Being single already makes it hard to manage and save money, and entering a relationship where your partner struggles with the same thing will spike up arguments and problems. Now I'm not just talking about who should pay for dinner or the wedding plans but including the house bills.
Being in a relationship and building a life together isn't only about the grand romantic gestures. Being in a committed lifelong relationship means that you are building a financial partnership.
Financial problems are the source of conflicts in couples, and with that said, it's also the leading cause of divorce.
But there is good news! You can avoid all this conflict, but how?
Identifying and finding strategies to help you achieve financial harmony can be beneficial and won't affect your relationship!
Now, what exactly is building financial harmony?
Financial harmony in relationships, particularly in marriage, is described as the ability to produce a smooth flow in maintaining a comfortable and trusting relationship to achieve a financial goal in the same way as a band or an orchestra plays serene and directed in perfect harmony.
What works for your partner or other couples might not work for you, but here are a few tips for building financial harmony in your relationship.
In this day and age, we depend on money to get by daily to support ourselves. It has consistently made a major difference in our lives, from our food to the energy that powers our home.
As children, our parents introduced several financial responsibilities, from paying the bills and providing food for the family dinner table to setting financial goals for being financially independent and debt-free. Technically, getting out of the rat race and not worrying and waiting for the next paycheck to come.
We all have individualized ways of managing finances; it can be tricky to find common ground with your partner in managing your expenses. Finding a partner who shares the same financial goals that you do won't always be smooth sailing. Despite sharing the same goal, there will be instances where money will be tight, and your income will differ.
So the first thing to do is to establish the financial responsibilities you need, like the house bills and the groceries, for starters.
Small financial steps are all it takes to make a foundation, and with that foundation, it will be pretty effortless to establish financial goals and most possibly achieve them.
Talking about money can be a complicated topic to open about, especially when you're married.
Financial infidelity is one of the greatest relationship killers. When The Ascent Staff interviewed 1,000 people in committed relationships, 71% had at least once committed financial infidelity.
We've all seen the movie Crazy Rich Asians, right? Yes? No?
Astrid's character hid her shopping bags and purchases from her husband in different parts of the household, mainly because her husband didn't know the thousands or even millions she had spent on that day alone. However, it was her right to keep quiet about it because it was her money, which could spike up arguments and possible conflicts in a real-life relationship.
Open communication in a relationship generally means that you shouldn't feel the need to hide any purchases from your partner even if it doesn't affect your relationship. It is easier to manage, find alternatives, and get a second opinion before making that purchase.
One other way to be transparent about your expenses is by enrolling in a joint account. All savings and payments used for the bills could be deposited in one account to check the balances, build the foundation, and create harmony for a more established financial responsibility.
The debate that sparked attention is whether men have to pay for the first date, or does the husband need to pay the house bills because he is the head of the household?
Now, hold up. We're no longer in the old ages. Women are capable of supporting their husband and often bringing home the bacon for their own families.
Financial responsibilities are already a heavy load for individuals as they have to consider the bills, emergency expenses, food, and even extra expenses. Splitting bills within couples are a common occurrence, especially when both individuals are working.
Splitting bills can be advantageous for couples to build a financial foundation and harmony, especially when living together.
BUT wait! Splitting bills aren't only for house bills and necessities. It's also for those date nights!
You read that right!
Like what we see in movies, it's common to see the guys paying for dinner, but films aren't showing that you could split the bill in half with your partner.
In our growing economy, being in a relationship with someone you plan to marry will require managing money and investing. For your future, kids, and even real estate.
Let's face it; not many people have the privilege to have passive income, or even enough from working an 8-5 job to make rent and support the household.
Before engaging in relationships or being committed to marriage, we've all dreamed about owning a house or establishing a business that can generate cash flow. Technically a plan or a dream that gives us the financial freedom that we need.
These investments won't only be about real estate but also about investing in stock markets and strategies to get out of the rat race.
It's quite a gamble, but to equip your partner and yourself with the strategies and money management skills to attain a security for the future.
Another way to understand investing is through games like monopoly, cash flow, and even the board game bulls and bears by life sutra.
Relationships will always need compromises, especially in your finances. There are still other ways to build financial harmony in relationships. Still, these are a few to note, mainly because establishing the basics can significantly help your relationship in the financial aspect.
Finding the right balance for both of you to apply in your relationship while compromising your money management skills. Money issues aren't worth destroying a relationship over, so don't let them.