Valentine’s Day is around the corner, but successful relationships are built on more than flowers, and the way couples manage their money can shape the odds of enjoying a happy life together.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Three steps to build a strong financial foundation:
Talk about money: Money is a common source of conflict, with research by Finder showing one in two Australian couples argue about money-related issues. Almost one in ten quarrel over their finances on a weekly basis. Regularly talking about money expectations can make it easier to find a solution when financial issues arise.
Share goals but respect independence: For previous generations, having a joint account was often the norm in a relationship. And 70 per cent of married couples still do, often using a joint account to achieve shared goals like saving for, or paying off, a home. Younger generations are bucking the trend though. There are pros and cons to joint accounts. They can make us more accountable for spending, however, they also bring the risk of one person taking full control while the other remains blissfully unaware.
Understand how your money behaviour could cause tension: Greater Bank found that the three most frustrating financial behaviours in a romantic partner are being careless with money, telling your other half how to spend their money, and borrowing money from other people.
The bottom line is that a dozen long-stemmed roses can certainly say ‘I love you’, but being able to have relaxed conversations about money could be the thing that sees your relationship bloom.
