Are you financially compatible with your significant other?
One of the interesting things I like to watch is to monitor and study people and their behavior. It might have started as a child while hanging out at the local mall and “people watching”. I recall being in awe of the various types of shoppers, those with so many bags they could barely hold them all, some just sitting on a bench waiting for the shopper to reappear, and then those that are eagerly looking for something in particular “window shopping” where they are looking intently but rarely go into a store.
Why did this intrigue me and better yet, why am I sharing this with you today?
Behaviors and mannerisms make up a large part of our personality. As with shopping, spending money, saving money and even earning money is affected by our behavior.
As I work with clients and help them with their financial goals, many times individual preferences and behavior to money is holding them back from reaching their goals. This can be particularly challenging if you are not in agreement with your spouse or significant other.
So how do you find out if you are financially compatible with your significant other or spouse? It normally starts with discussions as you plan your future together. The earlier you have these conversations the better your relationship and satisfaction with your money will be.
One idea is to go on a Money Date! If you’ve been dating for a while and think you may have long term feelings for someone, why not and have a designated time to discuss all things finance? Even if you have been in a relationship (married) for a while, having an open discussion about finances can bring clarity and avoid future disagreements.
Here are a few suggestions for the Money Date:
- Set a designated time to talk
- Find a quiet, private space for the date
- Agree to honesty
- Disclose your attitude about money
- Do you use credit, if so, how much?
- How much do you save each month?
- Are you a risk taker or more cautious with your investments?
- Do you keep an emergency fund?
Once you understand where your partner places value, you can make better decisions and goals for your future.
And remember, discussing your finances it not a one-time event. Ongoing communication about household finances can help achieve those goals.
JG2023-0306*