"I want to feel good about my finances, but… do I have a financially healthy relationship
with my significant other?"

The old adage is that money is the root of all evil, whether it is or not is a philosophical question, but what we do know is money, or fighting about it, is one of the top reasons relationships fail.

For the most part, it is the lack of open communication about financial issues and problems and not the problems themselves that can ring the death knell for many relationships. So whether you are just starting out in a new relationship or are well into a committed relationship it is important to make sure you have a financially healthy relationship.

The Money Talk
Are you a saver or a spender? How about your partner? A lot of whom we are when it comes to money is related to how we grew up. Being able to identify your own and your partner’s financial habits and behaviours is key. This is the time to be frank about your beliefs and habits when it comes to your personal finances. If there are skeletons in the closet it is time to bring them out into the open. There is no question this is the hard part, money is an emotionally charged issue, but listening to your partner and not passing judgement means you are one step closer to building a relationship and a financially stronger future. This is a great time to start talking about credit card bills, loans and your short-term financial needs. By talking about your habits you both have the opportunity to identify and work through unhealthy patterns and develop a new set of beliefs and behaviours as a team.

Decide On Goals
Once you both have a better understanding of where you are coming from when it comes to money it will be a bit easier to start defining goals. One of the most important aspects of financial planning is setting goals and then working to achieve them. Naturally, you will have to talk to each other about it and then work out a plan that respects each of your beliefs at the same time as meeting the goals you have together. A good step is by starting to define priorities and identify necessities versus luxuries.

Share the Money Chores
Whether you are both working or not, develop a budget together. Your budget should not only work to meet your financial obligations, expenses and goals but also give each of you some discretionary money to use as you see fit. Remember what is a luxury to you may be a necessity for your partner. Respect that and as long as you can reasonably work it into your budget, allow for you to both have one or two items in the monthly expenses which are your necessities.

Likewise, share bill paying and balancing your chequebook. That way you are sharing financial responsibilities and working as a team. A good financial relationship means an open and on-going dialogue. In doing so, you are also adding in the opportunity to be on the look-out for financial issues, maybe over-spending or missing an opportunity to pay down debt or save a bit more. After all two pairs of eyes are better than one.

Ask For Help
As your financial advocate, we too want to make sure you have a financially healthy relationship. While we can’t have the money talk for you we can help figure out the questions you need to be asking and help you work out a plan to meet your financial goals. It all starts with a single step – call us or come to any branch. We C.U.™ so you can be financially healthy.