How to deal with love and money in a relationship!
The perfect girls’ day out typically involves sharing some food, stories and laughs with a group of close friends. The pièce de résistance is, of course, a spot of shopping.
It sounds like an ideal day but there may be one small issue. How do you sneak those shopping bags into the house without your partner cottoning on to the fact that you’ve given the credit card a work out? As an extremely accomplished shopper I can tell you that it’s not difficult to evade the suspicious male eye if you follow these simple steps:
• Unwrap said shoes from all packaging and leave the wrapping/shoe box in the shop (the shop assistant will not bat an eyelid)
• Place shoes into what I hope is your oversized handbag
• Upon arrival at home, walk swiftly (don’t run as this will draw attention) to your bedroom wardrobe
• Place shoes casually amongst other shoes so they blend in with the crowd
• Voila! New shoes safely secured in the wardrobe, and your man none the wiser (well, at least until the credit card statement arrives)
This scenario is not uncommon among couples who have joined finances. In fact, a study by CoreData and Choosi found one-third of people in a relationship admit to hiding aspects of their finances from their partners.
Despite this, it is most certainly possible to attain both relationship and financial bliss. Take heed and you too can have both love and money?
1. Financial Agreement
Heading into a relationship is tough enough without having to worry about money. The same research by CoreData and Choosi found that a whopping 81% of people in a relationship believe the key to success is to have a financial agreement in place. Take a few moments before you start haggling over wardrobe space and the right-hand-side of the bed. Sit down together and write a plan or agreement outlining how you will manage your finances within your relationship.
2. Reduce the Conflict
Those who don’t have financial agreements going into a relationship will likely be numbered among the 58% of couples who cite finances as a source of conflict in their relationships. To reduce some angst or anxiety around money, it’s best to discuss all the options available, or if necessary, fight it out until you come to a resolution. Get all your expectations out on the table so that there are no surprises later on.
3. Separate Finances
This is a simple, effective way to remove the drama that inevitably comes with money. By having separate financial resources in your relationship, you each hold responsibility for your own finances. Keep in mind that if this is the approach you agree on as a couple, it’s best to have a discussion about how you will split the cost of life’s essentials—and continue to honour the commitment.
It’s not surprising to find that men and women are not made equal when it comes to the way they manage to save money. Females are more likely to have saving hacks up their sleeves such as taking advantage of offers or sales; whereas it is the men who are more likely to find savings apps useful in helping them to squirrel away some cash.
Financial chats can be difficult, but you will reap the rewards if you seek agreement early in your relationship.