For richer, for poorer – part 2

Uncategorized // February 16, 2017

Funding Families

Family comes first, and when the ones closest to you are in financial trouble most people will do all that they can to help out. But in a relationship, if one partner is consistently writing checks to help their family members out it can become a real problem. Of course, most people will be sympathetic to these situations; however, if there are financial problems at home that also need addressing it could lead to frustration and a questioning of the other partner’s priorities. Similarly, if one partner comes from a more affluent family that often helps out or buys extravagant gifts for the children that cannot be matched by the other side’s family, this can be another point of contention. Issues with money that involve family are often harder to overcome as it is often a sensitive subject, but it’s not impossible. Once again, communication and a willingness to understand the other person’s perspective are essential to getting over this potential financial hurdle. Another concern with regards to family is children: do you both want them, and if so, when? It is vital that you and your partner are on the same page with this topic from very early on in a relationship. The average cost of raising a child to the age of 21 is £231,843, so if you do decide that you want to have children then make sure you plan accordingly.

 

Single Income Sorrows

For many couples, having a single income works well, but in many cases it can also cause a power struggle when it comes to controlling spending. If one person is unemployed and there is only one breadwinner, than this can understandably give the person with a job a sense of entitlement when it comes to deciding how to spend the money. Though it is easy to see the reasoning behind this thought process, cooperation is still necessary. No one likes to be financially dependent on someone else, so whether the other partner is un-employed due to circumstances or by choice, it is important that the bread winner remembers this and remains sympathetic and reasonable.

 

Bye-Bye Big Spender

Are you a big spender or a big saver, and how does your partner match up? Everyone has different attitudes to spending, and whilst spend happy people can learn to save, it can be very frustrating if you are in a relationship with someone who has opposite financial habits to you. Even if you are both debt-free and have stable incomes, personality differences could have a huge influence on your financial goals as a couple. Be honest and open about your own money personality, and if it is different to your partner’s, then discuss this with them. Expressing your feelings, wants and needs about money helps the other person know what to expect from the relationship, ensuring that there are no nasty surprises later down the line.

 

The common theme that prevails when it comes to combatting all of these financial threats to relationships is communication and planning. It might be difficult but talk openly about money. Working together to cultivate financial freedom and security is essential to a happy and healthy relationship. Confront your issues before it’s too late because you, your partner and your financial history are all in it together ‘till death do you part!