Finding out how your finances fit into your budding relationship can be challenging for any new couple. That’s why we've put together some suggestions on how to best approach this awkward subject with your partner.
Even with 82% of people claiming that money had caused tension in their relationship, many new couples will still delay discussing finances. However, when do you feel it’s time to discuss money, it is important to get on the same page as your partner.
How to deal with money in a relationship
1. Commitment without losing security
A study commissioned by Greater Bank found that couples who keep some of their finances together and some separate were less likely to say that money causes tension in their relationship. Opening a joint back account, while also keeping your everyday bank account for yourself can be a way of showing financial commitment to your relationship without sacrificing your financial independence. While a joint bank account provides convenience, (making splitting the bill even easier with just a swipe of your card,) having your own personal account can provide financial security, giving you peace of mind when entering a new relationship.
To find out more about the benefits and drawbacks of joint and separate bank accounts, please click here.
2. Planning shared financial goals
Having joint financial goals can help build your financial relationship. Whether it’s purchasing a new car, a weekend escape, a new TV for your apartment, tickets to a concert or flights to Paris; planning can help a relationship start on a positive note with small, shared financial goals. This can lead to bigger financial goals from paying for a wedding to taking out a home loan.
People generally have different spending habits. Some are savers, some are spenders and some are somewhere in-between. So, having clear and defined shared financial goals can help you and your partner get on the same page and control your spending habits in order to achieve a common goal.
3. Lose the baggage, but keep a souvenir
Interestingly, we found that those who experienced divorce were also recorded as being twice as likely to say they would never feel comfortable opening a joint bank account with a partner, it could be necessary for you to let go of some potential feelings of distrust when entering a new relationship.
We suggest coming to terms with your financial emotional baggage by still taking away a “souvenir” or lesson from the experience and knowing how to be careful & safe in the future, but without too many previously established biases affecting your new relationship. | Greater Bank
4. Communication is key
Don’t let money be the elephant in the room in your relationship. Find out how to best talk about your finances with your partner so that you can build a healthy relationship. Trust can be built with an open discussion about spending habits, financial goals and financial behaviours. If a couple has differing views on their finances, it is important to try and find some common ground so there are no miscommunications that could affect your financial future.
Money and relationships can be two topics that are difficult to navigate, so when these subjects are thrown together, it can be particularly challenging. However, openly communicating with a positive approach can help the ease tension and make discussions smooth and easy. These discussions can also help build on an already strong relationship, creating the foundations for further growth.