5 Tips for Couples Financial Lives
To kick off the new year, we are starting a new segment called The Smoov Finance Handbook. In these weekly segments we will be talking about all things finance whether it's personal or shared finances it will be talked about since it's all important.
In our first edition of The Smoov Finance Handbook, we are starting surface level and discussing five important tips for couples to be successful in their financial lives. Which in turn means more satisfied in their romantic relationship as well.
Let's get into it:
Tip One: Have the uncomfortable conversations about Money.
It’s no secret that money can be a major cause of stress and conflict in relationships and ultimately that’s exactly why we’re working on Smoov.
Whether you have just started dating, are living together, or married, talking about finances with your partner can be uncomfortable. Many times this conversation can be continually pushed off and neglected until it’s almost too late and the relationship is at risk of imploding. With that in mind, having open and honest conversations about money is essential for the health and longevity of any relationship and we’re here to help.
We all know that over 50% of marriages end in divorce and the leading cause is arguments over money. But no one goes into marriage thinking they will be or wanting to be a part of that statistic.
Hard conversations, easy life. Easy conversations, hard live.
Can't remember where we first picked up this quote but when it comes to managing money in your relationship it is more relevant than ever.
Tip Two: Be transparent and open about money.
One of the most important ways to make sure your relationship doesn’t fall on the wrong end is to be proactive about the need for transparency. Be open and honest with each other about your financial situation, goals, and concerns. This might not always be easy, but it’s crucial for building trust and ensuring that you’re both on the same page.
Tip Three: Respect each others financial autonomony.
At Smoov, we have always been big proponents of financial autonomy in relationships. Just as you respect your partner for who they are, this also includes who they are financially. While you are Smooving your expenses and working towards common goals, it’s important to recognize the financial side of your partner and their needs or priorities. Be sure to give each other space and respect and support each other in pursuing your own financial goals.
Tip Four: Take your time and don't rush the process.
When it comes to talking about money there is no need to rush and figure everything out at once. Take your time and discuss what is relevant to your relationship. It can be helpful to set regular check-in dates to discuss your finances and goals to make sure you’re both still on track; independently and together.
Tip Five: Set a check-in date to stay accountable
Effective money management in relationships takes commitment, communication, transparency, respect, and patience. By having the awkward conversations and working together as a team, you and your partner can build a healthy and secure financial future.
Next time in The Smoov Finance Handbook we will be discussing how to initiate that awkward conversation and when the right time might be.
Don't forget to sign up for our beta version to get ahead of the curve for 2023.
Till next time Smoovers. Take it easy and keep it Smoov.