Finance isn’t the first thing on our minds when it comes to finding love but, if you want your relationship to go the distance, then it’s important to be open and honest.
When it comes to dating, we can be quick to judge someone based on lifestyle or career factors but not as quick to consider finances.
In most relationships money is important – especially if you live together, plan on buying a home or have shared expenses. But do we openly discuss financial factors enough inside a relationship?
Whether you’re just starting out on the quest for love or are in a long-term partnership, bringing finances front and centre is key to a long-lasting and happy relationship.
Ask yourself (and your partner) the ‘hard questions’
If you’re currently looking for love, don’t be afraid to ask your date early-on about their financial goals and attitudes.
While I’m not suggesting you bring this up on the first date, having these discussions in the first six months of a relationship will give you a good indication of your financial compatibility.
After all, attitudes towards money can vary dramatically depending on the individual and the same can be said for managing finances in a relationship
Finder.com.au recently compiled a survey of 1,043 Australians, asking them about their money habits and how likely they were to open a joint bank account or credit card with their partner.
Interestingly enough, one in three Australians said they prefer to fly solo when it comes to handling their hard-earned cash and only one in five actually have a shared savings account.
When it comes to money, you want to make sure you’re both on the same page. So if one of you doesn’t want to split expenses, or isn’t interested in shared investments, this is something you should both be aware of.
Likewise, if you’re in a long-term relationship it might be time to reflect on some financial aspects. If you’re worried about your partner’s spending habits or have any unresolved issue in relation to money, you need to have those difficult discussions.
Facing these issues will put you on a path to greater security and peace of mind when it comes to your relationship and bank account.
Do you have shared goals?
It’s almost inevitable that the time will come when you both have to contribute to something financially. But instead of just being re-active, are you both being financially pro-active?
If you’ve got any planned holidays on the horizon or are looking to make a major purchase start putting a savings plan in motion now for the both of you.
Figure out what contribution you’ll make and then decide to put away a certain amount each month. If the asset you’re purchasing is of high value, make sure you have a written or legal agreement in place regarding its ownership. You wouldn’t want the relationship to end and to lose your savings all at once.
Tips for minimising the financial fallout with your partner
If you want to avoid any potential disasters there are a few things you can do to ensure you don’t endure any financial pain down the track.
- Get your assets valued at the start of a relationship. It’s important to know your worth before getting involved with anyone.
- Prenups aren’t always the answer! Unfortunately, they don’t always stand up in court. Plus lots of lawyers are reluctant to even write them up these days.
- Open the lines of communication – discuss your situation and financial goals with your partner
- Create a budget, look at your shared financial goals and plot these into your budget. Work together to achieve the greatest possible outcome!
When it comes to love and money, you can avoid a lot of heartache and drama just by having a conversation! After all, a good relationship starts with good communication.