In every relationship, the best part of it is the beginning. You could feel the butterflies and the spark with your significant other—and all these things brought you together.
Now that you’ve been through so much together and things are finally getting severe, you might have asked yourself how you should handle your finances. After all, you both can’t live on love alone.
Is there a way to determine financial compatibility?
There are a lot of applications and websites that offer a financial quiz.
This quiz is used to identify your financial compatibility with your partner by asking a series of questions. By doing so, you would have the chance to identify the gaps in your relationship’s financial aspect.
What are the benefits?
There is a great need for financial discussions, and people shouldn’t be ashamed of talking about this matter with their respective partners.
Stronger communication
Most people would shy away from opening the topic of money due to fear that it’ll offend their significant other.
But when you freely communicate with money without judgment on both sides, this strengthens your relationship’s aspect of communication.
With this, you’ll be able to discuss differences and listen to your partner with what they have to say for themselves, then resolve the problem together.
Responsible financial decisions
Let’s admit that we all have our standards for what we consider “expensive.”
In recent research by the Ascent, a woman wants to be informed of any purchases that exceed $227 on average. In comparison, men would prefer to be given a heads up for purchases at $261 and above.
Is this necessary, though? The answer is yes. People have differences when it comes to money is a good enough reason to initiate a conversation. This is especially true if you and your partner have joint finances.
Some would be considered shopaholics, while others are seen to be frugal people. Though both attributes are okay, this shouldn’t hinder how we manage our finances.
We must address our concerns in our relationships so we could come up with a compromise.
In the same research, women stated that they would want to decide together with their partners for over $427, and men prefer to discuss purchases at $498 with their significant others.
This shows that as we do have different perspectives, there would always be a situation where we will need to request our partners’ input.
Aside from the fact that this shows transparency, it also allows you to see how your partner handles their financial decisions that you could emulate if it serves your purpose.
Less debt
Debts suck, but having more of it is terrible.
There are times in our lives that we may need to borrow money from our colleagues, family members, or friends because we’re not in a good financial position. But it’s even worse if you borrowed from a bank.
Having loans on your name could make you prioritize paying them off than providing your own needs simply because it has a considerable interest.
If your partner is spending more than you both ought to, you could expect future problems. A few jobs could provide you with enough money, and even then, reckless financial decisions would put you in an undesirable position.
So, allow yourself to relax by managing your finances responsibly.
Having fun is okay, but having fun with enough money in your bank account sounds better.