Communication in a relationship is important. How many hundreds of times have you heard that? Probably too many, but it’s something that bears repeating when it comes to the financial mindset of you and your partner.
Too often we take for granted that the other person in a relationship with us has the same views and opinions as we do, only to be rudely awakened when something unexpected occurs and we find that we weren’t as in sync with our partner as we thought.
So how do you make sure you and your partner are on the same page in terms of your financial goals and ambitions? Here are 4 of the best techniques we’ve found for helping couples get on and stay on the same page financially.
While we all like to think of ourselves as perfect rational actors, in reality, our actions can be heavily influenced by our upbringing. Maybe as a child, you were taught it was ok to splurge after a payday, or that putting things on credit cards was an acceptable option if it was for a good reason, or even that debt doesn’t really need to be paid off in a timely manner.
Take the time to talk with your partner about how they were raised and how they learned to view money. Knowing where your partner is coming from with money decisions will cut down on arguments when they do something that may seem irrational to you, and help both of you be more self-aware with your financial decisions.
Whether you’re a new or seasoned couple, debt is always an uncomfortable subject. It’s also an incredibly important one that you need to just bite the bullet and face head-on. It can be embarrassing to admit to a partner that you’re in debt, but the situation will only grow worse the longer you ignore it; it won’t just magically go away on its own.
So, instead of ignoring it, sit down and have an adult conversation with your partner about how much debt both of you have and formulate a plan for paying it off.
There’s nothing inherently wrong with a fair division of labor within a relationship. Everyone has their own strengths and weaknesses, likes and dislikes, and as long as the division of labor is mutually agreed upon it can be a great way of getting things done.
But when it comes to paying bills, there’s a distinct danger in having only one of the two of you pay them. Over time it can lead to a disconnect in views: for the partner who doesn’t pay bills it can begin to make the idea of them feel distant and abstract, and they begin to worry less about money and resent the partner who does pay them for constantly worrying about it.
Put serious thought into trading off month-by-month the responsibility of paying bills between you and your partner. An equal division of labor here can be vital for the long-term health of your finances and relationship.
Set a specific day each month and make a point of sitting down with your partner to look at your finances: how much money you’ve spent so far, what your budget for the rest of the month looks like if there are any upcoming expenses you hadn’t planned for. Just like you take your car to the mechanic for a checkup, the same routine maintenance needs to be done with your finances.
Try to never go more than a month without checking in on them, as any longer and you’re likely to run into problems and inconsistencies that’ll take more of an effort to iron out.
If you and your partner have been hit with an unexpected expense or an emergency and aren’t sure how to handle it, there are fast cash loans available. For example, title loans are a fast and convenient way for vehicle owners to use the equity of their car to get cash in as little as 30 minutes, regardless of their credit. Nothing can cause a fight faster than being in a financial crisis, but nothing brings you back together faster than successfully navigating the storm together.