Relationships and money: Share truth about your finances with your partner

This is the season of love, but as we are in this season let us remember to have the tough conversations regarding our finances with our partners.

Relationships have changed dramatically over the years, with online sites making it easier to meet potential partners. But some things haven’t changed, and the saying ‘when money runs out, so does love’ unfortunately continues to ring true.

Financial issues are still one of the main causes of conflict in a relationship, and the sooner they are resolved, the better.

Getting to know someone special during dinner dates and romantic getaways is fun and exciting, but when the relationship becomes serious, you’ll need to tactfully introduce the tricky topic of money.

Find an opportunity to talk openly about your own financial situation and discuss how you’d like to handle your finances together in the future.

We at Old Mutual Ghana, say open communication about money is key. We advise couples to be honest and transparent about their ongoing financial commitments and debt status.

“If you set a foundation of trust and shared responsibility from an early stage in your relationship, and keep the channels of communication open, you’ll strengthen your future together.” – Rita Boateng, Old Mutual Ghana Head of Marketing.

Below are six tips on how to manage money well in a relationship:

1. Be upfront about your financial situation, don’t hide anything from your partner and don’t pretend to be better off than you are.
2. Don’t indulge in expensive outings, gifts and trips if you cannot afford them, especially during this valentine period. Impress your partner not with lavish gifts, but with your love and your sparkling personality!
3. When your relationship progresses and you and your partner start talking about how you want to take your relationship forward, don’t leave out the money topic. This is a good time to discuss historical debts, current financial obligations and shared future financial responsibilities.
4. Get to know your partner’s spending habits, priorities and values. It will give insight into how financially compatible you are and how the two of you could collectively run your household.
5. Compare and assess your credit profiles. Ignoring this could put a lot of pressure on the relationship if the situation turns ugly and debt collector’s start hounding you for money especially if you are married in community of property.
6. Plan together. If you’re getting married, consider opening a joint account that you use to pay all household expenses and remember to save monthly for emergencies and for your goals. Speak to a financial adviser who can help you to identify and reach them.

“Relationships thrive when there is a great deal of mutual understanding and respect. Managing your finances well together will help avoid destructive quarrels,” – Rita Boateng, Old Mutual Ghana Head of Marketing.

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Source: Old Mutual Ghana