After committing to a relationship, the thing which you will value the most from now onwards will be to make your relationship work and to make your partner happier. Both of these will provide stability towards your relationship strengthening it and also increasing the longevity.
Financial responsibilities and money matters are a very important part of any relationship as they carry immense power towards making your lives better if done in the proper manner. But it’s quite different between doing it alone and doing it within a relationship as every step you take independently is sure to affect your partner as well, so it’s better to consult and connect with your partner in every financial decision you make from now onwards as this will allow your partner to understand and support you in every step of the way.
The amount of money you both earn is not as important as how you two spend it as that will determine the future course of things for both of you. Here’s what you need to know to lead a perfect, happier and successful financial life with your partner:
Determining your monthly budgetary needs:
When you are in a relationship, things can become quite confusing as the difference in gender will make you have a different set of priorities and things every month for the both of you. As you have different needs, you need to specify which ones are more important than the rest for both of you by preparing a monthly spending plan together.
Trust and consulting is the cornerstone of charting out an initial spending plan for your relationship as you both now have the added responsibility of taking care of the other one in addition to yourself. Be careful that you do not offend your partner by striking out a thing from his/her list and adding one on your own, which can lead to complications in your relationship later.
Help each other in paying off their debts:
Relationships are all about helping and caring for the other person and making efforts in alleviating their difficulties, which will make the other person love you even more ultimately leading to a stronger bond. The first step in making this happen is to help your partner pay off his/her debts, no matter in what form they are to allow them to achieve financial independence.
Don’t wait for him/her to ask for help or assistance from you in doing this, make it a point to do this on your own and making him/her realize that you do care for him/her. Your partner can be under immense duress from a defaulted student loan or the imminent seizure of their car over non-payment, do not let that happen, as happiness is the ultimate goal. Financially speaking, default affects credit score; don’t let that happen for your partner.
Develop the habit of saving and investing to let the money grow:
As you further grow into the relationship, your needs and wants will increase, becoming more substantiated as much as they become increasingly expensive. For getting things like a home or a new car or even health cover for both of you, you would need a substantial amount of money, which can only come from having a financial cushion in the shape of savings and investments.
As a couple, it’s even more important to save because you two cannot afford to miss out on those things because, in a relationship, a home is more important than it is when you are single.
Consult your partner in how much both of you can save each month and set aside that amount before you two start the monthly spending cycle. While saving is good, it’s not wise to just set aside money and let it remain stagnant. Invest your saved money in financial investments which guarantee a stable if not healthy return. Never go for risky investments in a relationship as you cannot bluff on a substantial amount of money because you have a lot at stake.
Charting out your future goals together:
Everyone has different goals and it’s pretty normal that your partner wants to achieve something that is entirely different from what you might think of as an ultimate achievement or goal. The idea here is to share your future goals with your partner and also reveal the financial details and assessments you have done up till now to let him/her develop an understanding on what type of returns you might be expecting from spending your money on it. Like if your partner wants to open up their own freelance entrepreneurial venture, you must know as to what the nature of the business is, how much expertise your partner has, how does he/she envision to get a website made, what costs will be there and above all how much returns are expected.
Sharing these details with your partner will make you understand what he/she is doing and allow you to not only support and motivate them but provide strength to their cause if things are going downhill initially. If it’s a success both of you will enjoy the results and the money that flows from it, just like all other things in a relationship. That’s the ultimate beauty and the prime reason why we yearn to be together with the person we love.