5 Tips for Surviving Financial Issues in Your Relationship
A Firstline Securities Limited Blog by: Rhonda-Joy Lewis
Money and relationships. For some persons just hearing these words aloud brings about anxiety and strife, yet for others it represents stability and security. I’m always intrigued by my peers’ discussions about their marriages and financial issues, even the lengths that they endure to pursue happiness and survive life.
When two people become one unit there are questions that need answers: Who makes the money? Who spends the money? Who saves the money? Should we get a joint account? Should we keep the accounts separate? All of this is completely up to you as every couple and financial issue is unique as is your relationship. The keys to success here are communication and partnership!
Therefore, when life’s challenges roll around (and they get around pretty quickly) focus on the wedding vows you made or will make, as a guide through this journey to survive marriage and money issues:
1) “I take you, from this day forward”
My fiancé and I are polar opposites when executing our financial goals. However, we’ve had the infamous finance conversation (“the Talk”) and understand each other’s money personalities, values and priorities. We’re generally both frugal but I’m very disciplined in our planning and saving regime, whilst he’s more of the “spontaneous, we’ll reach the goal but let’s enjoy the moment” kind of partner. Understanding our money personalities has helped us reach our joint goals in a harmonious, rather than combative way.
That’s why it’s a good idea, even before marriage, for successful couples to lay their financial baggage (loans, other debt etc.) and expectations on the table; and have honest conversations about money, in addition to individual and joint goals.
2) “For Better or For Worse”
Can we be real for a moment? Unexpectedly moving from a two-income to a one-income household can cause stress on your relationship or marriage. Job loss is common during hard economic times, but if you’ve had “the talk” with your partner, you may be prepared (at least on paper) to navigate through this challenging period.
Choose to focus on the positive from facing tough times together, which can mean cutting back on frivolous purchases and focusing on the priorities for the family (frugal living). An article in the NY Times (‘Marriage Maintenance when Money is Tight’) suggests that couples create an emergency budget that will help prepare for the longer term of unemployment, strip down expenses to the essentials and re-evaluate what’s really important to the family.
3) “In Sickness and In Health”
As we continue to age, our lifestyle choices and genetics determine what kind of health conditions may arise. Health insurance can go a long way to provide coverage in cases of emergency but depending on the illness it can leave your savings depleted.
Talk with your partner on their family’s health history: discussing any existing conditions and your future care needs. Work together with your spouse not only to make healthier lifestyle choices, but to prepare short-term and long-term plans.
4) “For Richer or For Poorer”
We all want to live comfortable lives and no one intentionally wants to have moments of drought. Couples should explore their compatibility as investors and agree on how they want to build their wealth.
An article on Investopedia (‘Marital Union, Financial Separation’) states that disagreements over styles of investing and the amount of risk to be taken can be more complex and difficult to resolve. The article adds that if one spouse is an obsessive risk-taker while the other is extremely conservative, then the latter party may worry about whether there will be any money for them in retirement. Don’t be like this spouse! Be sure to choose valid investment opportunities with us at Firstline Securities Limited to secure your future.
5) “Till Death Do Us Part”
While life may be unpredictable, death is very certain. It’s also important to have an estate plan in place so that your partner knows what to do with your assets after you pass away. By planning, couples can put themselves in a better position to create a lasting financial legacy for their partners and beneficiaries.
Many couples avoid talking about money because it’s uncomfortable for them. On the other hand, not speaking about it doesn’t make the financial problems go away.
Let Firstline Securities Limited show you how to grow your wealth while you sleep and begin your journey to financial independence today! Contact one of our Wealth Management Advisers today at info@firstlinesecurities.com; or (1 868) 628 – 1175/1554.
