More and more people are facing financial challenges. In the long term, they no longer agree financially and their relationship ends. Do you think your relationship will survive a financial challenge? We listed a few tips for you.
1. S-conversation: spend and save
Building a future together. Isn’t it nice? But do you also talk about how you will pay for those future dreams? Don’t shy away from the S-conversation about spending and saving. This can prevent a lot of financial discussions. What are essential expenses for you and what not? How do you share the costs? Will you open a shared bank account? What is your savings plan? Is anyone struggling with money problems of debts? Then be honest about it. Seek professional help, talk to your judicial officer and start an action plan.
2. Be honest
Do you lie about your financial situation? Then your money stress will increase and your relationship will strand. Be honest with your partner. You can always find a solution together.
3. Stop discussions, start a conversation
Avoid discussions. Pay attention to the tone of the conversation and press the pause button if necessary. Don’t forget that your love is more important than the big bucks.
4. Rent or buy?
Never spend more than 1/3 of your income on rent or a mortgage loan.
5. Children, the joy and/or expense of your life?
A child costs a house, but is that really the case? In 2018, the Gezinsbond calculated that the cost for a child would increase at least from 334 EUR per month at birth to 634 EUR from its 18th birthday. Additional costs such as childcare, education and exceptional medical costs have not yet been included in these calculations. Discuss the whole picture when you think about having children.
6. Work with a budget
Budgeting can save a relationship. Set clear financial goals together. This makes saving easier and ensures that you spend you money more consciously. Do you not find a housekeeping book handy? Then install an app on your mobile phone. You can choose from a range of options. Think for example of roov, Money Lover, Spendee, Moneon, Honeydue, Goodbudget, Mint or PocketGuard.
Keep in mind that paying off debts should always be a priority! Are you not payinf off your debts? Then reminder costs may be charged on top of the original invoice and your debt will continue to increase.
7. Communicate with one mind to the outside world?
One may blurt everything out, while the other thinks that financial matters should be kept private. As a couple, it is best to discuss in advance how you will communicate unanimously to the outside world about your finances.
Are you faced with financial problems and cannot find a way out on your own? Don’t be silent for too long, but seek professional help!
8. Be alerted by red flags
In the future, your partner may be going through a rough patch and hesitate to ask you for help. Therefore, pay attention to the red flags below:
- your partner buys a lot on credit (credit cards, payment in installments, Klarna, etc.);
- your partner piles up unopened letters;
- your partner brushes off financial questions;
- your partner postpones certain urgent purchases for no apparent reason;
- your partner argues with you about money for no apparent reason;
- your partner ‘forgets’ to pay invoices on a regular basis;
- your partner is hiding impulse purchases (may indicate a purchasing addiction);
- your partner moves very often (may indicate overdue rent and evictions);
- your partner makes bets on a regular basis via mobile phone, computer or in real-life (may indicate a gambling addication);
- your bank account is completely empty at the end of the month. Saving suddenly becomes almost impossible.
Are you noticing these red flags? Then immediately start a conversation with your partner. In addition, don’t be afraid to seek professional help, as you may also be liable for your partner’s debts.
With these 8 tips you can strengthen your relationship financially. Modero wishes you the best of luck.