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Most people do not realise how money can affect their relationship. Sometimes, they are unable to identify whether money is the root cause of the issues in their relationship. People are also unaware of the relationship they have with money.
You might be in a relationship and might be aware of his/her intentions, behaviour, choices and other things. The similar is your relationship with money. You keep your hard-earned money safe and plan to spend it wisely.
But there are some people who have a toxic relationship with money. When you get into a relationship with these people, you might face issues in terms of money.
The below tips will help you to know how you can improve your money relationship with your partner.
1. Ask Them Questions About Their Lifestyle
When you look forward to having a better money relationship with your partner, you need to ask them questions about their lifestyle and their choices. This will help you to know how your partner spends his/her money. The same applies to you. You should also talk about your lifestyle and the way you would like to spend your money. You can ask them questions like these:
- Are you happy with your current salary? All of us wish to have a handsome salary. This question will help you to know whether your current salary can help you to live comfortably with your partner or not. Or if your partner appreciates your current salary.
- How do you spend money? Though different people have different ways of spending their money, you can ask these questions to know if you and your partner have similar thoughts on saving money.
- Would you like to change the way you live your life? This question can help you to know if your partner is happy with the lifestyle he or she is having. Discover if your partner wishes they could do things differently. Save more? Spend less?
2. Discuss Your Financial Goals And History
Almost all of us have our financial goals and we work hard to achieve those goals. But are you aware of your partner's financial goals? You need to be aware of their financial goals and their financial history. For this, you can ask them questions like these:
- Have you taken any loan? This question will help you to know if your partner had taken any loans in the past and is the loan amount paid or due? Many people take student loan while they are in college which is not a bad thing. In case, you have taken any loan, you can tell the same to your partner.
- How did your parents manage money when you were growing up? This question can help you to know how your partner's beliefs on saving money have shaped over the years.
- Are you having any financial obligations? This question can help you to know if your partner has to support his/her family financially or not. You too should tell the same to your partner.
3. Talk About Future Goals
If you are planning to spend the future with your partner, you need to discuss future goals with each other. This will help you to curate a plan for saving and spending along with your partner. You both can ask the following questions to each other:
- What big purchase are you going to make in the future? You and your partner should let each other know about your next big purchase. It could be a car, house, jewellery or anything. Discussing it will help you to manage other expenses through proper planning.
- Are you willing to save from your every paycheck? If both of you want to achieve financial stability then you can talk about if both of you are willing to save from your every paycheck.
- What income level you are willing to achieve? Ask your partner this question and have clarity for what income level they are expecting for the next 5-10 years. You should also let your partner know your salary hike.
- How do you want your retirement to look like? It is good to have a smooth retirement. So, if you want the same, then let your partner know and ask them about the same. You can then suggest them to have a plan for their retirement.
For having a healthy money relationship, it is highly important to have effective communication regarding money. This will reduce the confusion and conflicts that can arise from issues related to money.