https://www.facebook.com/BoldTV/videos/544421599249132/
According to David Bach, author of “Smart Couples Finish Rich,” money arguments can destroy marriages. You might not be married yet, but his advice is worth keeping in mind if you’re thinking about marriage or are currently in a serious long-term relationship and want to manage finances effectively.
Advice for couples
Before committing (and maybe during your commitment), ensure your finances are in order. You and your partner should have the same financial interests – this means that ideally, you’d want to spend money on the same things. Many arguments that couples have are based on prioritizing different things to spend money on. Do you both like to give and receive gifts? That’s great. But if one of you does and the other doesn’t, that could cause some conflict.
Additionally, when you’re cohabiting, it’s possible that one of you will earn more money than the other. Working through what this means for a relationship (and a joint account) will go a long way toward sidestepping jealousy or feelings of unfairness. After all, you’ll both have to share bills and finances. Be sure the split is fair. You should have your own accounts as well as the aforementioned joint account.
Takeaway
Bach suggests that in general, you should work to “increase your financial literacy.” That’s the most important thing you can do. Above all, in order to understand what it means to share financial responsibility with another person, you’ll need to understand the individual elements of making, saving and sharing money with a partner. His book, which has recently been updated for the 21st century, can teach you what you need to know.
Have something to add to this story? Comment below or join the discussion on Facebook.
Header image: Shutterstock
