When we are in a relationship, everything is honey on flakes, and it is almost a sin to talk about money more than the basics: who pays for dinner? Who pays for the movies? Etc.
One of the main problems couples divorce is because of money!
So I hope I can give you an idea of the most common mistakes that occur in this handling of “the money” and that you do not fall too.
And by this, I do not mean that it is wrong for one to work and the other not, I mean that someone has ALL the responsibility to earn money, pay bills, manage, invest and decide what to do with the money.
They both own this estate, and now they both have to take care of it, regardless of whether they work only 1 or both. Both should always be involved in managing and making financial decisions.
Another of the big problems of couples that end in divorce is the lack of communication in the couple.
And the real problem with this is that they will have no financial goals to stick to on their financial path: A car, home, baby, or even pet is a big financial change that they will have to sustain for years and will bring up failures in the financial management.
It is common for the couple to have different opinions about money, and it is logical because this depends on our past, our parents, and their relationship with money.
So it is important to identify your ideas around money, share them, and talk about them. Who has trouble spending money on himself? Who spends a lot? Who saves? Who never has money? Who spends everything on children?
Identify yourself and assign yourself the best roles to manage your money.
Lying about your income, expenses, or debts is the worst thing you can do in your relationship because it always comes out, and in the end, the couple’s trust is broken.
From dating (or minimum before marriage), talk about your income, expenses, debts, and goals for your future together, which translates into financial goals.
The first big challenge to see if your goals are really the same: The Wedding. Capitalized, because it is normally the first big expense you will have in your life as a couple and triggers a whole series of stronger expenses: honeymoon, home, car, etc.
Not being prepared for the problems you will have in your married life is a time bomb waiting to explode.
Having an emergency fund of at least 3 months of your expenses is something that will save you from a lot of stress and many fights. Remember that the only sure thing is unforeseen!
If they have two incomes, but one earns less than the other, they must reach an agreement so that each one puts the proportional part of the expenses of the house.
There’s always the fight of: why? If he or she lived alone would spend the same, it is fair. No, it is not fair. Earning more money leads you to raise your lifestyle, and conversely, if you earn less, you have lower expenses.
Do not force your partner to spend the same as you if you earn more that is not equitable.
This is basic! The goal of life as a couple is for the two to support and grow individually and as a couple. And that includes money too. Reading books, taking courses, managing your finances, and finding out when choosing a credit card, debit, or investment will help you take both your relationship and money to the next level.