do not make the budget too restrictive or you will have a hard time sticking with it.
4. Pick a goal: You need to talk to your spouse about what you want your future to look like. Reach a consensus on this before you start saving and investing. Set goals for short-term and long-term things, like buying a house or a car or spending on vacations, children’s education, retirement funds and investments. Plan everything accordingly. Having common goals and joint investment plans generate a sense of belonging, a feeling of being on the same team.
5. Plan for an emergency: You need a contingency fund in place to manage uncertainties. Emergencies come without notice. Otherwise a stressful event, like an accident or loss of job, may take a toll on your relationship.
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