Acknowledging the serious impact finances may have on relationships, this is one area of marriage that cannot be ignored. What are some ways that you can nurture a healthy, communicative relationship with our partner in all aspects?
1. Be Honest Where You Are Financially
Having an open conversation with your partner about how much you are making and spending is the first step to a healthy relationship with your partner and your finances. Whether you are entering into a marriage or have been married for years, you are a team.
2. Strategize the Most Effective Budget to Live Sustainably
Create a household budget and stick to it! Factor in items such as household income, and your combined monthly expenses. Be sure to discuss lifestyle choices with your partner and how you would like to achieve them. Are you the type of individual to plan for a rainy day, or do you feel spending on experiences is worth the investment? Identify with your partner individual personality types that are contributing to your relationship, so that you may find a compromise that ensures all parties feel secure and cared for within the relationship as a whole.
3. Plan for The Future
As you discuss your budget with your partner be sure to leave room for future planning. You do not want instances to arise that the budget hadn’t accounted for such as emergency funds, retirement accounts, Life or Disability Insurance, children’s college savings, and estate planning.
4. Never Utilize Finances as Control
Financial control in a marriage may not be so obvious at first. Whether it is belittling a partner for making less than the other, or withholding funds as means of manipulation. This is a conflict that you do not want to invite into your marriage. If you feel this may be a factor within your marriage be sure to reflect on other forms of control present within your relationship and whether other toxic traits may be present.
5. Maintain Transparency
After communication and strategizing occur, it is important to maintain transparency of finances with your partner as you navigate life together. Whether this means opening a joint bank account for all parties to access or having weekly check-ins with your partner about where you are at with your budget for the month; maintaining transparency will facilitate the financial health of your relationship will endure over time.
We communicate in a variety of ways with our partner, emotionally, intellectually, physically. To truly cultivate health within all aspects of marriage it is crucial that we don’t overlook this additional element of financial communication.
If you aren’t married yet, but planning to be soon, be sure to check out our blog next week outlining steps that may help you protect your finances before you say “I do”