Money & Marriage

Financial success is one of the most important elements in a happy life – but it can never be more important than a strong and supportive marriage.

Instead of putting money or marriage first, the secret of successful living is to combine them. The question is – how?

Marriage is the ultimate business partnership

Some couples underestimate the importance of money in the health of their relationships, in spite of all the joint purchases and financial decisions they make on a daily basis.

When it comes to finances, married couples are business partners – and if they conduct their business ethically, their marriage will only prosper.

There are several excellent qualities that every business and marriage partnership should have:

• Open communication
• Transparent finances
• A shared vision of the future
• Financial and life goals that are aligned
• The ability to assess their financial progress and make changes

Let’s take a look at each of these in more detail to find out why they are so essential for a strong marriage.

1. Learning to communicate

Many couples are willing to tell each other anything – except when it comes to finances. Some of the more common examples are:

• Breadwinners who can’t bear to ask their dependents to cut expenses
• Spouses who make secret purchases and hide them from their partners
• Couples who secretly disagree on big purchases but say nothing

If you grew up in a home where money was seldom discussed, or where money talks always turned into arguments, you may find that you’re reluctant to bring up the topic with your partner. Overcoming this fear is the first step to open communication – and it will open the door to a great partnership for years to come.

2. Have an open book policy

You wouldn’t hide financial information from your business partner, yet so many couples do exactly that to the person who matters most. Drawing up a monthly budget and agreeing on savings and investment goals are essential for every couple – and so is having an agreed amount that each of you can spend on whatever you want.

3. Be on the same page

Whether you want to retire at 45, buy a beach house, travel the world, or just replace your living room furniture, make your plans together and work to realise your goals. If you disagree with your partner’s financial vision, say something as soon as possible – it will save you unnecessary tension in the future.

4. Tweak and change as you go

These days, financial markets and economies change all the time – and so do people.

Even the best-laid plans may need to be tweaked and changed over the months and years, and by communicating openly with your partner and agreeing on the path forward you will build a strong relationship that will stand the test of time.

Call if you'd like to talk through any issues you might need resolving. Lou 0414 168 327 x