Relationships in some regards are a lot like your own personal finances. Your relationships take a great deal of work, organization, communication, understanding, goal setting, deposits and withdrawals. Your finances take the exact same amount of work, organization, understanding, goal setting, deposits and withdrawals. both are entirely linked in many ways and if one finds some kind of hurdle the other will likely be directly ��affected. Here are a number of ways you can manage your money and your relationships and help the two grow strongly together.
GOAL SETTING: Where will you be in 5 or ten years? This could be a wonderful conversation starter for you and your partner. The beauty of this topic is managing money can easily be associated with goals for the relationship. Your mate may not be happy with their current occupation and has dreams of opening their own business or going back to university. The two of you can discuss what directions need to happen to accommodate each others goals and not sink the financial boat. If you keep this line of communication open you will be able to set some real goals in money and in life.
COMMUNICATION: This is likely the most fundamental requirement for any great relationship. Because most quarrels �are about money it is important to maintain an open line of conversation in everything else so that talking about money comes naturally. This means that any expensive purchase should be thoroughly talked about. Imagine how annoyed you might be if your spuse came home one day with a $1500 flat screen T.V. or a fifteen hundred dollar dress or $1500 in penny stocks. If you communicate well about money, that would be one less thing that could result in a fight. Communication is key in relationships and in financial planning as well.���
JOINT ACCOUNT: The age old question. Plenty feel that sharing a joint bank account is important because it displays an element of trust. Others feel that it is wise to keep your personal finances separate from the relationship because of the freedom it creates. The issue is it could cause disruptions in the relationship. Why not have both? First you should discover what your expenses are and what is left over at the end of the month. {In my opinion|I think a simple formula to use is both of you takes 20% from the paycheck every week to put into a personal account. That money is yours and yours alone. You can use it to purchase a nice pair of shoes, baseball tickets or whatever you want. The left over 80% is placed in a joint account that covers living expenses such as food, mortgage, retirement planning, car payments etc..� This way if you want to treat yourself, you will be using your cash to do so.
STAY ON THE SAME PAGE: This is extremely important. Know what's going on. One of you may know a lot more when it comes to personal finances. There is nothing more enjoyable in a relationship then learning together and knowing the same things. If you both know where the money is going, how it is being invested and what investments you should make there should always be an understanding. There is nothing more upsetting than when one partner makes a solo decision and loses everything. If you constantly inform each other about financial opportunities and financial decisions it will be harder to make silly mistakes. As the saying goes, two minds are better than one.
Relationships are always a work in progress. It is inevitable that you will run into problems and probably won't see eye to eye with your partner all of the time. Finances are one conflict that can easily be avoided with an open line of communication, goal setting, planning and understanding. If you and your partner can communicate honestly when it comes to money and have the right plan in place, your relationship with each other and with money will grow stronger and stronger each day.
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