Financial infidelity

Does your partner is faithful financially?

We have heard many times that a healthy relationship must be based on trust, honesty and communication. Exactly the same applies to a couple’s finances.

couple finance

If you are one of those who prefer that your partner does not know how much you earn, or how and where you spend the money, it may be that you’re committing a “financial infidelity” and is not a subject that you should take lightly, because not only it can bring in the strong future discussions, but also unmanageable debt levels that jeopardize both you and your partner.

Sometimes, the fact of not sharing any financial information with our partners, including debts, liabilities, investments, income and expenses, can seriously affect the future goals of a family, as a couple finance should be dealt with in a matter of two; although everyone should have relative financial independence, new debt, investments and expenditures, committed them to both, so they must be properly planned and adjusted to their life projects.

There is no standard recipe for a couple managing finances; some people prefer to take their accounts jointly and those who carry separately, where everyone assumes certain expenses according to their income level; the ideal is to achieve a method that works for both and with which they feel comfortable. The important thing is to be transparent with their bills, debt levels and commitments, because in this way can set goals together and support each other to achieve it.

Here we share some tips to make your couple finances to be successful:

Communicate and share goals, and in many ways, communication is the key; you should not feel intimidated to talk openly with your partner for money matters. Establish financial goals together and work together for it.

Be supportive with your partner, help your partner to achieve his dreams; not stop doing what they like and they enjoy while they do it, it must apply for both.

Enjoy reasonably, to this work and they deserve it, but be sure to save and invest for the future. Do not pass up the opportunity to celebrate the success for reaching a goal. A dinner, a celebration or a trip, can encourage the couple to continue down the path of family growth.

Use a mediator when you consider, when you and your partner do not manage to agree on a financial commitment or make any investment, seek a second opinion; a financial adviser could help.

Keep some independence, even when handling your finances together, it is important to protect your financial privacy, a strong family budget, help determine an individual allowance for personal expenses.

Think of a family coverage plan, according to your priority, 1. health insurance, 2. life plan and 3. assets; insurance are indispensable tools in the family finances. Such insurance can give you peace of mind at unexpected times.

If after reading this you feel you are not quite financially faithful to your partner do not worry, it’s never too late! Our recommendation is to not waste time and start working on the issue. Moves from words to action; begins with honest and review your own accounts, then share it with your partner and start a family budget structure; this will be the first big step.