How do you have a conversation with your partner about money?
Here are seven tips to help you have a meaningful conversation with your partner about finances.
Money is important in relationships.
In fact, when not handled well, it has the potential to ruin the relationship.
Several studies have shown that financial conflict forms part of the top five reasons why people divorce.
Transparency and honesty when it comes to finances will help your relationship flourish.
Discuss your financial status early on
Marriage counsellors, Dr Didah Mokwena and his wife Phanthi Mokwena, say finances should be discussed in the early stages of the relationship.
“Finances are a vital part of the marriage, knowing your partner's financial status and money personality is very important,” says the couple.
Set financial goals
All couples should have financial goals.
Start with short-term goals and be willing to adjust the goals when income changes over time.
Discuss your budget
“Being transparent about your income helps you to budget well and it also shows responsibility and accountability,” says the couple.
Rectify the mistakes of the past
Openly discuss some of the things that have previously led to conflict in your relationship when it comes to financial mismanagement. Together, come up with realistic steps to ensure you avoid making the same mistakes.
Discuss accountability
As partners, discuss how you will hold each other accountable. This includes talking about spending habits. Transparency is the key.
Be gracious
Money is a sensitive subject. How you discuss it can affect future discussions. Try to be respectful and kind.
READ: What you need to know about credit scores
Set regular times to discuss finances
Be committed to discussing finances regularly, either monthly or quarterly. It is also advisable to have a family financial advisor.
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