Are you and your partner financially compatible?
20 Feb, 2023

Are you and your partner financially compatible?

Janine Horn, Senior Financial Planner at Momentum Financial Planning

Although this month is about celebrating love, it is essential to recognise the factors that can make us fall out of love – some of which can be avoided. The lack of financial compatibility is one of them. Numerous studies cite finances as the leading cause of the breakdown of relationships and marriages. Given that love is in the air, now is the perfect time to gauge whether you and your partner are on the same page when it comes to money matters.

According to Janine Horn, Financial Adviser at Momentum, financial dating is a vital tool that can improve the longevity and success of your relationship. “Financial dating is all about understanding your financial goals and communicating them openly and honestly to your partner.”

Horn says you do not need to wait until you’re in a serious, long-term relationship to start financial dating either. “Financial dating can be practised at the start of a relationship. That awkward dance we do on a first date when the bill comes – it can be settled ahead of time with the proper phrasing of the proposition. Using the phrase “I’d love to take you to dinner” instead of “Let’s meet for dinner sometime” communicates the financial expectation very clearly and very early on.”

For her, finding out if you and your partner are aligned when it comes to finances could spare the broken hearts of a ruined relationship and even strengthen the foundations of one that will last a lifetime. “Use tools like talking about goals rather than outwardly asking about their financial habits. Talk about a goal that you have and mention how you’re saving towards it. Follow it up by asking them about any goals they have,” she says.

Horn recommends the below steps to gauge how financially compatible you and your partner are:

  • Discuss your patterns and learnt behaviours: This may be difficult, but it will build trust in your partner.
  • Discuss your financial goals: Talk about your long-term goals, such as saving for retirement, buying a home, or paying off debt.
  • Examine your spending habits: Take a closer look at how you both handle money, including your spending habits and attitudes towards saving and debt.
  • Share your financial information: Be open and transparent about your financial situation, including your income, debts, and assets.
  • Set a budget together: Creating a budget together can help you identify any areas of disagreement or differences in spending habits and priorities.
  • Seek professional advice: Consider working with a financial coach or adviser to help you navigate financial compatibility and create a plan that works for both of you.

“Money has its own place as a love language and should be acknowledged as such. Additionally, treating money as a love language can lead to more meaningful and long-lasting relationships,” Horn concludes.

ENDS

Author

Website | + posts
Share on Your Socials

You May Also Like…

How will you vote with your retirement money?

How will you vote with your retirement money?

Deane Moore, CEO of Just SA       It is ironic that as South Africa prepares to vote for 56 political parties in an election likely to take us into coalition politics, many SA retirees are electing a single retirement option that relies almost...

Share

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!