Finances can be difficult enough when you are on your own, but when you are in a relationship it can become harder. Many couples often avoid talking about finances for one reason or another, such as feeling anxious or embarrassed about their finances. People often fear the other person will judge them for not having much in a savings account or for earning less money than them. It’s even worse when it comes to revealing any debt or announcing they spent more money than they earn. However, there are a lot of reasons as to why you should be open about your finances with your partner, especially when the relationship is serious.
Small Problems Stay Small
Just like with any problem, when it isn’t talked about it tends to get bigger and bigger until the problem is too much to control. When only one person is keeping track of the finances, it can be easy to hide things or to make out that something isn’t a big deal when it is. However, if you talk to your partner about problems such as credit card balances increasing, you can both work together to come up with a solution to fix it. If you don’t address the issue, it can eventually spiral out of control and leave you feeling helpless or out of pocket.
You Understand Each Other’s Attitudes to Money
Not everybody thinks about money in the same way or spends it in the same manner. It’s a good idea to talk about how you spend money and save it early on in the relationship as much as possible. That way, both parties know what the other person is like. Some people don’t like others that spend money as soon as they have it and never have any spare to save. Other people don’t like it when their partner won’t splash out on a date and is stingy with their money. When you talk to each other about your attitude to money, you can work together and might even be able to help the other person with their financial downfalls.
Accomplishing Long-Term Goals Is Easier
If you are serious about your relationship, it’s likely that you have some long-term goals you both want to reach. However, if one person in the couple doesn’t know about the finances of the relationship or the other person, how can they plan for this future? Talk about the immediate plans you have, as well as the ones for a year, five years or ten years into the future to make sure you are on the same page. Working together to save money can make those goals more achievable and make sure you reach them a lot quicker as well.
It Shows You Trust One Another
A relationship is nothing without trust and communication, which is why it is important to talk about your finances as a couple. Even if they aren’t what you want them to be, it shows that you are comfortable enough in the relationship to face it together. A lot of strain in relationships comes from one or both people in the relationship hiding their finances such as spending money that should be saved or keeping a big bill secret. It will only cause an argument when it is eventually discovered, so it is better to be open when it comes to finances.
Lines of Communication Are Open
A lot of people say you should never reveal your wage or financial situation on a first date, which is true, but you should certainly talk about it when you realise the relationship is serious. Doing this early can make it easier to communicate with each other about finances in the future. It won’t be a negative topic to talk about or one that worries both of you. It will make sure you are always on the same page and help you to plan for the future as well.
Talking about money with your partner doesn’t have to be painful and it can allow you to connect with each other by always making sure you are striving towards the same goal.
