Finances & Relationships: Worth It’s Weight In Gold

Angelina
September 1, 2023

If you want to get closer to your partner, start talking about finances. I know that can be a touchy subject for some but according to statistics 25% of couples end their relationship solely over financial conflicts. Thing is conflict around financiers is rarely just about money, it stems from bigger issues within the relationship surrounding communication, trust, and intimacy. Regardless of the underlying issues, it’s important to be talking about finances.

When couples talk about finances it’s important to incorporate ones own experiences with money and the value money holds within ones life. Although, financial transparency is important within a relationship, that doesn’t mean a couple has to completely merge all of their finance’s, assets, debt, etc. There are different options when it comes to couples finance’s, some couples prefer splitting things 50/50 while other couples might prefer a more proportionate system that looks at what each person earns, unshared debt, etc.

Couples can still have some financial freedom by maintaining their own separate accounts and creating a joint account that they agree to put “x” amount of dollars into monthly and use to make joint personal decisions in relation to their finances, etc. Whatever you decide, it’s important to be having regular talks about finances as a couple.

Keep reading to learn some tips and tricks on how to ask the right financial questions as well budget for all of life’s ups and down.

And remember, money is important part of our lives, and financial intimacy plays a large role in a healthy relationship!

Questions to Ask when Handling Finances as a Couple

How much monthly take home income do you both generate?
How much credit card debt do you both have?
How much total debt do you both have aside from credit cards, i.e. car loans, student loans, property, etc.
Are there any big purchases you’d like to save for?
As a couple, how do you want to talk about and handle individual and/or shared finances?

50-30-20 Budgeting Rule

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. Budgeting is a crucial piece to making sound decisions with your money. It can be overwhelming to think about the big picture in relation to budgeting, but budgeting will help you to be more prepared for life’s curveballs and ensure you have some money set aside. There are numerous tools to help you plan and create a budget and a simplified and effective way is the 50-30-20 rule.

Learn more about the 50-30-20 rule here: