Via Vancouver Courier Newspaper

People are funny about money especially couples. Talking about money is an uncomfortable topic for many people and when it comes to joining your finances, it can get sticky. For those who are getting married, the idea of talking about a prenuptial agreement can bring a screeching halt to the romance of planning a wedding.

The truth is, talking about money is important for maintaining a healthy relationship. After all, money is one the top reasons people divorce.

1.     How your partner handle their money says a lot about their values and what’s important in their life. For example, people who value education will tend to spend more money accumulating student debt while someone who believes in self-indulgence or perceiving a certain image tend to accumulate consumer debt.

 

2.     When you have debt, it limits the choices you have. This can be difficult on relationships if most of your time is spent working to pay down the debt rather than spending it with each other.

 

3.     Having financial security enables a sense of psychological safety. Financial troubles can be worrying when you have to think about how to survive to your next pay cheque. Having some savings and a plan allows for you to feel like you’re working towards a goal together so you can relax and feel like you have something to fall back on.

While most people are aware (or somewhat aware) of the above points on the influence of money on relationships, how to talk about money can be illusive to some. Here are a few pointers:

1.     Be realistic about how much you make as a household.

Spending beyond your means is the key reason most people go into debt. Buy now, pay later can be a dangerous indulgence that will cost you in interest rates.

2.     Work on creating a balanced budget with your partner.

If you live in Vancouver, make sure you pay attention to your housing cost. The recommended amount for housing is 35% of your monthly income. Anything more can become too much to handle.

 

3.     Eat and make sure you’re rested before talking about finances.

Everybody is happier with a full stomach and some rest. Don’t enter a discussion about finances if the time isn’t right.

 

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