Are You Financially Compatible With Your Partner?
The wedding season is in full swing. Indian
marriages are not just the marriage of two individuals but the entire family.
While we tend to focus on the annual package and family’s financial situation,
financial compatibility takes the backseat.
Financial compatibility, just like emotional
compatibility, can help couples to live a fulfilling life with each other.
Financial compatibility does not mean that both partners should have equal bank
balance, but it is about how they see money and what money means to them. To
understand financial compatibility, one needs to know the other’s attitude
towards money. Some of the basic questions can be framed around outstanding
debt, savings and spending habits.
Having a common point of view on money can help to
keep money related issues at bay. After all, majority of fights after marriage
tends to revolve around money.
However, no two people can be alike. Even though,
financial compatibility in your relationship may not be great, you should not
lose heart. Financial compatibility can be enhanced by following certain steps
which will also deepen the bond with your partner.
Know what money means to your partner
The value or attitude of money differs from person
to person. Hence, it is important to know what money means to your partner.
While some people love to spend money on goods that bring instant
gratification, others may want to keep it safely for emergencies and other
purposes. It is easy to blame the other person for not sharing the same
attitude on money, but the key lies in understanding the reason or factors
behind their mindset. Some of the factors may include their family’s financial
background and their spending habits.
Have conversations around money
After both the partners are aware of what money
means to them, the next step would be to make money a regular topic of
conversations. Communication is the key to any successful marriage. Income,
spending pattern, saving and investing are some of the topics that can be
included in these conversations. Maintaining a budget is a cornerstone to keep
the finances in place. As the budget will include spending on necessary and
luxury items along with investments, it becomes important to dedicate a certain
percentage of the income to these aspects. It may require tracking bank
accounts and money spent under various heads.
Couples can schedule a day every month on a weekend
to go over the bank accounts to understand and fix the problem areas.
Arrive at a common ground
While going through the bank statements or the
money manager apps, it is most likely that one person will not be happy with
the way the other person is spending money or the other person may feel that
their partner is saving and investing more money than required.
In this scenario, both the partners should arrive
at a consensus i.e. a middle ground when it comes to spending and saving money.
If you are unable to arrive at a common ground, you can take the help of a
common friend or a financial advisor.
Write it down on a notebook so that it is easy for
both of you to consult it later.
Make the other person accountable
After you and your partner arrive at a middle
ground, it is important to keep your partner accountable. It will ensure that
both of you are on the right track. The common ground will act as a yardstick.
Tracking expenses and proper communication plays an important role in this
aspect.
Conclusion: Don’t let
financial incompatibility ruin your relationship. Understanding how your
partner sees money, having proper communication around money, coming to a
middle ground and making each other accountable for the decisions are some of
the ways that can help to increase financial compatibility.
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