When looking for a partner, we are always focused on finding the right person. We look for good looks, shared interests, maybe a comparable education, and/or a sense of humor.
Usually, we forget to look at how our new love feels and behaves towards money and if we are compatible with that. Money is often not only a trigger for stress in a relationship; having different opinions on financial issues and not being able to find solutions can drive lovers apart and even into despair.
Money has a huge impact on many choices you make in your relationship. How much you spend and how you spend your money affects not only your daily life but it can also form your future together, or even more so, your future apart.
When we fall in love, the last thing we want to think about is money, but I would argue that talking openly about financial issues is as important as checking out the true character of your future partner.
You don’t have to have necessarily the same attitude towards money, and you don’t have to have the same financial standing, but you should talk about money and make financial decisions only after openly discussing all the pros and cons together.
The first step is to find out how important money is to you. If you tend to see money as a minor issue in life, think about it. Is this because you are a genuinely generous person, or is it because you don’t like to think about it because you don’t know much about financial issues? Do you want to live a financially independent life, or are you fine with your partner paying for some of your expenses? Are you sure your partner is fine with that too?
When it comes to money, Communication is Key!
Generally, it is not always wise to share everything when in a relationship. A shared bank account is not a sign of deep love. Sometimes being blind to your love’s bad spending habits can ruin you financially for decades, especially if you are married!
Today life is less stable than once was, and we live longer. We are living through a period of inflation, and this means it is important to know more about money than we learned at school or in our families.
On yeekatee, you meet all kinds of people exchanging thoughts and practices about money and investing, learn from them, and step into the discussion. Deciding wisely about financial issues is an important part of being a responsible adult! Getting there is more fun than you think.
Written by Therese Faessler, Founder of invested.ch and SFTA Head of Financial Literacy