Note from The Money Marketer: This is a guest post kindly written by WealthFitzYou. Knowing how to navigate finances with your partner is so important and I’d love to help you out with that. However, I personally don’t have any experience with this as a single woman with independent finances. This is where WealthFitzYou comes in to share their tips and tricks – hope you enjoy!
Let’s start off with a disclaimer, we’re writing this as a young, fairly newly wed couple. We’re speaking from our experience of being coached by our own Wealth Manager and as Finance Coaches. What we write is solely our opinion, and we hope you get value out of it, if you do any of the three points, please don’t take any offence! We’d love to hear your opinions on them.
1. Don’t have secret credit cards
Don’t have any secrets. Period. You know the saying “Secrets don’t make friends,” well it definitely doesn’t make a strong relationship too. If there’s a secret to be kept, we’ve learned that there’s a deeper reason why we have to “hide things” from one another.
Instead of secrets, COMMUNICATE. This is something that isn’t normally taught or modelled to us, i.e: for us our parent’s were the ones that hid bank accounts from one another. However, making sure you’re on the same page builds a strong foundation for your financial future. Communicate your dreams, goals, aspirations, everything that brought you together as a couple to begin with (more on this in point 5).
At the root of all 3 points is Communication, and quite frankly it’s the root of any relationship.
2. Don’t be a Dictator
No one likes a dictator. And don’t assume your needs are the same as your partner’s – most likely they aren’t.
It may have sounded cliche to “Communicate,” but an often overlooked part in Communication is actually creating a safe, healthy environment where you can both voice your wants and needs.
We’ve noticed some couples do everything together, except finances. This shouldn’t be the case. Instead of dictating, BE A TEAM. If you’re reading this, we’re assuming you’re in a relationship, and you should be just that – hopefully no one is in an actual relationship with a dictator.
3. Don’t make it boring
We know a monthly “money date” doesn’t sound the most fun, but it doesn’t have to be boring.
To most, money is boring or a stressful topic (especially during the trying times we’re in), but when you establish a safe environment for communication as mentioned, it can take the pressure off. Money should be something that brings us together, not apart.
Let’s close off with the controversial (drum eye roll please)… Budget.
A budget doesn’t have to be restrictive, instead MAKE IT FUN. Literally, we have a FUN “No Judgement” Budget for each of us. It can be exciting planning dates or fun things to do together, within a budget. Giving yourself some lee-way can replace those feelings of dread with experiences to look forward to.
The word “budget” strikes a negative tone with many, but a budget isn’t telling you what you can’t do… You make your own Budget, and you’re completely in charge of it! A “real” budget gives you the freedom to do the things you truly enjoy.
- Don’t have Secret Credit Cards, Instead Communicate.
- Don’t be a Dictator, Instead Be a Team; and
- Don’t make it boring, Instead Make it Fun!
We hope you’re able to apply these 3 points in your relationships. If you’re ever looking for more information or to follow our own personal finance journey, feel free to follow us @WealthFitzYou on Instagram. We’d love for you to join our Wealth Success Community, where we motivate, educate, and Share Couple’s and Single’s Success Stories – we’d love to hear your story.
Thank you so much to The Money Marketer for letting us write this guest blog post, and sharing your personal Success Story with us!