Couples can find a smoother path to relationship happiness if they talk about their finances and avoid disagreements over finances.
The worst is when couples don’t operate as one unit. If one person makes his/her plans independently, it’s no different than a game of tug-of-war, says Liberty Senior Specialist for Business Development, Sindi Mondi.
“There is one that will fall and one that will probably come out victorious. Pairing is all about synchronizing your life, and your plans, and finding common goals.
Then if one does not contribute to building the unity, there can be no common interest from the beginning of the union,” she says.
She adds that the fact that couples hold hands symbolizes how to approach life in harmony.
To avoid financial pitfalls, Sindi recommends:
- Transparency is key. First communicate each other’s dreams, needs, desires, ambitions, goals, finances, etc. Then we look for similarities, negotiate where there are bigger differences, and compromise where necessary. For married couples, there is that line that is often used: “You two are one now.” That should feed into every aspect of a couple’s life, especially money goals. Money is finite and life’s needs and wants are infinite, so it should be handled with due care and dedication and should be served to some extent to both parties.
- Each party must disclose their earnings. The couple should jointly draw up a budget. It’s easier to see red flags, at least if you’re on a budget. It’s like seeing opportunities for other things when there’s a surplus.
- Finances should not be left to one partner to plan. The couple can also seek help for financial matters other than the budget, such as retirement planning, estate planning, investment planning, etc.
However, Sindi doesn’t recommend seeking advice only if you’re “in trouble.”
“Ask advice when times are still good. Plenty of help is available from financial experts such as financial advisors. If you get into trouble as a couple, there is also help from debt counselors,” she says.
“However, it is important not to let challenges simmer for too long. Get help. Accept that you may not be the money management expert, so seek help as a couple.”